Banking sector not saturated -Malesu

MPHO MOKWAPE
Correspondent | Friday August 30, 2013 00:00

Speaking at the launch of Barclays Life Botswana, which initially operated as Absa Life Botswana, Malesu hailed the Barclays group for recognising the country as a growth frontier and stressed that despite the small population the country continues to lead in terms of profitability in the banking sector.She explained that the banking sector has the potential to create wealth for the country, adding that government is currently accelerating efforts to work hand in hand with the private sector to diversify the economy away from diamonds.

Malesu noted that with the private sector regarded as the engine of growth because of its capability to create sustainable employment and economic diversification, the government is on a mission to create a conducive business environment for all players.  'To enhance effectiveness in the coordination of the financial sector, several reforms have been adopted and are being implemented to propagate a seamless integration and synergy,' said Malesu. She emphasised that the financial sector development strategy has been developed with the help of the World Bank and that it would run up to 2016, adding that it outlines eight available opportunities around the legal, regulatory, institutional, and product-related reforms to address financial sector challenges.Malesu said to see companies setting up and expanding their operations  shows the level of confidence investors have in Botswana. She explained that it also gives the country a boost economically as many companies that set up or expand their operations in the country create employment opportunities.