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Botswana Post and bank could merge

Monday, March 22nd, 2010

Botswana Post could merge with Botswana Savings Bank (BSB), according to media reports.

The merger, proposed in the Botswana Postal Act, is likely to be passed by the country’s parliament in July.

Legislation will see the Post provide banking services for under-banked and unbanked segments of the society.

Pele Moleta, director general of the parastatal, told Sunday Standard that the merger is expected to be concluded in 12 months.

“The majority of the citizens are in the areas that are either under banked or unbanked. BotswanaPost is in a better position of financial inclusion, looking at the larger footprint of the organisation, which is bigger than all the commercial bank branches,” he said.

Although the move will be seen by critics as allowing a government funded entity to enter the private sector terrain, Moleta explained the move will complement the banking industry, said Sunday Standard.

Source: Sunday Standard

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