Absa Bank Botswana has pledged to position itself as a long-term partner in the country’s economic transformation, saying commercial banks must do more than provide loans if Botswana is to achieve prosperity that is “diversified, inclusive and resilient.”
At the Angel Network Botswana 6th Anniversary Gala Dinner, Vice President and Minister of Finance, Ndaba Gaolathe, delivered a compelling keynote address, underscoring the critical role of visionary entrepreneurs in driving economic transformation and reaffirming Government’s commitment to building an enabling ecosystem for startups through the Botswana Economic Transformation Programme.
Representing Absa Bank Botswana, Managing Director Keabetswe Pheko-Moshagane, Spencer Moreri, Marketing and Corporate Affairs Manager, echoed this vision by delivering the Managing Director’s address, highlighting Absa’s commitment to financing productive businesses, advancing economic diversification, expanding financial inclusion and supporting entrepreneurs to build sustainable, globally competitive enterprises.
The launch of the Botswana Technology Fund and the MIT Kuo Sharper Center for Prosperity and Entrepreneurship further reinforced the power of collaboration in accelerating innovation and enterprise development.
Speaking at a high-level business gathering in Gaborone this week, Moreri said the bank’s vision aligns with national goals at a time when both global and local conditions are shifting.
The event was attended by the Vice President and Minister of Finance, Ndaba Gaolathe, who was Guest of Honour, as well as Minister of Trade and Entrepreneurship, Tiroeaone Ntsima, UN Resident Coordinator to Botswana, Wenyan Yang, Chairperson of Angel Network Botswana, Mythri Sambasivan-George, and other business leaders and dignitaries.
“It is a privilege to join you today to share Absa Bank’s vision of Botswana’s prosperity and the role that we can play as a commercial bank in shaping the country’s future,” Moreri told guests.
Moreri said while growth figures and financial performance matter, true prosperity is broader.
“When we talk about economic prosperity, we often think about growth, GDP figures or financial performance. While these are important measures, true prosperity is much broader,” he said.
“It is about ensuring that every Motswana has the opportunity to participate and benefit from our nation’s economic progress.”
He noted that Absa’s success is tied to Botswana’s success. “As commercial banks, our purpose extends well beyond providing financial services.”
Moreri acknowledged Botswana’s strong track record. “For decades, our country has been recognised globally for prudent governance, political stability and sound economic management. These achievements have given Botswana a strong foundation that many nations admire.” However, he added, the operating environment has changed. “Locally, businesses are navigating slower economic growth, constrained consumer spending, as well as tighter liquidity, and increasing competition.”
Despite the headwinds, Moreri said transitions create openings. “Every period of economic transition creates opportunities for those willing to innovate, collaborate and invest in the future.”
Outlining Absa’s approach, Moreri said the bank will focus on three areas, the first one being financing productive activity.
“The future prosperity of Botswana depends on the growth of businesses that create jobs, expand exports and improve productivity,” he said.
“We therefore see our role not merely as lenders, but as long-term partners that provide businesses with the capital, expertise and financial solutions they need to grow with confidence.”
He also spoke about driving economic diversification.
Moreri listed agriculture, tourism, manufacturing, renewable energy, healthcare, logistics, technology and the creative economy as key sectors.
“Botswana’s future lies in unlocking the potential of sectors such as agriculture, tourism, manufacturing, renewable energy, healthcare, logistics, technology and the creative economy,” he said.
“As Absa, we are deliberate in directing capital towards these growth sectors. In the agriculture sector, we hold 33 percent market share based on balance sheet.”
The bank also wants to advance financial inclusion.
“Prosperity cannot be meaningful if large sections of society remain excluded from formal financial services,” Moreri said.
He added that technology is key to reaching more people. “Digital banking, mobile platforms and innovative payment solutions are making banking more accessible, affordable and convenient, and we must continue to invest in them.”
With government, the UN and private sector leaders present, Moreri framed the moment as one for partnership rather than banks acting alone.
The remarks come as Botswana pushes to broaden its economic base beyond diamonds, improve access to finance for SMEs, and leverage digital tools to reach underserved communities.
Moreri concluded by reiterating Absa’s commitment to supporting that agenda. “As Absa Bank, our vision is for Botswana’s prosperity to become more diversified, inclusive and resilient. And we believe as a commercial bank in this country, we have an important role to play in that transformation.”
