Establishment of the Deposit Insurance Scheme of Botswana
Director G. Baatlholeng
Deposit Insurance Scheme of Botswana (DISB) is a public scheme set up for purposes of compensating depositors when a bank or deposit taking institution has failed. The DISB is established under the Bank of Botswana (Amendment) Act, 2022 and operationalised through the Bank of Botswana (Deposit Insurance Scheme) Regulations, 2023, that came into effect on 21 July 2023. The DISB has public policy objectives of depositor protection and financial stability. It is administered by staff seconded from the Bank of Botswana (the Bank) and operates from the Bank’s Head Office. All commercial banks licensed by Bank of Botswana, as well as the Botswana Savings Bank are members of the DISB. The DISB provides protection for deposits held by natural persons and legal entities, whether the depositor is a citizen or a foreign national. In the event that a member institution fails, the DISB guarantees coverage up to P250 000 per depositor, per member institution.
Governance and Accountability
The DISB maintains accounts and records of the Fund in accordance with national and international accounting standards. The accounts of the Fund are audited, once a year, by an independent external auditor of good repute and recognised experience in auding financial institutions. In addition, the DISB produces an annual report that reflects the operations and financial condition of the Fund. Both the annual report and the audited accounts are submitted to the Minister of Finance, who is then expected to lay these reports before the National Assembly.
For purposes of ensuring operational independence of the DISB, a governing body, namely, the Deposit Insurance Committee (Committee), comprising of seven (7) members has been established. The members of the Committee were appointed by the Minister of Finance on 1 April 2024 for a four-year term. They include the following:
Ms Clair Mathe- Lisenda (CEO, BIFM) -
Chairperson
Dr Jairos Josiah (Senior Lecturer, University of Botswana) - Member
Ms Priscillah Ndadi (Group CEO, Old Mutual Botswana) - Member
Mr Oabile Mabusa (CEO, Bankers Association of Botswana) - Member
Ms Patrinah P. Masalela (Director, Insurance, Ministry of Finance) -Ex-officio
member representing Permanent Secretary in the Ministry of Finance
Ms Sheila Sealetsa (Advisor, Banking, Currency and Settlement Department) -
Ex-officio member representing Governor of Bank of Botswana
Mr Goememang Baatlholeng (Director, DISB) -Ex-officio member
The DISB is headed by a Director, who is subject to the supervision of the Committee.
Director:
Mr Goememang Baatlholeng
Email: Baatlholengg@bob.bw
Tel: (+267)3606544/73010154/71311673
Deputy Director:
Ms Bonno Theleso
Email: Thelesob@bob.bw
Tel:(+267)3606008/73010248
Secretary:
Mr Moreetsi P. Motlaesi
Email: DISBenquiries@bob.bw
Tel: (+267) 3606057