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FNBB launches forex online

Publishing Date : 04 February, 2019

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First National Bank Botswana has introduced a new online service that is aimed at enhancing its cross boarder payment system. According to a communiqué form the bank released last week the new platform is part of component of the company’s “Brick to Clicks” strategy, which maximizes technology benefits to streamline and boost customer experience.  


Dubbed “Forex Online” the platform enables online payments and transfers of foreign currency for both individual and corporate clients, eliminating the manual process of submitting telegraphic forms at the branch. The bank says customers can now execute transactions in a matter of minutes from the convenience of their home or office, allowing clients to make foreign currency transactions and trade internationally, anytime, anywhere, effectively saving them time and money.


FNBB Chief Executive Officer, Bogatsu observed that customer centricity underpins the essence of his bank.  “We place great value on our customers’ experience and they are at the center of everything we do. That is why we constantly innovate by availing new ways and channels of banking to facilitate pleasant, easy, fast and secure banking for our customers,” he said.


Some of FNB’s “Bricks to Click” inventions include, Mobile Banking, Internet Banking and the Smartphone Banking Application (App), which is an all-in-one platform that gives customers the flexibility to transact anytime in a secure manner, as well as the functionality to prevent fraud by reporting suspicious transactions from their accounts. The latest enhancement of the online platform is amongst the many initiatives the bank has undertaken to make cross border transactions seamless for clients.


FNB boast of “BestForeign Exchange (Forex) Provider in Botswana” accolade which they received was at the 19th annual World’s Best FX Provider Awards hosted by Global Finance Magazine late last year. “It’s worth noting that the award was given for our a 3rd consecutive year reflecting continued commitment to excellence in cross border transactions, FX innovation and customer service,” said Bogatsu. Digital Banking which has been in existence for some years is currently intensified by many banking companies to keep up with evolving customer demands.


Recently it transformed to internet a new channel between customers and banks which benefits both. The main aim of e- banking services is to provide the customers a much faster services with low cost. From the last twenty years, banking sector has chosen a new method of banking based on the progress of information technology.  In addition to these customers, transaction and communication abilities are fastened based on information technology.


The progress of electronic banking started with use of automatic teller machines and afterwards it developed to online banking. The use of mobile phones to enhance convenience has been fast taking over. FNB says it continues to improve digital and internet services to keep up with increasing competition. “Currently, digital platforms account for 90 percent of FNBB’s transactions. This not only fulfills the digital transformation strategy but drives our customer centricity agenda by creating real value for the customers in terms of convenience and cost efficiencies,” said Bogatsu.

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