The Rise of Fintech in Botswana

Botswana, a country in southern Africa, is witnessing significant growth in its fintech industry. The establishment of the Botswana Fintech Association has been instrumental in promoting the sector’s development and addressing key challenges.

Key Goals of the Botswana Fintech Association

• Regulatory Sandbox: Create a regulatory sandbox for testing products to enable innovation and experimentation
• Advisory Committee: Establish an advisory committee to advise institutions on adopting best practices
• Matchmaking: Facilitate matchmaking between larger incumbents and smaller startups

Addressing Key Pain Points

The association has made significant progress in addressing key pain points, including:

• Regulatory Framework: Working with regulators to establish fintech offices in respective bodies, such as the Non-Banking Financial Institutions Regulatory Authority (NBFIRA) and the Bank of Botswana
• Financial Inclusion: Addressing financial inclusion, particularly for rural dwellers, by opening up the doors of regulation, funds, and collaboration with incumbents

Opportunities in the Region

The association sees opportunities in the region, including:

• Regional Integration: Leveraging regional integration to build, launch, and scale impactful products
• Talent and Literacy Rates: Utilizing talent and high literacy rates to drive innovation and growth

Consolidated Voice for Fintech Growth

A consolidated voice through the association will help expedite the process of growing fintech in Botswana by providing a collective source of truth for regulators, customers, and other external stakeholders.

Parting Thoughts from the Interviewee

The journey over the next couple of years is expected to lead to transformative change in the Botswana fintech ecosystem.