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A novel car wash and money spinner

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Thatayaone Otukile, 22, decided after three years of hard toil at a car wash in Game City, to take a bold step and start his own similar business – Wash Works Botswana.

He needed P70 000 to start the business, money he didn’t have. But as fate would have it, a benefactor (a regular client at his former employer) provided some three quarters of the start-up capital so that he had to find the remaining quarter.

And much sooner – last year January to be precise – he started trading under his new business name offering car wash services, carpets cleaning and sofas. Otukile told Business Trends in an interview that he was motivated to start a cleaning services business because he found it to be viable with prospects for profits. Further, it provided him an opportunity to become an employer.

Currently he has four employees. Explaining how the business idea came about, he said that one of their regular clients at the car wash in Game City called him one day to wash his cars at home. “After I did the job he was very impressed with my services and he asked me to consider it as a business and he also helped me with some finances to start up,” said Otukile.

A mobile car wash service, says Otukile, is more profitable than the static car one and is much more profitable because, “We do not wait for customers in the workplace but we go to them, therefore we never run short of customers,” said Otukile.

On average he can have eight to 10 customers per day.  He said service charges range from P60 for normal wash and P300 for total cleaning including the engine. Among the challenges, Otukile said they have shortage of transport as the business involves travelling. “We are still a start-up. We have not yet made enough capital to buy many vehicles that we need for transport.”

Even then Otukile said they are expanding the business. He recently acquired a waterless washing machine which will help improve services. He said with the machine they could do the job easier and quicker.

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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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