'Safeguard the banking industry'

Bank of Botswana (BoB) Governor, Moses Pelaelo has called on the financial industry professionals to safeguard the credibility of the local banking sector.

Emphasising the importance of the sector in the country’s economy, the governor said a discredited financial sector could cripple the economy of the country adding that there is a need to enhance transparency in the banking system.

Speaking at the recent 2017 Botswana Institute of Bankers (BIOB) Graduation ceremony that was held in Gaborone, Pelaelo buttressed the point noting that without credibility, the economy would miss crucial Foreign Direct Investment (FDI), a situation which could negatively affect the country’s Gross domestic product (GDP).

Apart from safeguarding their integrity, the graduates were also encouraged to take part in evolving training opportunities geared towards grooming their professional skills.

“You also need to keep evolving as new technologies emerge. Technology is the future of banking,” he said, adding that the situation, therefore, calls for skilled staff in the banking sector to keep up with the changing times.

The governor also noted that Cyber Crime is one of the challenges plaguing the banking industry. He said gone are the days when people physically went to a bank and ordered bank employees to open the vault and run off with stacks of cash.

“In the past, banks contended with robberies, insider colluding and fraud but now it’s system hacking, where the thief sits behind a computer screen,” he said

Pelaelo highlighted that financial institutions should be vigilant in securing their networks and systems as illegal acts affect the consumers because the costs are passed down to the customers, who are also the taxpayers.

“The modern banker should be alive to these possibilities and be equipped with skills to mitigate them,” he warned.

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