To begin with, First National Bank Botswana (FNBB) and Bank Gaborone opened new branches; Ford Finance developed partnerships in Botswana, and the Southern African operation of Zurich Insurance, now known as Bryte Insurance, launched in Gaborone in February with the intention of expanding into other African countries. Fintech is also taking root in Botswana, with companies like Direct Pay Online opening shop in April, while cryptocurrencies and mobile wallets are gaining more users and offering greater financial inclusion to consumers in the country.
This investment is good news for a sector that has demonstrated over several years that it is stable and robust. According to the African Economic Outlook 2017, Botswana has been making steady progress in increasing access to financial services for its population. Since 2009, the banked population has increased by 25%. From a low base, cell phone banking rose by over 370% and Internet banking by 200% during the same period.
This growth in the sector is good news, too, for employment, which continues to be a challenge for the Botswana economy. While unemployment is starting to show a slight decrease according to the latest statistics, it is still considered to be too high at 17%. Botswana suffered historic job losses following the global financial crisis, especially in the mining sector. State owned enterprises have also retrenched hundreds of employees over the past decade.
The good news is that there are plenty of opportunities for accounting professionals in the country – the bad news is that there are not currently enough people able to take these up. The Botswana Institute of Chartered Accountants (BICA) says there is a huge need for chartered accountants, professionals and technicians. There are currently 3,136 registered BICA members (1,223 accounting professionals and 1,913 being accounting technicians) which falls short of demand. The shortage means that Botswana has to import expatriates for accounting services. Many qualified accountants also leave the country to work overseas.
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