The UK government’s MOBILIST programme has taken a bold new step in Africa by partnering with the Botswana Stock Exchange (BSE) to unlock private investment and accelerate capital market development in one of the continent’s most promising economies.
Announced on August 20, 2026, this partnership signals a strategic effort to deepen Botswana’s financial markets, amplify sustainable economic growth, and create jobs through innovative financial products tailored to local and international investors alike. At a signing ceremony hosted by the British High Commissioner in Gaborone, the initiative brought together key players from the BSE, the British High Commission, and Botswana’s financial sector to underscore the importance of liquid, well-regulated capital markets in driving national economic transformation.
Botswana’s capital market, though relatively small with 33 listed companies, serves as a vital conduit for channeling domestic savings into productive investments. Currently, about 17 percent of pension fund assets are invested in local equities, a figure that reflects both opportunity and room for growth. By collaborating with MOBILIST, the BSE aims to broaden its offerings, introducing new listed products that will diversify investment options for institutional investors such as pension funds and asset managers. This expansion is critical in a country where mobilizing domestic capital is increasingly seen as essential for funding the sustained development agenda outlined in Botswana’s long-term National Vision 2036.
MOBILIST, a flagship programme supported by the UK government alongside Norway and Switzerland, specializes in creating investment solutions that align with Sustainable Development Goals (SDGs). It provides not only capital but also technical assistance and research to help projects overcome barriers to listing on stock exchanges. By expanding the universe of listed financial instruments in emerging markets like Botswana, MOBILIST seeks to unlock new sources of capital that can fuel sustainable growth. This approach is designed to catalyze scalable and replicable financial products, enabling Botswana’s capital markets to better serve the real economy and contribute to job creation.
The timing of this partnership is significant. Botswana is navigating an economic transformation, aiming to diversify beyond its traditional reliance on diamond mining. The country’s Gross Domestic Product (GDP) growth is projected at an average of 4.7 percent from 2026 to 2028, signaling optimism but also the need for structural reforms and investment in new sectors. The British High Commissioner to Botswana, Giles Enticknap, emphasized the role of robust capital markets in supporting this transition, stating that well-regulated markets provide companies with crucial funding to expand and create employment opportunities. The UK’s involvement through MOBILIST is thus not just about financial innovation but about supporting Botswana’s broader economic resilience and inclusive growth.
The BSE itself has been steadily evolving. Its “10X by 2030” strategy highlights an ambition to strengthen capital markets by increasing market depth, liquidity, and investor participation. This includes enhancing regulatory frameworks and promoting financial literacy, positioning Botswana as a premier capital-raising hub in Africa. The partnership with MOBILIST fits squarely within this vision, offering a pathway to introduce novel financial products that can attract both local and international investors, thereby increasing market activity and capital flow.
For Botswana’s institutional investors, particularly pension funds which hold significant assets, the introduction of new listed products represents a fresh opportunity to diversify portfolios and increase exposure to domestic growth. This is a critical development in a market where local equities have traditionally been underrepresented. By enabling pension funds and asset managers to deploy more capital within Botswana, the partnership supports the country’s sustainable development goals and economic ambitions. As Mr. Aobakwe Monyatsi, CEO of the BSE, highlighted, the collaboration with MOBILIST is key to unlocking the depth of Botswana’s capital markets and creating investment options that align with national priorities.
The broader geopolitical and economic context also underscores the importance of the partnership. Botswana enjoys a reputation as one of Africa’s most stable democracies with a commitment to transparent governance and economic reform. Its strategic location and stable political environment make it an attractive destination for investors seeking exposure to Africa’s growth story. The UK’s Foreign, Commonwealth & Development Office (FCDO) plays a pivotal role in fostering such partnerships, leveraging diplomatic ties to support economic development initiatives that promote shared prosperity and sustainable investment flows between the UK and Botswana.
MOBILIST’s model of mobilizing institutional capital through public markets and listed products reflects a broader trend in development finance that prioritizes market-based solutions over direct aid. By focusing on scalable financial instruments aligned with the climate transition and SDGs, the programme addresses the critical gap in financing for projects that might otherwise struggle to access capital. This partnership with Botswana can potentially serve as a blueprint for similar initiatives across emerging markets, where unlocking domestic savings and attracting international investment is key to achieving development objectives.
The introduction of MOBILIST to Botswana’s financial ecosystem was marked by a workshop involving local brokers, investment entities, and other capital market participants. This engagement underscores the programme’s commitment to building capacity and fostering collaboration among all stakeholders. Strengthening the ecosystem is vital to ensure that new financial products are well understood and accessible, paving the way for increased market participation and liquidity.
The success of the MOBILIST-BSE partnership will hinge on the ability to create a regulatory environment conducive to innovation while protecting investor interests. Botswana’s capital market regulators have demonstrated a willingness to embrace strategic regulatory innovation, balancing risk and opportunity to facilitate capital raising. As the market matures, continuous efforts to enhance transparency, governance, and investor confidence will be critical to sustaining growth and attracting long-term capital.
Ultimately, the partnership between MOBILIST and the Botswana Stock Exchange embodies a forward-looking vision for Africa’s financial markets – one that leverages international expertise and capital to unlock local potential. By expanding the range of investment options and deepening market infrastructure, Botswana is positioning itself not just as a beneficiary of global finance but as an active player shaping sustainable development in Africa. This collaboration signals a new chapter in Botswana’s economic story, where capital markets become engines of growth, innovation, and job creation in a rapidly changing world.
For Botswana, the stakes are high but so are the possibilities. With the right mix of investment, innovation, and regulatory support, the country’s capital markets could soon become a powerful force driving its economic transformation and the well-being of its people. The MOBILIST partnership is a promising step in that direction, offering a model for how emerging economies can harness the power of finance to build a more sustainable and inclusive future. This initiative not only underscores the vital role of capital markets in development but also highlights the potential of international collaboration to unlock Africa’s vast economic promise.