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FNBB empowers first time home owners

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First National Bank Botswana (FNBB) has launched a new mortgage known as the 105 percent Mortgage Offering solution.

The solution offers 100 percent financing for first time home ownership and five percent legal and administration fees cover. FNBB Head of Home Loans, Kelebogile Mading said the mortgage offering will benefit both aspiring home owners and the local property sector as it will empower prospective owners to purchase homes.

She said in turn this will stimulate the real estate market especially developers, to increase housing developments in order to capitalise on the increased potential for sales.

“We have identified that a substantial portion of the population is looking for property to buy within urban and peri-urban areas. However, the fees associated with home acquisition are substantial and customers require assistance in this regard. We therefore took it upon ourselves to provide a solution that caters for the needs of first time home owners and eliminate the financial constraints of paying deposit and legal fees,” said Mading.

She explained that the 105 percent mortgage solution finances purchases in urban areas whether an apartment or a house of up to P1, 200, 000.00 inclusive of respective legal fees.

“Candidates that qualify but are not currently FNB customers need not worry as they will be assisted with opening their new FNB cheque account to process their loan application. Through the FNB 105 percent Home Loan finance solution, owning a home in Botswana is now more affordable than ever before,” said Mading.

She said they have also revised the loan tenure upward to 25 years from the previous 20 years to boost both affordability and offer relief in the form of reduced instalments. In 2014 FNBB partnered with Botswana Housing Corporation to offer a 100 percent mortgage solution to encourage BHC sitting tenants to buy houses.

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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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