The First National Bank Botswana (FNBB) CEO Steven Bogatsu says FNBB strives to be a leader in innovation in the banking sector. “We recognize and encourage the culture of innovation,” Bogatsu indicated. Bogatsu was addressing the Business Botswana Gala Dinner held last week Friday.
He said that information technology has brought about massive changes to the personal and business lives of banking clients.
“Mobile ecosystems have made interconnectivity more efficient and intuitive. Even in the Banking industry we are also experiencing a revolutionary wave with mobile solutions like Mobile Apps, Mobile Money and payment gateways,” he added.
Bogatsu indicated that FNBB is proud of its innovations which include, the ‘*174# Mobile Transact’ Service that enables customers to purchase prepaid electricity and make real-time payments to service providers such as TV providers MultiChoice anytime at their convenience and comfort, even when roaming.
Mobile ecosystems have made interconnectivity more efficient and intuitive.
He further noted that they are negotiating with other service providers and government departments as the service, open to MasterCard and VISA cardholders irrespective of their bankers, enables payment for all. “The user must merely be a beMobile and Mascom subscriber,” he says. The service was one example of local innovation at its most relevant, since it was started locally, by young Batswana, and went on to win a R1 billion award at the FNB Awards Ceremony in South Africa. The service is now being rolled out to other FNB subsidiaries.
Meanwhile, Bogatsu stated that there are many other innovations in the pipeline which young Batswana are working on. “A virtual POS will enable payment to a plumber at your house immediately after the work has been completed. It works just like a POS (or swiping machine), using cellphones via VISA or MasterCard for immediate payment,” he added. Another innovation is the Tender App that will make the whole tender process automated from the beginning to the end.
These will add to a pool of other services that the bank has been offering like Ewallet, a service that enables customers to send money to people with a valid mobile number, regardless of whether they have a bank account or not.
“I believe that innovation within the financial services industry, which continues to expand with a number of new entrants such as the mobile network operators, will be the key success factor in the years to come, and FNBB is committed to strive for excellence in this sphere,” he stressed.