Banking Expo tackles financial inclusion

A Banking and Wealth Expo scheduled for November 15-18th 2017 at Ditshupo Hall in Gaborone will tackle the nagging question, what is financial inclusion? According to Oabile Mabusa, Chief Executive Officer of Bankers Association Botswana (BAB), who are joint coordinators of the expo with Botswana Institute of Bankers (BIB), financial inclusion does not mean access to loans and credit in the banking sector as most people think.

“Financial inclusion is the ability of citizens in the society to have effective financial services that address their needs to credit, advisory services on investments, translation of money into wealth, ability to conduct payment services and other forms of money services. These instruments should be availed in a cost effective manner,” says Mabusa.

Addressing the media, Mabusa said that the expo is part of a private sector response to the challenge to broaden financial access and inclusion, both of which play a pivotal role in promoting economic development. The expo will be under the theme, ‘bridging the inclusion gap through financial literacy.’ Explaining the objectives of the Expo, Lydia Andries, CEO of Bankers Institute Botswana says they want to bring regulators and authorities together to have a clear dialogue within the financial services sector. “We also want to create a conducive environment for the financial sector to flourish.

We had always wanted to diversify the economy as a country, and as such we believe the sector can play a meaningful role in driving the economy going forward. It has the potential to position Botswana as one of the best destinations globally,” says Andries. The Expo is expected to attract influential players in the market and will also feature various primary and secondary school students who will be introduced to careers in a particular sector. This is so to catch them young.