Botswana Telecommunications Corporation (BTC) has launched its Financial Inclusion Programme in Letlhakeng, aimed at fostering personal development and financial empowerment to stimulate growth through inclusion and a change in mindset within the village.
The ongoing campaign, which targets 30 remote settlements across the country, draws inspiration from the World Bank Group’s Universal Financial Access Initiative. This initiative seeks to ensure that individuals worldwide, regardless of their financial status, have access to a transaction account, which serves as a gateway to other financial services such as insurance and medical aid.
During the launch event, Kabo Mosielele, BTC’s Head of Financial Inclusion, underscored the significance of financial inclusion as a foundational element for both poverty reduction and economic growth opportunities. Mosielele stated, “Financial inclusion is of paramount importance, particularly in this digital era, and it is our collective belief that no Motswana should be left behind. Our objective is to reach 30 settlements across the country. Thus far, we have visited five in the Kweneng District, imparting knowledge on financial literacy, digital money transfer services, savings and insurance schemes, and crucially, best practices for maintaining security when utilizing instant money transfer services.”
BTC introduced its money wallet system, SMEGA, which has brought financial inclusion and convenience, particularly to populations in remote areas with limited banking facilities. Additionally, villagers were introduced to the Smega-Powered Funeral Plan, known as the Karabo Funeral Plan, a product offered jointly by BTC and Hollard Life Botswana. This affordable and easily accessible plan aims to assist more individuals in protecting themselves and their loved ones from the financial burdens associated with losing a family member.
The plan offers various packages, including the Lite package with a benefit of P10,000 at a cost of only P10 per month, the Basic Package with a benefit of P15,000 at a cost of P15 per month, and the Premium package with a benefit of P15,000. Furthermore, the Standard and Premium packages, amounting to P20,000 and P25,000, respectively, come at a cost of P20 and P25, respectively.
Kgosi Tumelo Puleng, speaking on behalf of Letlhakeng residents, warmly welcomed this transformative initiative to his village, which he described as overwhelmed by poverty. “I am hopeful that these lessons will empower members of this economically challenged community to gain better control and management of their finances, ultimately contributing to their economic empowerment,” he remarked. He further noted that the initiative would help bridge the gap between the banked and unbanked populations by providing access to essential financial services, which residents currently have to travel to Molepolole or sometimes Gaborone to access. Additionally, he suggested that BTC consider establishing a permanent presence in Letlhakeng to further facilitate the village’s development.
Following the educational sessions, Letlhakeng residents were offered the opportunity to access various services provided by BTC, ensuring convenience, cost-effectiveness, and, most importantly, financial inclusion.
