Botswana’s Stock Exchange (BSE) recorded its highest daily turnover on Monday, surpassing P1,072 billion (US$ 94.8 million). 

The record was reached due to Access Bank’s 78.15% acquisition of BancABC Botswana. Access Bank is one of the leading full-service commercial banks in Africa.

“We are delighted to welcome Access Bank to the local bourse,” Thapelo Tsheole, BSE Chief Officer stated.

“This transaction has reinvigorated the market as performance has been subdued due to the negative effects of the COVID19 pandemic.”

Access Bank – listed on the Nigerian Stock Exchange since 1998 – “is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise and proven risk management and capital management capabilities,” reports CAJ News.

BancABC Botswana’s current and prospective investors will be keeping a keen eye on this acquisition as the bank will focus on leveraging off Access Bank’s extensive network and digital banking capabilities.

Access Bank Group managing director Herbert Wigwe, said since the initial investment, BancABC has achieved a great deal in terms of digital adoption and high-quality retail operation. He went on to add that Access Bank Botswana is committed to supporting and contributing to the growth of Botswana’s economy.

“We are aware how access to credit and capital remains one of the biggest concerns for businesses, women and youth.

“Access Bank Botswana is committed to supporting economic prosperity, intra-Africa and inter-Africa trade and providing the financial tools for people to achieve their dreams,” he added.

Furthermore, Monday’s transaction is a great achievement for Botswana’s Stock Exchange, in being able to facilitate large trades within the current strategy to hike the average daily turnover levels to P18 million per day by the end of this year.

This week’s single trade record joins the likes of previous records such as 2016’s P494.3 million transaction, P484.6 million in 2017 and P458.6 million in 2018.