Banks/Banking in Botswana
Botswana reveals fastest per capita income growth in the world. The government has sustained sound fiscal policy, in spite of consecutive budget deficits from 2002 to 2004 and foreign debts to negligible level.
The economic record is impressive and banks in Botswana include national as well as international banks. However, these banks in Botswana offer a range of financial services including money deposits and credit facilities.
Banking in Botswana follows international banking practices taking deposits for savings and current accounts. They also grant loans and international wire transfers from all the bank branches. The banks in Botswana work from 9 am, while some private banks such as Barclays and Standard chartered commence from 8.30 am.
The other banks in Botswana are also an immense list with Botswana Cooperative Bank, First National Bank of Botswana, Bank of Baroda, National Development Bank, Zimbank, and many more. The commercial banks are small as per international standards, but are rapidly growing and are becoming highly competitive namely, Barclays, Standard Chartered, Capital Bank and Bank of Baroda.
In addition to this, three statutory banks include National Development Bank, Botswana Building Society and Botswana Savings Bank. However, the objectives of banking in Botswana included maintenance and promotion of monetary stability as well as proper functioning, monetary fostering and providing assistance in attaining national economic goals.
Banks in Botswana adhere to standard practices of international banking. They take deposits for current and savings accounts and grant loans to businessmen and individuals. International wire transfers are available at majority bank branches and debit or credit cards are accepted. They can also avail safe deposit boxes.
The other Botswana banks are Botswana Cooperative Bank, Botswana Development Corp, National Development Bank, Zimbank Botswana, Stanbic Bank Botswana, Bank of Baroda, Gabarone, First National Bank of Botswana, Botswana Saving Bank and Westhynd Security. The commercial banks are small in comparison to international standards, but are growing rapidly and becoming highly competitive.
Financial services provided by commercial banks offer a range of retail banking services, besides extensive branch network. Initially, there were no commercial banks, but now there are five banks. The increase in size of these banks and financial institutions has broadened various product ranges in banks.