Botswana Savings Bank (BSB), the state-owned financial institution, recorded significant growth in 2024, with a 7% increase in total assets and a 258% rise in net profit. This performance was driven by the bank’s digital transformation under the Lesedi 2025 strategy, its ongoing development plan.
The Lesedi 2025 strategy focuses on modernizing banking services through digitalization, financial inclusion, and sustainability. The plan aims to improve customer experience, expand service access in remote areas, and make the bank more efficient and innovative.
According to BSB CEO Nixon Marumoloa, “the bank’s shift to digital platforms has expanded its reach and improved operational efficiency.” Transactions via digital and mobile banking services grew by 28% during the reporting period.
More than 80% of new clients in 2024 were onboarded through digital channels, reflecting a strong preference for mobile and online solutions. “We have made great strides in product innovation,” said Marumoloa, referring to the launch of AI-powered customer support and advanced credit scoring tools.
These technologies were introduced to “enhance customer service and better assess borrower risk,” enabling more sustainable loan portfolio management. Operational efficiency improved by 15% across the bank’s branches and digital platforms. The BSB head attributed this progress to the “streamlining of internal processes, automation of routine tasks, and the use of data analytics to support decision-making.” These efficiency gains helped reduce costs and improve services, aligning with the goals of Lesedi 2025.
A key pillar of the strategy is expanding financial access in rural areas. The digital transformation has allowed BSB to reach populations previously unserved by formal banking services. The bank pledged to continue investing in AI and machine learning to develop “personalized financial products and more flexible credit options.”
Source: The Botswana Gazette
