COVID-19 pushes up FNBB’s digital platforms
First National Bank of Botswana’s (FNBB) has reiterated plans to continue leading financial institutions on utilising technology and innovation, in the banking industry.
Steve Bogatsu FNBBChief Executive Officer the ongoing COVID-19 pandemic has motivated acceleration of the customer’s journey into digital banking.“The FNB App and Online Banking registrations grew notably with clients being further empowered to serve themselves in the form of convenient, value added services,” said Bogatsu, presenting the bank’s annual report.
He however, cited that cyber security remains paramount given the technological uptake in the market.“The bank has invested significant resources in this area to provide safe platforms for customers to transact on,” he said. Bogatsu said FNBB is committed to continue investing in the consumer payments ecosystem with the roll out of further POS devices and contactless cards, as well as further investment in the POS infrastructure.
Meanwhile the bank’s year-end financial results indicate a five percent decline for both profits before tax and profit after tax, due to pressure on top line revenue and required provisioning aligned to the increase in credit risk, according to FNBB executives…Bogatsu said gross customer advances declined by six percent year-on-year with all customer segments experiencing reductions.
“The absence of new business growth due to the effects of lockdowns and other COVID-19 restrictions led to sharp amortisation of the portfolios, together with a halting of the working capital cycle as businesses preserve liquidity and secure affordability in a ‘wait and see’ approach,” said Bogatsu.