As Absa Bank Botswana marks its 75th anniversary, its transformation from a legacy player to a purpose-driven, pan-African financial institution is visibly accelerating. Once part of Barclays, the bank completed its transition to Absa Group in 2020, a move that, according to Managing Director Keabetswe Pheko-Moshagane, opened the door to “the right investments that would drive customer experience and relevance.”

“We had to find our purpose as a new entity,” she explains. “And we take pride in that purpose: empowering Africa’s tomorrow together, one story at a time. That tagline, ‘Your story matters’, gives you purpose.”

A Strategic Market

Botswana may be a small market by population, but for Absa and the region’s financial sector, its strategic importance is outsized. “Botswana is very stable,” says Pheko-Moshagane. “Some people describe it as so stable you know where the sun will set and where it will rise.”

The MD points to Botswana’s liberal foreign exchange regime, solid governance, and resilient consumption patterns. “Don’t look at population,” she warns investors. “Look at the power to spend. Our population consumes more milk than Zimbabwe.” Within Absa Group’s Africa Regional Operations, excluding South Africa, Botswana ranks among the top five revenue contributors.

Leading Through Inclusion

As one of the few women leading a major bank in the region, Pheko-Moshagane is also shaping institutional culture. “I’ve been very deliberate,” she says. “Our executive team has more women, and I often say bringing forth women doesn’t mean compromising on quality, it means recognizing talent.”

Her own journey began as an IT programmer in South Africa. In 2010, she returned to Botswana, motivated by gratitude. “I’m a beneficiary of free education from primary to university. It was the diamonds that made me. I had to come back and contribute, even if it meant a salary cut.”

Digital and SME Growth

Absa has grown its business by focusing on innovation and financial inclusion. “We are predominantly a retail and business banking (RBB) bank, but our corporate segment is growing,” she says. The bank has rolled out wallet-to-bank and wallet-to-wallet transfers, enabling informal traders to move funds securely. “A lady selling sweets on the corner can bank her takings. That’s financial inclusion.”

Another digital breakthrough is Mobitab, a phone-based point-of-sale system aimed at small traders and public transport operators. “Cash has its own risks,” she notes, “and this solution was very well received in the market.”

Corporate Banking and Resilience

Even in challenging sectors like diamonds, Absa hasn’t backed away. “After COVID, most banks exited the sector. We partnered with OPIC [now DFC], who gave us guarantees. That let us keep funding the diamond value chain.”

In corporate banking, Absa emphasizes transactional value and FX risk mitigation—especially crucial in the current environment of currency volatility and liquidity pressures. “Our edge is not just capital,” she says. “It’s value creation and deep sector knowledge.”

Absa collaborates with fintechs, telcos, and global institutions like Visa to stay ahead. “Fintechs aren’t as regulated as banks. They can launch products in two months; we take twelve. So we partner.”

A Leader in Sustainability

Absa became the first bank in Botswana to list a sustainable bond, which was fully subscribed within weeks. “We even had to increase the limit,” she says. ESG is now embedded in strategy, operations, and facilities—including the green upgrade of its own building.

The bank has also launched the SHE Account, “See Her Empowered”, tailored for women entrepreneurs, and sponsors Botswana’s only kids’ marathon, which promotes early financial education.

Looking Ahead

Despite macroeconomic pressures, Pheko-Moshagane remains optimistic. “We’re going through cyclical and structural changes, but we have the foundations to recover.” She highlights mining diversification, agriculture potential, and demographics as reasons for confidence.

“Our diamonds are forever,” she adds with a smile. “Botswana has the large stones that synthetic diamonds can’t replace. Our future is still bright, and at Absa, we’ll continue building it, one story at a time.”