First National Bank

First National Bank Of Botswana

First National Bank Of Botswana, First National Bank of Botswana is a Botswana-based company engaged in the banking sector. The Bank, through Pick n Pay franchise, offers sales and service channels called FNBB Kiosk. These kiosks are found in identified Pick and Pay stores that are being converted from Score supermarkets. The Bank has around three kiosks located at Lobatse, Gaborone and Francistown, which offer services, such as account opening, general enquiries, loan applications, credit card applications, Internet and cellphone registration, and check deposits. It operates a network of approximately 130 automated teller machines and over 4,000 point of sale devices. It offers customized solution for payment solutions, value add solutions, collection and receipting solutions, cash management solutions, funding solutions, investment solutions, insurance and assurance solutions, forex and trade finance, dedicated relationship manager, operating accounts, and debit and credit card solutions.

The Bank executes its corporate social responsibility (CSR) through the FNBB Foundation which is one of the biggest corporate donors and a leader in CSR not only in the financial services sector but also in the country. Established in 2001, to date the Foundation has invested overP40 million in various social responsibility projects, enriching and uplifting the lives of many people in need across the country. Annually, the Bank contributes up to 1% of its after tax profits to the Foundation. An extension of the Foundation’s commitment towards the community is the Staff Volunteer Programme which is an initiative that affords the Bank’s employees an opportunity to identify a deserving project of their choice in their respective localities, to donate funds and volunteer their time.


VISION 
The Bank of choice delivering innovative solutions and a superior customer experience.

PURPOSE 
We are a Bank of Excellence with an exceptional team, continually outperforming by offering innovative financial services and solutions. We create sustainable wealth exceeding ALL stakeholders’ expectations.

Audit Committee

The Board appoints a minimum of two non-executive Directors to the Audit Committee. It has written terms of reference, which clearly set out its authority and duties. The external and internal auditors have free access to this committee.

It meets with management and both the internal and external auditors periodically to review the financial statements and accounting policies, systems of internal control, the interim financial information and the effectiveness of the internal audit function and to discuss the auditor’s findings. The external auditors are appointed each year based on the recommendations of the Audit Committee.



Bank of Botswana

The establishment of the Central Bank, the Bank of Botswana, was preceded by negotiations for a monetary agreement with South Africa in 1972.

A Monetary Preparatory Commission was appointed a year later, composed of Mr H.C.L. Hermans as Chairman (Permanent Secretary, Ministry of Finance and Development Planning, at the time), Mr P.H.K. Kedikilwe (Director of Financial Affairs, Ministry of Finance and Development Planning, at the time), Professor A.N. Mcleod of York University in Canada and Advisors from the International Monetary Fund.

On September 6, 1974, the first President, Sir Seretse Khama, announced the Government’s decision to withdraw from the Rand Monetary Area.

In April 1975, to legislate the establishment of a central bank and the framework to govern financial institutions that would fall under the supervision of the Central Bank, the Bank of Botswana and Financial Institutions bills were passed.

 

Bank of Botswana

The establishment of the Central Bank, the Bank of Botswana, was preceded by negotiations for a monetary agreement with South Africa in 1972.

A Monetary Preparatory Commission was appointed a year later, composed of Mr H.C.L. Hermans as Chairman (Permanent Secretary, Ministry of Finance and Development Planning, at the time), Mr P.H.K. Kedikilwe (Director of Financial Affairs, Ministry of Finance and Development Planning, at the time), Professor A.N. Mcleod of York University in Canada and Advisors from the International Monetary Fund.

On September 6, 1974, the first President, Sir Seretse Khama, announced the Government’s decision to withdraw from the Rand Monetary Area.

In April 1975, to legislate the establishment of a central bank and the framework to govern financial institutions that would fall under the supervision of the Central Bank, the Bank of Botswana and Financial Institutions bills were passed.

 

Internal Audit

The internal audit function is independent of management. It examines and evaluates the bank’s activities with the objective of assisting members of executive management to carry out their responsibilities.

It also looks at how the bank secures its assets, the management of resources and the way operations are conducted. The head of internal audit has unrestricted access to the Chairman of the Audit Committee.