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FNB Botswana launches Mogwebi Business Insurance

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First National Bank of Botswana has launched Mogwebi Business Insurance, underwritten by Old Mutual. Mogwebi Business Insurance is suited to all small and medium sized businesses, with special emphasis placed on those in the professional, manufacturing, retail, food and beverage service industry. Mogwebi Business Insurance was developed with the knowledge that every business needs financial protection against business associated risks in order to maintain business continuity.

Some SMME businesses still consider insurance more of a cost than a necessity; this also stems from the myth that insurance is expensive. FNB is focused on changing this perception not only by educating entrepreneurs about the importance of insurance but also by presenting them with the right covers that match their needs. Head of Business Banking, Petrus Sebina, said, “We are pleased to bring this product to the market.

We are always striving to ensure that we are able to help SMMEs to grow, and we are confident that this product will add value to those who want to mitigate risk for their business.” Mogwebi Business Insurance will come at a fixed price with fixed cover, and covers the risk of fire, theft, electronic equipment, glass, money, goods in transit and business interruption, workman’s compensation and public liability with the extension of product liability. There is also an option to add four of the commercial vehicle types, including specified cars, motorcycles, commercial vehicles and trailers

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BSE upgrades online investor access

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A recent BSE opening bell function.

Botswana Stock Exchange Limited (BSEL) will this year introduce a new clearing and settlement system, as part of efforts to improve operations of the bourse.

Speaking at the seventh opening bell ceremony, Chief Executive Officer, Thapelo Tsheole said the development will help improve liquidity and risk management. In addition, the new settlement system replaces the 2008 system while fast tracking introduction of security borrowing and lending, management settlement guarantee fund, as well as identifiers for companies and instrument.

BSEL has already awarded a contract to a Swedish company to implement the system which is also expected to digitalize Initial Public Offering (IPO), allow electronic voting for listed companies during annual general meetings (AGM) for absent shareholders.

The project, which is expected to take eight months once the two parties sign the deal, is part of efforts to have more online investors access for BSEL. Tsheole also revealed that BSEL website will undergo a revamp this year, allowing it to be more analytic, live feed shares, as they trade.“The tender is already out for the website and mobile application. It is a project that we had hoped to implement last year but because of logistic problems, we could not do it,” said Tsheole.

BSEL further plans to introduce two data display screens at CBD and at the stock exchange.“These will assist with information sharing and keep the market updated,” said Tsheole. Meanwhile, BSEL will not change its Automated Trading System (ATS) until 2022, according to Tsheole.“The system supports our strategy to grow the market and increase the average daily turnover levels to 18.0million per day by 2021,” said Tsheole.

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BSE complies with reporting guidelines

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Botswana Stock Exchange Limited (BSEL) has become the 5th bourse in Africa to comply and publish Environment, Social and Governance (ESG) reporting guidelines.

The development comes a year after BSEL became a partner exchange of the United Nations Sustainable Stock Exchange (SSE) Initiative.“The BSE made a commitment to publish guidance on ESG Reporting. This commitment has been fulfilled.“

We are the 42nd among the 81 SSE Partner Exchanges globally and the 5th in Africa to do this,” said Kgotla Segwe, Market Development Specialist at Botswana Stock Exchange Limited.
Other stock exchanges that have complied with the SSE initiative on the continent are from South Africa, Nigeria, Morocco and Egypt.

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