Tuesday, October 3, 2023
  • About
  • Advertise
  • Privacy Policy
  • Cookie Policy
  • Contact
  • Subscribe
  • E-edition
  • Login
  • Register
  • Home
  • News
  • Economy
  • E-Edition
  • Columns
  • Companies & Markets
  • In Business With
  • Lifestyle
    • Motoring
  • Sports
    Tumisang Orebonye: Overcoming Against Adversity to Reach for the Stars

    ‘Winning The CAF Super Cup Is A Dream Come True’ – Orebonye

    BAA Needs Over P3m For World Champs

    Botswana’s Sporting Future in Jeopardy: School Sports Suspension Threatens Athletic Excellence

    No House For Tebogo Despite Astral Performance in Budapest

    “No Pressure for Tebogo at Diamond League Finals”

    BOKA Aims to Host Two Prestigious International Karate Competitions

    BOKA Aims to Host Two Prestigious International Karate Competitions

    FM Botswana 2022 conference: transformation towards a greener FM 

    StanChart CEO Underscores Role of UB Marathon in Boosting Botswana’s Sports Tourism

    No House For Tebogo Despite Astral Performance in Budapest

    No House For Tebogo Despite Astral Performance in Budapest

    Trending Tags

    • Subscribe
    No Result
    View All Result
    • Home
    • News
    • Economy
    • E-Edition
    • Columns
    • Companies & Markets
    • In Business With
    • Lifestyle
      • Motoring
    • Sports
      Tumisang Orebonye: Overcoming Against Adversity to Reach for the Stars

      ‘Winning The CAF Super Cup Is A Dream Come True’ – Orebonye

      BAA Needs Over P3m For World Champs

      Botswana’s Sporting Future in Jeopardy: School Sports Suspension Threatens Athletic Excellence

      No House For Tebogo Despite Astral Performance in Budapest

      “No Pressure for Tebogo at Diamond League Finals”

      BOKA Aims to Host Two Prestigious International Karate Competitions

      BOKA Aims to Host Two Prestigious International Karate Competitions

      FM Botswana 2022 conference: transformation towards a greener FM 

      StanChart CEO Underscores Role of UB Marathon in Boosting Botswana’s Sports Tourism

      No House For Tebogo Despite Astral Performance in Budapest

      No House For Tebogo Despite Astral Performance in Budapest

      Trending Tags

      • Subscribe
      No Result
      View All Result
      The Business Weekly & Review
      No Result
      View All Result
      Home Companies & Markets

      Tech investments accelerated Access Bank’s non-interest revenue growth

      According to the bank’s officials, the growth garnered from these platforms proved that the investment made to-date is in the right direction.

      mm by Kitso Dickson
      April 17, 2022
      in Companies & Markets
      Reading Time: 2 mins read
      0
      Tech investments accelerated Access Bank’s non-interest revenue growth

      GABORONE 1 December 2020, Bank ABC managing Director Kgotso Bannalotlhe and Finance Director Ratang Icho Molebatsi during the 2020 Editorial Roundtable in Gaborone on 1 December 2020. The Banc ABC shares their story, innitiatives, plan and experience with the media during the event. (Pic:Monirul Bhuiyan/PRESS PHOTO)

      Share on FacebookShare on Twitter
      • Digital platforms prove a solid investment
      • Sarumoney, FastCash singled out for special mention
      • Access Bank acknowledges foundation built by BancABC

      Access Bank has reported that non-interest revenue achieved impressive double-digit growth of 14 percent to P139.3 million in 2021.

      The solid performance was ascribed to a robust foreign exchange income performance and improvement in the revenues earned from the bank’s digital platforms such as Sarumoney and digital products such as the FastCash cashless withdrawal, Point of Sale terminals and better fee collection in the year.

      According to the bank’s officials, the growth garnered from these platforms proved that the investment made to-date is in the right direction. The bank was formerly known as BancABC and owned by Atlas Mara which exited the market and transferred its majority holding (78.15 percent) effective 11th October 2021. BancABC listed on the Botswana Stock Exchange Limited (BSE) in 2018 with an aim to raise funds to improve its infrastructure, especially technology.

      Access Bank finance director Ratang Icho-Molebatsi said the improvement in non-interest revenue shows that the strategies “we have been implementing have had some positive yields”. She noted: “We are starting to see the growth of non-interest revenue which we want to get to.” When the bank listed, it had said it needed funds to improve technology in order to become a full service bank. “Our technology needed an upgrade and this meant that both the core banking and card infrastructure had to be upgraded,” said Icho-Molebatsi.

      As she unpacked what Access Bank will be doing this year, the foundation that the former owners of the bank laid became clear. As MD Kgotso Bannalotlhe likes to put it, Access Bank is what BancABC aspired to be.   “Our product was also another area where post-listing we put a lot of focus on,” Icho-Molebatsi said, noting that this included “our very proud Sarumoney, which is our retail banking application”. This was a great improvement to mobile banking for the business.

      The bank also continued to look into corporate business platforms and rolled out point of sale machines. Icho-Molebatsi said these resulted in enhanced customer experience. “We introduced credit cards (as) a key improvement of our retail product suite,” she said, adding that they recently introduced instant card issuance. The strategy  has always been to grow non-interest revenue. Although she noted that the bank continues to have a significant portion of fees coming from lending-related activities, in the past year Access Bank saw digital revenue increase by 101 percent and trading revenue by 14 percent.

      “It has been building over the years and we literally started from scratch. We are still going up,” she told the media, adding that cash and liquidity fees are coming down because of growth in the digital space and customers moving there. Transactional volumes and value for all of the bank’s digital platforms have gone up year-on-year at around 14 percent and 30 percent respectively, she said.

      Interest income reduced marginally by 2 percent compared to the prior year. The reduction was attributed to interest rate cuts experienced in late 2020 as well as increased interest expense as a result of higher deposit pricing. This was offset partially by the overall loan book increase year-on-year. Net Interest Income reduced by 5 percent compared to the year prior.

      Tags: Access bankAtlas MaraBancABCBotswana Stock Exchange Limited (BSE)FastCashKgotso BannalotlheRatang Icho-MolebatsiSarumoney

      Navigation

      • Home
      • News
      • Economy
      • E-Edition
      • Columns
      • Companies & Markets
      • In Business With
      • Lifestyle
        • Motoring
      • Sports
      • Subscribe

      Recent News

      • September 29th Edition
      • FUEL: The Vexing – and Recurring – Question of Security of Supply
      • Hands off Bank of Botswana, IMF Tells Govt
      • BIUST holds 8th Graduation
      • StanChart leverages on its unique position

      Site

      • About
      • Advertise
      • Privacy Policy
      • Cookie Policy
      • Contact
      • Subscribe
      • E-edition

      © 2021 The Business Weekly & Review. All Rights Reserved.

      No Result
      View All Result
      • Home
      • News
      • Economy
      • E-Edition
      • Columns
      • Companies & Markets
      • In Business With
      • Lifestyle
        • Motoring
      • Sports
      • Subscribe

      © 2021 The Business Weekly & Review. All Rights Reserved.

      Welcome Back!

      Login to your account below

      Forgotten Password? Sign Up

      Create New Account!

      Fill the forms below to register

      All fields are required. Log In

      Retrieve your password

      Please enter your username or email address to reset your password.

      Log In
      This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
      Are you sure want to unlock this post?
      Unlock left : 0
      Are you sure want to cancel subscription?