ISSUE - TWENTY
Townhall Meeting 3 Valentine’s Day 7 Newly Appointed Stafi 8 Team Building Retreat 10 Stafi Pension Fund 12 Women’s Day 14 Cartoon:- #TowardsDigitalBoB# 16 Managing Editor: Dr Seamogano Mosanako – Head of Communications and Information Services Division Production & Editor: Ms Mareledi Selabe – Manager, Communications Layout Design: Mabijo Productions Copyright © 2024 Bank of Botswana TABLE OF CONTENTS Ms Mareledi Selabe Issue 20 Godiragalang, is all things celebration. The issue includes highlights of the Governor’s Town Hall meeting, Valentine’s Day moments, International Women’s Day, and the Corporate Management Services Department retreat. We also welcome new Stafi to the Bank. The cartoon section reminds Stafi of the Bank’s Mindset Change campaign focusing on “Digital BoB.” This year the Bank continues moving towards a paperless working environment and it is upon each one of us, to implement initiatives recommended for digitilisation. A re chencheng! #MindsetChange #TowardsDigitalBoB
Governor Cornelius Dekop Townhall Meeting 3 On 20 March 2024, Governor Cornelius Dekop held a Townhall meeting to engage Stafi on strategic and welfare matters. The meeting was divided into two sessions, morning and afternoon. In her opening remarks, Acting Human Capital Director, Ms. Lekono Violet Phiri, gave an overview and objective of the meeting, highlighting that it was the ffrst ever to be hosted by the Governor of the Bank of Botswana. She further stated that Townhall meetings create an opportunity for dialogue for Stafi and Management. She stated that Townhalls, by nature, are retrospective, visionary and derive from Setswana culture of open dialogue of a Kgotla meeting system set-up. She urged stafi of the Bank to be open, engage with the Governor, and refflect on areas of growth for the Bank and themselves. GOVERNOR’S TOWNHALL MEETING
4 In his address, the Governor urged Stafi to have a social dialogue and freely discuss strategic and welfare issues of the Bank. He emphasized that the purpose of the meeting was to highlight his overall observations and insights since he joined the Bank, areas of improvement for the Bank and at the same time solicit the views and comments from Stafi. He highlighted that everyone within the Bank is employed to provide duty and care and attain the vision and mission of the Bank, its mandate, and overall strategic goals. He urged Stafi to engage with him, refflect on themselves, and be open for opportunities and growth. On areas of improvement, the Governor indicated that there was need to improve ways of work, ensuring quality in the production of documents, work efficiency, and reduction in the turnaround times in the work processes. He urged Stafi to follow guidelines, procedures, and regulations that guide the work environment. He requested Stafi to familiarise themselves with various Acts, especially the new Public Procurement Act, which is important for the functioning of the Bank, especially on compliance issues of procurement of any products and services by the Bank. In response, Stafi provided comments, suggestions and questions, and in turn, the Governor and Management responded to the issues. The report of the meeting, with action items and deliberations, will be circulated to with action items and deliberations will be circulated to departmental heads for information sharing with stafi. Part of the Stafi of the Bank. Acting Director, Human Capital Department, Ms Lekono V. Phiri welcoming Stafi of the Bank to the Townhall meeting. Governor Cornelius Dekop addressing Stafi.
5 In a world where the digital landscape is constantly evolving, the signiffcance of cybersecurity has never been more paramount. In recognition of the pivotal role played by individuals in fortifying the Bank's cyber defences, the Information and Communications Technology Department (ICTD) identiffed and celebrated four outstanding cyber heroes in 2023. These champions were acknowledged for their exemplary commitment and leadership in supporting the Bank's Cybersecurity awareness training programme powered by KnowBe4 platform. The KnowBe4 platform, a cornerstone of the Bank's cybersecurity awareness training programme, provides employees with the knowledge necessary to navigate the digital landscape securely. The active involvement of these cyber heroes in the training initiatives showcases the efiectiveness of the programme in fostering a culture of cyber resilience. Phishing simulation winner "Reported the most simulated phishing for 2023. Rapelang Manale" Gaborone Cyber Security Training "The First to Cyber Heroes with Director of ICTD and Deputy Director ICTD (Gaborone) complete training for Q4 Caster Moseki " Gaborone Phishing simulation winner "Reported the most simulated phishing for 2023. Rapelang Manale" Gaborone Phishing simulation winner "The ffrst to report a simulated phishing email in Q4. Prudence Theophilus, Gaborone Cyber Security Training "The First to complete training for Q4 Caster Moseki " Gaborone On behalf of the Bank, the ICTD extends its sincere appreciation to these four individuals for their commitment, dedication, and willingness to lead by example. Their efiorts have not only enhanced the overall cybersecurity posture of the Bank but have also created a ripple efiect, encouraging their peers to actively engage in cybersecurity initiatives. While we celebrate these cyber heroes, it is important to recognise that cybersecurity is a collective responsibility. Together, we strengthen our defences, creating a more resilient and secure digital environment for the entire organisation. As we look to the future, let the enthusiasm and dedication of these cyber heroes inspire us all to actively participate in cybersecurity training initiatives. Celebrating Cyber Heroes: Champions in Cybersecurity Awareness By Khumo Bogosi, Deputy Director, ICTD
6 On 28 March 2024, the Bank hosted the Governor of the Bank of Namibia, Mr Johannes !Gawaxab, with his management team. On the Photo: seated from left to right, Governor of the Bank of Botswana, Mr Cornelius Dekop and Governor of the Bank of Namibia, Mr Johannes !Gawaxab. Back row, from left to right; Mr. Postrick Mushendami, Deputy Director of Research and Financial Sector Development, Ms. Anthea Angermund, Deputy Director of Financial Markets, Ms. Valeria Mbango, Director of strategy, Projects, and Transformation, Ms. Nau-ku Hamunime, Principal of International Relations and Sustainability and, Deputy Governors of the Bank of Botswana, Dr Kealeboga Masalila and Tshokologo Alex Kganetsano. The visit covered amongst others mandate, functions and operations of the Bank, governance and accountability, foreign exchange reserves management structure, and other key projects of the Bank. Governor Cornelius Dekop was accompanied by Acting Director, Human Capital, Ms Lekono Violet Phiri, with Central Bank Union (CBU) Committee members.
1 2 3 4 Governor Cornelius Dekop with part of Stafi members from the Corporate Management Services Department and Protective Services Department. Mr Oleffle Mmotlanyane with Acting Director, Human Capital Department, Ms Lekono V. Phiri. Mesdames Mogi Kealotswe, Kebarate Kedikilwe, Rita Phuti and Khumo Bogosi. Part of the Corporate Management Services Department Stafi with their Director, Mr Chepete Chepete. Mesdames Kegomoditswe Ratshukudu & Lebogang Motumise. Mesdames Keobiditse Ntshwabi and Lesenang Dilebanye. Special Assistant to the Governor, Mr Tayani Chankuluba. 5 6 7 1 2 3 5 6 7 4 7
8 Welcome to the Bank Human Capital Manager Organisational Development Human Capital Department Joined: 3 January 2024 Ms Kealeboga Brown Supervisor, Policy Development & Digitalisation Strategic Planning & Risk Management Department Joined: 5 February 2024 Mr Moriti Omondi Mr Mbako Chite Assistant Manager, Procurement Procurement & Property Management Division Joined: 1 March 2024 Ms Keoage Wathutho Mogale Supervsior, Business Conduct Business Conduct and Regulatory Compliance Department Joined: 1 March 2024 Fawzia A Abdullah Statistical Analyst Statistics, Data Management & Analytics Department Joined: 15 April 2024 Human Capital Manager, Projects and Transformation Humam Capital Department Joined: 3 January 2024 Mr Letlhogile A Bolokwe The Bank Stafi would like to extend a warm welcome to the newly appointed stafi members and wish them a productive, fruitful and successful stay in the Bank.
9 Mr Tirelo Baoki Protection Officer Protective Services Department Joined: 1 March 2024 Otisitswe Kebone Tawana-Madziba Economist Research & Financial Stability Department Joined: 3 April 2024 Mr Zinani Ndiba Masimo Economist Research & Financial Stability Department Joined: 26 February 2024 Mr Kesalopa Mafa Economist Research & Financial Stability Department Joined: 8 March 2024
10 1 2 3 4 5 6 The Corporate Management Services Department (CMSD) held a stafi team building retreat on 9 – 11 February 2024 at Big Valley Lodge in Lobatse. The objective of the retreat was to enable CMSD to engage with each other, ffnd time to reconnect at the same time refflect on their day-to-day operations. The retreat was also used to break silos through presentations of the work programmes by the Department Units. Through the retreat, the Department envisages an environment where there is a shared vision, ownership and responsibility, and a positive attitude among team members for better work results. The retreat was facilitated by Dr N. Moeti of Practicum Institute. Retreat Corporate Management Services Department
MYTH The general stereotype of auditors is that Internal Auditors “police” an organisation; however, Internal Audit’s mission is to enhance and protect organisational values. And, even though you might not believe us, we do trust you…but our job is to verify. Internal Audit Services Department performs an important role to assist the Bank accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of the Bank’s risk management, internal controls, and governance processes. Internal Auditors are Trusted Advisors, meaning they identify the challenges facing the Bank, assess compliance, and monitor risk exposure. W H A T I N T E R N A L A U D I T A C T U A L L Y I S F A C T H E R E C O M E S T H E C O R P O R A T E P O - P O ! ! R E M E M B E R W E A R E N O T T H E R E T O H A N D C U F F B U T A D V I S E ! S O U R C E S K . B R I T T ( 2 0 1 9 ) , “ 3 T H I N G S Y O U M A Y N O T K N O W A B O U T I N T E R N A L A U D I T O R S ” . C . S I L V A ( 2 0 2 2 ) , “ T R U S T E D A D V I S O R S I N T I M E S O F U N C E R T A I N T Y ” . ( 2 0 2 3 ) I N T E R N A L A U D I T C H A R T E R ; 11
12 Introduction Parliament recently approved a number of amendments to the Retirement Funds Act and Income Tax Act. These changes are intended to further empower retirees by giving them greater scope and fflexibility to choose how to invest, save or spend their retirement income. The main impact of these legislative changes are summarised and discussed below with a view to educate, inform and advise members of the Bank of Botswana Deffned Contribution Stafi Pension Fund what the impact of these legal changes will be and the options they provide for members. Moabi Tshelane Employee Trustee Deferred-is a member who no longer contributes to the Fund, but who still has their beneffts preserved and has not reached retirement age. *A default on the repayment of any loan with a licensed ffnancial institution. *A default on the repayment of a mortgage loan with a licensed ffnancial institution. Medical expenses of a terminal illness, categorised as such by medical practitioner appointed by the Fund with the consent of the Member. Active-is a member who is still actively contributing (saving) towards their retirement, within a Pension Fund. Upon resignation and transfer from one Fund to another; P25,000 or 25 % of the Member’s Fund credit whichever is greater. Upon retrenchment/dismissal; P25,000 or 33.3 % of the Member’s Fund credit whichever is greater. Member Education Key legislative changes impacting the Fund: Update and Highlights Table 1 shows the new guidelines pertaining to early withdrawals/encashment and the speciffc beneffts which accrue to members as a result of the legislative changes. Table 1: Permitted early withdrawals/encashment Retirement Funds Act, 2022 TYPE OF MEMBER PURPOSE OF WITHDRAWAL/ENCASHMENT`
13 • that the Deferred Member should provide satisfactory proof of unemployment for at least six (6) consecutive months; • that such a deduction is only effected as a last resort and after the Board of Trustees is satisffed that no other arrangement for the required repayment can be made; • that the amount owed shall be covered by Deferred Member’s Fund Credit; • that the Deferred Member applying for such payment is making the request for the ffrst time; and, • that the loan repayment amount shall be paid directly to the licensed ffnancial institution. •The Pension Fund Investment Rules, 2023 (PFR 2) now increase the onshore investments of the Fund from a minimum of 30 % to a minimum of 50 % of the Fund’s assets. This means that the maximum amount that a Fund can invest ofishore has now been set to 50 %. The previous limit was up to 70 %. The 50 % minimum on onshore investments must be reached by the end of December 2027. • In addition, the PFR 2 set the limits allowable on alternative investments to 25 %; this includes investments in hedge fund (maximum 5 %), local private equity (maximum 10 %), ofishore private equity (maximum 5%) and local infrastructure (maximum 5 %). • Increase the number of Independent Trustees on Pension Fund Boards to at least two individuals. * In the case of a default on the repayment of any loan/mortgage loan with a licensed ffnancial institution, and such to the following conditions as speciffed under the Act: Conclusion In total, these regulatory changes put more money and power in the hands of members and provide for greater options and choices. These changes also call for greater prudence in decision-making by all our members, particularly those approaching retirement. In addition, these new developments are focused on strengthening and growing the local pension fund industry as well developing the local capital market. The Board of Trustees remain dedicated to building and protecting your retirement in this new environment and beyond. Other key amendments that you should be aware of are: Income Tax (Amendment) Act, 2024 Amendment providing for tax exemption on the lump sum cash commutation of up to 50 % of Fund Credit on retirement.
Left to right, Mesdames Kefflwe Baoleki, Goitseone Ramaretlwa, Kesegofetse Tamatise, Grace Kwenane, Margretmary Mushango, Kolobetso Selo and Gontlafetse Ntseme Mesdames Keoage Mongale and Goitseone Onalepelo. Mesdames Kealeboga Wale Ms Neo Oreabetse and Grace Kwenane 14 Mesdames Martha Ralekgobo and Gloria Lekgaba.
Staff members who commenced Masters Degree programmes in 2024 on full-time Bank’s sponsorship Name & Department Programme Commencement Date Completion Date 1. Ms Lebogang Ramoepi Master of Commerce in Corporate January 2024 December 2025 Finance and Valuations Financial Markets University of Cape Town South Africa 2. Ms Ruth Mothowabarwa Master of Commerce in Economics January 2024 December 2025 Banking Currency and University of Witwatersrand Settlement South Africa 3. Ms Olorato Kelemogile Master of Commerce in Finance January 2024 December 2025 (Investment Management) Banking Currency and University of Cape Town Settlement South Africa 4. Mr Ncedani Mochakula Master of Commerce in Finance January 2024 December 2025 (Investment Management) Prudential Authority & University of Cape Town Payments Oversight South Africa 5. Ms Bofelo Moetedi Master of Commerce in Finance January 2024 December 2025 (Investment Management) Prudential Authority & University of Cape Town Payments Oversight South Africa 6. Ms Baitumetse Mokgweetsi Master of Commerce in Finance January 2024 December 2025 (Investment Management) Financial Markets University of Cape Town South Africa 7. Ms Unopa Kelebeletse Master of Commerce in Financial February 2024 December 2025 Management Internal Audit Services Rhodes University, South Africa 15
#MindsetChange #TowardsDigitalBoB Dumelang Bagetsho, welcome to the first edition of 2024. Ke solofela fa ngwaga o o tsamaya sentle. Nyaa so far so good. Re ntse re tsweletse ka go ntsha maduo. Ke dumalana nao Godi, a re tsweleleng ka go ntsha maduo mo mmerekong. Se ntheye! Go raya eng? Go raya gore we should adopt new ways of thinking.. ..and working in alignment with the Bank’s drive to the digitilisation strategy.. A goraya gore re sapote the Bank’s digitilisation initiatives? 16 Sure! The Bank has developed and is implementing the “Mindset Change: Towards Digital BoB” campaign.
In other words “Mindset Change: Towards Digital BoB” should always be in our minds. So re tshele ka that slogan? Hee! Waitse re pusha #from PapertoPaperless. Yaa, even beyond that, it means this year we should digitize most of our operations. Nnaare wareng Godi? Yes. Ka pelo le moya. We must own and live it. Mme oa bua Morena.. ...ke bone the digital screen carrying the Mindset Change messages. Yaa, even this year’s calendars Hey! Go tlaare re itlole. A re Chencheng! #MindsetChange #TowardsDigitalBoB# 17
The Bank and its Management and stafi would like to congratulate all those who have been promoted, starting 1 January 2024 to date. Name From Job Title/Department/Division To Job Title/Department/Division Date Didimalang Segaiso (Ms) Principal Bank Examiner (BCRCD) Deputy Director (BCRC) 1/1/2024 Bojotlhe Molomemoi (Mr) Systems Analyst (ICTD) Senior Systems Analyst (ICTD) 1/1/2024 Melusi Chakalisa (Mr) Procurement Clerk (PMPPD) Supplies Officer (PMPPD) 1/1/2024 Badiri Keatlhotswe (Mr) Currency Examiner (BCSD) Senior Accounts Clerk (FD) 1/1/2024 Lucky Tlhoolebe (Mr) Driver (PrSD) Senior Driver (PrSD) 1/2/2024 Mogakolodi Mado (Mr) Economist (RFSD) Senior Economist (RFSD) 1/2/2024 Lorato Mochankana (Ms) Economist (RFSD) Senior Economist (RFSD) 1/2/2024 Tlotlo Nkile (Ms) Economist (RSFD) Senior Economist (RFSD) 1/2/2024 Ronald Christopher (Mr) Economist (RFSD) Senior Economist (RFSD) 1/2/2024 Unobona Linos (Ms) Internal Auditor (IASD) Senior Internal Auditor (IASD) 1/2/2024 Gorata Muzhoba (Ms) Investment Officer (DISB) Senior Investment Accountant (DISB) 1/2/2024 Janet Aletlhaeng (Ms) Senior Currency Examiner (BCSD) Senior Banking Clerk (BCSD-F/T) 1/2/2024 Gabatsoswe Mosalagae Currency Examiner (BCSD) Senior Currency Examiner (BCSD-F/T) 1/2/2024 Michael Norweb (Mr) Senior Property Clerk (PMPPD) Senior Projects & Maintenance Clerk (PMPPD) 1/2/2024 Thabo Mokgathong (Mr) Mechanical Officer (PMPPD) Assistant Manager, Mechanical Services (PMPPD) 1/3/2024 Keamogetse Ramadi (Ms) Economist (CMSD) Assistant Manager, Publications 1/4/2024 Gontse Tlakale (Mr) Senior Systems Analyst (ICTD) Systems Manager (ICTD) 1/4/2024 Thapelo Lefhoko (Mr) Systems Analyst (ICTD) Senior Systems Analyst (ICTD) 1/4/2024 Godfrey Matheatau (Mr) Systems Analyst (PrSDD) Assistant Protective Services Manager 1/4/2024 (Systems & Projects) Thabiso Meshack (Mr) Senior Systems Analyst Information & Communications Resignation 4/1/2024 Technology Chabo Mbikiwa (Ms) Deputy Project Officer Property Management, End of Contract 6/1/2024 Procurement & Projects Poifo Kampura (Ms) Settlement Assistant Banking, Cuurency & Settlement Voluntary Exit 29/2/2024 Maria Radibe (Ms) Deputy Chief Financial Finance Voluntary Exit 31/3/2024 Officer Joseph Selwe (Mr) Director Director CMSD BCRCD 1/1/2024 Chepete Chepete (Mr) Director Director HCD CMSD 1/1/2024 Badiri Keatlhotswe (Mr) Currency Examiner Senior Accounts BCSD FD 1/1/2024 Assistant Kamogelo Motlhalawapitse (Ms) Clerical Assistant Clerical Assistant CMSD BCSD (F/T) 1/1/2024 Gaenamong Mathibe (Ms) Personal Assistant Personal Assistant HCD BCSD (F/T) 1/1/2024 Nancy Ntswetswe (Ms) Personal Assistant Personal Assistant BCSD (F/T) FD 19/2/2024 Kaone Baloyi (Ms) Personal Assistant Personal Assistant FD PAPOD 19/2/2024 Caroline P Motlhane (Ms) Senior Personal Assistant Senior Personal Assistant Governor’s Office HCD 1/2/2024 Goitseone C Onalepelo (Ms) Procurement Oversight Procurement Oversight SPRMD Governor's 1/3/2024 Manager Manager Office Goefaone Kelentse (Ms) Protection Officer Procurement Clerk PrSD PMPPD 1/3/2024 Kemmonye S Ngaka (Ms) Assistant Manager, Senior Statistical Analyst FMD SDMAD 1/3/2024 Veriffction & Compliance PROMOTIONS TERMINATIONS TRANSFERS Name Job Title Department/Division Reason Date Name FROM TO FROM TO Date (DESIGNATION) (DESIGNATION) (DEPARTMENT) (DEPARTMENT) 18