Strides Magazine by Ephraimba

FOCUS ON POSSIBILITY ISSUE 6 OCTOBER 2020

Absa Changing heritage and looking to the future

Letshego and Botswana Innovation Hub collaborate to inspire local entrepreneurs

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WHO IS COVERED: • Yourself • Spouse • Children • Extended family

from the editor

PUBLISHED BY Strides Publications (Pty) Ltd EDITOR Ephraim Banda

CONTENTS

OCT 2020

ISSUE 6 VOL 2

cover STORY Modeling adverse possibilities to ensure appropriate management actions in the wake of COVID -19

Letshego and Botswana Innovation Hub collaborate to inspire technological Business solutions

WRITERS Wame Mhlanga Henry David

MARKETING & ADVERTISING sstridemagazine @gmail.com

Industrial Attachment: A Bridgeway for Students into the Hospitality and Tourism Sector 16 Changing a century’s worth of heritage to look towards the future of the Absa Group

CONTACTS +267 73319723

Harnessing the 4IR to Connect with the Future Consumers

Creating Botswana’s Next Value Frontiers

How To Lead Through A Crisis

DE BEERS GROUP: Pandemic likely to influence consumer design preferences

Resumption of economic activity uplifts Minergy’s prospects after COVID-19 impact

Financial Tips during tough times

Ensuring Tourism Sector Profitability in the wake of COVID-19

contributors Aobakwe K. Sentle Dr. Wilbert Mutoko Tumelo Sejo Boitumelo

DESIGN/LAYOUT Jon +267 71362491

All information is supplied without liability. Although the publisher has taken all precautions to ensure that the information is correct at the time of publication, the publisher and their agents do not accept any liability, direct or indirect, for material contained in this publication.

No part of this publication may be reproduced in any form or by any means without prior written permission of the copyright owners.

COVID-19 and the demand for paradigm shift

e have always done it this way. I have, and I am sure you have heard these words countless times at business meetings and other numerous occasions referring to the demands to adhere to certain processes and protocols in how organizations or individuals conduct business or live their lives. That’s great and fine; but is everything that come in the name of processes and protocols necessary? Are our manuals written in stone and cannot be changed or modified? Well, you be the judge. The disruption caused by the COVID-19 pandemic has proved that we can’t be rigid in our approach to business and life. There is a demand for flexibility or I should say paradigm shift; a radical one for that matter. The pandemic has drastically changed life as we knew it bringing with it what is now commonly called the ‘new normal,’ and truth be told we can’t expect the approach or strategies of the old normal to be effective in the new. A demand for a change of thinking

has been forcefully placed before us and to adapt, we need a change of thinking, believing, speaking and acting. People and businesses have to be proactive and no longer reactive to issues. We must evolve or else be swallowed by change. Its time to cut our losses and move on with a different perspective on life and business. We have felt the pitch yes, but this also will pass. Let’s press on with new energy, new hope and we will definitely overcome. Enjoy your reading and don’t forget that there are unlimited possibilities at our disposal even in the toughest of times. Choose what you focus on very well remembering that tough times never last but tough people do.’ Therefore, cheer up! the roses will bloom again.

Ephraim Banda

FOCUS ON pOSSIBIL ITY

ISSUE 4 2020

DECEMBER/JANUARY

ISSUE 3 SEPTEMBER/OCTOBE R 2019

28 28

proactive and purpose driven in community projects

Global Expo Botswana

Strides Magazine

6 October 2020

77625030

stridesmagazine

73319723

Catalyst for harnessing (GEB): business opportunities and growth

Deloitte Botswana:

Making impact, through socio-economic development

Chabana farms:

Driving innovation in honey production

Botswana Exporters and Manufacturers Associa tion:

Driving the vision to catapult Botswana into a manufacturing and export hub

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sstridesmagazine@gmail.com

COVER STORY

Modeling adverse possibilities to ensure appropriate management actions in the wake of COVID -19

h e e COV I D - 1 9 pandemic has caused an assortment of disruptions placing a demand on leaders to exercise lateral thinking in an effort to come up with proactive measures to mitigate its impact and effects. Kushatha Moswela is the Managing Director of Old Mutual Short-Term Insurance in Botswana. Strides engaged this versatile thought leader to garner insights on the international insurer’s approach to the pandemic. Strides: Kindly, tell us about Old Mutual Short-Term Insurance? Moswela: Old Mutual ShortTerm Insurance is a subsidiary of Old Mutual Financial Services Botswana. Over the past 25 years, we have offered a wide array of affordable short-term insurance solutions for individuals, businesses and large corporates. Our tailor-made solutions deliver comprehensive covers for vehicles, House & household contents, businesses, engineering, construction and mining. We operate on the principle that insurance is not just about delivering cover but also about delivering winning customer value propositions that enable consumers to secure their futures and become their exceptional best. As a responsible business we are committed to enabling positive

futures in the communities in which we operate. “We are a Certain Friend, In Uncertain Times” We are a member of the Old Mutual Limited Group which is a 175-year-old Pan African financial solutions provider that serves millions of customers, operates in 13 countries across the African continent alone and employs over 30,000 people across the world. Strides: What has been the impact of the COVID to your industry and how did you respond to it? Moswela: COVID-19 is an unprecedented, unfamiliar event in our lifetime and has certainly had an impact across all industries. During times like this, our promise to deliver exceptional value while simultaneously doing our part to protect our customers, employees and stakeholders is re-enforced by wellestablished crisis management protocols and procedures. We are, after all specialists in understanding and managing risk. As an organization, we are well capitalized and have a diversified portfolio that allows to continue to deliver on our promise to our customers even during uncertain times. Since its establishment in 1845, Old Mutual has remained resilient through civil and world wars as well as the Spanish Flu pandemic, the Great Depression, and many political crises and economic turbulences across the world. As a consequence of our prior experiences, we have a robust business continuity strategy that models and plans for these adverse events. Our plans factor in resource availability, financial considerations, technology, customer/ Strides Magazine

8 October 2020

stakeholder implications, accessibility, and any required expertise. The following are some of our actions in response to the pandemic. Activation of the crisis management committee and implementation of our planned actions. I am pleased that in the short period of time we have managed to do all that is strategically necessary to remain operational. Implementation of precautionary measures to minimize the instances of our exposure for our staff, customers and stakeholders. This included masks, sanitizers, travel restrictions, increased cleaning rotations, contact tracing and sharing of Covid-19 related tips and advice. We continue to share Covid-19 information with the public via our social media platforms. We enabled businesses to continue operating through various digital platforms. Our staff is enabled to work remotely and service customers via digital channels including our recently launched WhatsApp line. To support our customers and various stakeholders who are experiencing financial challenges we are engaging customers case by case basis to offer solutions during this period. These solutions depend on the need and range from premium discounts to the payment deferrals up to 3 months for select covers. Conversely, other customers like those in the tourism industry seemingly don’t need insurance cover because the cessation of patronization by international tourists has temporarily reduced

Kushatha Moswela, Managing Director Old Mutual-Short Term Insurance

Strides Magazine

9 October 2020

COVER STORY

The President of the Botswana Nurses Council Obonolo Rahube, Hon. Dr. Lemogang Kwape and Old Mutual Group CEO Gerald Randall

their liability covers. Over and above, we are using social media campaigns to educate our customers on the optimum ways to manage their assets and possessions from damage, theft, loss etc. Supporting the communities, we operate in. This is pivotal to us. We have reserved funds for assisting the disadvantaged and the vulnerable in orphanages and providing the frontline professionals with PPE. So far, we contributed PPE to the Botswana Nurses Union (BONU). The Minister of Health and the President of BONU graced the handover ceremony. During this period, we continued to support our Orphanage Lamodimo with food, toiletries and PPEs. Ensuring business stability and financial soundness. To ensure our business continuity now and in

the future, we rebased our business projections. We have reserved extra funds to cater of claims and the reduction in business. This will help us continue honoring our operating expenses including staff salaries. Old Mutual is financially sound and has adequate capital to cushion it against any adverse claims experience. The COVID19 impacts on reduced premium covers and cancellations have been felt in the business. Strides: As a leader in your industry, what are your recommendations to business leaders and individuals as regards insurance? Moswela: I advise all leaders to keep both their employees and stakeholders abreast of key business developments, and engage and receive feedback from them. As Old Mutual we have outsourced the services of a Strides Magazine

10 October 2020

professional wellbeing and psychology firm to assist employees with any of their concerns in a private and confidential setting. Strides: What is your Message to your current and prospective clients as we advance with the new normal? Moswela: Old Mutual has always taken a long-term view and always understood that change, challenge and opportunity are the only constants. Since 1845, Old Mutual has provided unwavering support for individuals, businesses and communities in which serve. We continue to be strong and will ensure we put our customers at the center of what we do. Remaining true to our promise of being “A Certain Friend, In Uncertain times “has been the secret of our brand’s longevity and enduring relevance for 175 years.

THE TIME IS NOW TO KEEP YOUR BUSINESS ON TRACK

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DO GREAT THINGS EVERY DAY

ENTREPRENEURSHIP DEVELOPMENT

Letshego and Botswana Innovation Hub collaborate to inspire local technological business solutions

Letshego Group CEO, Andrew Okai

Strides Magazine

12 October 2020

etshego Holdings Limited (Letshego Group) in collaboration with the Botswana Innovation Hub recently hosted a successful Pitch Session involving eight technological business innovators. The session offered the innovators a chance to showcase their works and enabled Letshego to single out the outstanding three innovative solutions for support, mentoring and opportunities to transform the entrepreneur’s future growth potential into a reality. Prior to the commencement of the Pitch Session, Letshego’s Group Chief Executive Officer, Andrew Okai said the Group remains committed to developing a relentless innovation culture on its journey to create a world-class retail financial services organization. “We aim to achieve this by leveraging digital innovation, strategic partnerships and eco-system thinking to enhance customer experience and increase access to simple and appropriate financial solutions for emerging market consumers across the Group’s 11-country footprint. Our partnership with Botswana Innovation Hub is a valuable way Letshego can support local technology innovation by providing financial support, business expertise and potential introductions within our existing network. Our ambition is to use our strengths and expertise to enable entrepreneurs to expand their growth and income potential. Letshego strongly believes that through effective partnerships, we can grow our collective potential, exponentially,” said Okai. Okai noted that entrepreneurship and innovation are the most important elements of today’s emerging economies globally. “Our purpose is to bridge the gap for entrepreneurs between securing sustainable financial solutions that unlock growth and income potential,

Botswana Innovation Hub Chief Executive Officer and host, Alan Boshwaen

without hindering future growth, said Okai, adding, “Digitisation is also another key enabler – not only in today’s pandemic conditions - but also in creating successful future organizations. Letshego has just announced our transformational strategy that is underpinned by digital innovation. Innovation that aims to deliver greater value and benefits well into the future – for our people, our customers and our strategic partners.” Botswana Innovation Hub Chief Executive Officer and host, Alan Boshwaen said the Pitch Session was Strides Magazine

13 October 2020

unique as it showcased public and private sector collaboration in action. “It is also unique because it does not only incentivize the winning start-ups, but it introduces them to an opportunity to access structured products at Letshego and market access in the Letshego Group of Companies throughout Africa. We all acknowledge that innovation is a critical catalyst in driving Botswana’s Transformation Agenda, hence, supporting innovations requires collaboration between diverse stakeholders. We are glad to have partnered with Letshego Group as a

ENTREPRENEURSHIP DEVELOPMENT

The Pitch Session Winners - Letshibigo Ramadi (Digital Diamond), Titosi Chembezi (Kwiky) and Mthabisi Bokete (Digital Diamond)

Letshego Botswana CEO Fergus Ferguson with Titose Chembezi of Kwiky who scooped the first position

The Pitch Session winners with Letshego Group CEO Andrew Okai (centre) Letshego Botswana CEO Fergus Ferguson (First left) and Botswana Innovation Hub CEO Alan Boshwaen (far right)

The winning solutions will work with partners to manage subsequent development of the proof of concepts.

player in building national innovation ecosystem. Our innovators stand to benefit from the opportunities availed by this partnership including mentorship, capacity building and commercialization. The prize incentive is a cherry on top,” said Boshwaen. At the end of the Pitch Session, the panel of judges comprising of select executives from Letshego’s Botswana Office and its markets across Africa commended the entrepreneurs on their outstanding submissions and creative concepts. The top three nominations for Letshego / BIH Pitch Day innovation were awarded as follows: Strides Magazine

14 October 2020

Position 1: Kwiky represented by Titose Chembezi - Awarded P30, 000 Prize Money Kwiky is a Business to Business to Consumer (B2B2C) solution that facilitates access to financial services for the underbanked by accessing mobile phone and mobile wallet transaction data from various data points including parastatals, research agencies and onboarding ‘Know Your Customer’ (KYC) documentation, integrating this concept into a comprehensive credit risk framework to support financial services. Position 2: Digital Diamond

represented by Mthabisi Bokete Awarded P15, 000 Prize Money Digital Diamond is a free online and offline instant identification application, again to support the financial services sector, to facilitate KYC and credit applications across geographical borders. Position 3: PCG Software represented by Letsibogo Ramadi - Awarded P10, 000 Prize Money PCG Software is a digital solution firm specialising in tailor-made mobile development and web-based projects. PCG Software has developed ‘Mogwebi CyberPlaza’ - a virtual

networking and trade platform that connects businesses to an unlimited online audience to support business continuity, especially as we manage through the Covid-19 pandemic. The winning solutions will work with partners to manage subsequent development of the proof of concepts. This will include innovation sprints sessions and hackathons, leveraging Botswana Innovation Hub’s tried and tested innovation management framework to either support Letshego directly, or the economies and communities where Letshego operates across Africa. Strides Magazine

15 October 2020

The start-ups that pitched were selected from a pool of entrepreneurs within the Botswana Innovation Hub Incubation and Acceleration Programme. These entrepreneurs benefit from a number of Botswana Innovation Hubinterventions including: technical advice; coaching; mentorship; access to markets; access to partner programmes; office space; subsidized corporate tax; special dispensation of the import of skilled personnel and many other tailored interventions to small business concepts to grow and thrive.

SKILLS DEVELOPMENT

eing based in a country that draws a large portion of its Gross Domestic Product (GDP) from tourism, college’s like New Era College of Arts, Science and Technology have made the intentional decision to empower young Batswana to be able to be active participants in this industry though their Accommodation Operation Services (AOS) program. New Era College of Arts, Science and Technology has been a reputable education provider in Botswana since its inception in 2008. While known for its engineering programs in Electrical and Electronics, Telecommunications and Construction Engineering, the College also boasts a Business Department that offers programs in Accommodation Operation Services (AOS). The College’s AOS program, is a practical bridgeway into the hospitality industry, equipping learners with the necessary foundations for one of

the fastest growing industries in the world. Students of the programme get hands on experience in subjects such as housekeeping, food and beverage management and customer service, that shape them into market ready graduates to service the local industry. The College is on a mission to transform the socio-economic lives of Batswana in whatever way they can and is greatly concerned about the impact the current global challenges have had on the industry. The College has used this opportunity when the occupancy rates are low, to expose its students to the various hotels and lodges around Gaborone to get a first-hand experience of how the industry has been affected and how it aims to overcome this crisis. Mr Tshepang Badubi, who graduated from New Era College with an Advanced Diploma in AOS was recognized as the best academic achieving student from his entire cohort in 2015. He was able to achieve Strides Magazine

16 October 2020

his dream of working in a multinational hotel and interacting with many tourists, something he aspired towards since his childhood days growing up in the tourist village of Maun. Tshepang, who is now the Food and Beverage Supervisor at Avani Hotel in Gaborone explains the value of completing industrial attachments as a student. “What provided me with the most insight during my studies was the industrial attachment module, where we were placed in a real world situation at a hotel around the country for six months,” He explains. “I was placed in a busy hotel in Francistown and this showed me all the different sides of the hotel as our time there was divided into different departments. This helped me when I started to work at Avani as I could easily be deployed to any department in the hotel. It has given me a great understanding on seeing the whole picture and not just the area I supervise.”

The Ghodrati Foundation is a private, not-for-profit organization with a vision to contribute to the socio-economic development of Botswana. The organization is determined to fund charitable causes in addition to launching special programs designed to promote and avail opportunities in education. The flagship initiative of the organization is the Ghodrati Foundation Scholarship. This is a partnership with New Era College of Arts Science and Technology, which seeks to provide financial aid to students who did not obtain enough points when sitting for their BGCSE exams to earn a Botswana Government scholarship, but who also show a strong capability in science and mathematics, creative arts and sports. The foundation is built around the core value that everyone deserves a chance at education and to date it has helped change the lives of over two dozen students, some of which managed to qualify for a Botswana Government scholarship in their second year, after proving their academic diligence. The Foundation aims to become a bridgeway to help previously disadvantaged students attain their dream of becoming high achievers with Engineering qualifications.

VISION The Ghodrati Foundation aims to develop socially just and economically prosperous communities by unlocking the intellectual and creative potential of the citizens of Botswana. MISSION The Ghodrati Foundation will create opportunities by providing a platform that will nourish and empower excellence in the arts, academia, and athleticism through responsible, resourceful, and equitable solutions. VALUES People Diversity Empowerment Equity Service Integrity Independence

For more information on how to apply for the Ghodrati Foundation Scholarship Contact: (+267) 73933533 scholarship@neweracollege.ac.bw

BANKING

Changing a century’s worth of heritage to look towards the future of the Absa Group In 2016, when Barclays PLC announced it was reducing its ownership of Barclays Africa GroupLimited to a minority shareholding, the opportunity arose for an organisational re-set, allowing the Bank to take control of its own destiny and look to a whole new future in Africa, says Marie Jamieson, Head of Marketing and Corporate Relations for ARO (Absa Regional Operations).

wo years later in 2018 we launched our new identityfor Absa Bank South Africa, and for the Absa Group overall. This marked the official start of a new era for us; an era characterised by even greater commitment to being an important part of the African growth story. Our separation from Barclays gave us the opportunity to roll out a whole new brand; one which reflects our uniquely African identity, and unites all our entities across the continent behind a single brand and purpose. Our rebranding was an extensive and consultative journey executed over the period of more than a year. We didn’t automatically start from a place that assumed we would simply roll out the Absa brand across all other countries in Africa. Instead we kept a very open mind. We undertook substantial research andhad more than 130,000 conversations with customers, share holders and other stakeholders in all our markets. We also spoke to more than 4,400colleagues across all our countries so that they actively played a role in the co-creation of our new brand. The result was that we elected to go with the Absa brand. But importantly it would be a refreshed, re energised, a totally new Absa brand. At the same time this journey allowed us to redefine what we stand for.

Our colleagues were also instrumental in defining our new organisational purpose ‘to bring possibility to life’; plus our new values. In the past these had been decided by a small group of people in a board room in London. Our new brand reflects our unique African identity. Our logo was inspired by rich insights from across our continent. While our primary colour is a passion red, our brand embraces a full spectrum of colours, all reflective of the African land and skies, as we go through the day into sunset. For our brand marketing campaign, we invented a new word, Africanacity. For us this epitomises the uniquely African ability to always find a way to get things done, no matter what. We see this trait everywhere across the continent. We love it. It inspires us to always find a way to help people get things done; to realise their goals and ambitions, whatever they might be. What was so fantastic, was to see how each of our countries embraced our new brand and all its distinctive assets; but also how each market translated it in their own way, injected their own local insights, unique voice and flair into it. So, yes definite consistency but so richly diverse and locally nuanced, which again is the epitome of our African continent. Importantly a brand change isn’t Strides Magazine

18 October 2020

just about marketing campaigns. This was about changing every single touchpoint that makes up the brand… our new branch design, our new ATMs, our new uniforms, our news cards, everything is fresh and modern. Every step of the way we were looking for innovation. For example our new cards are vertical, rather than the ageold horizonal format that was built for an era when a card was placed on a little gadget for a paper based imprint. Nowadays you insert your card vertically into a POS machine or an ATM, yet that old convention of horizontal format persists. Another way we broke with convention was by embracing our spectrum of vibrant colours across our card estate, infusing some fresh personality rather than the conventional expected metallics. But while we were all excited about what we were going to change into, one of the biggest marketing challenges we faced was how to transfer the equity from 100-years of the Barclays brand into this new Absa brand. Strategically,even before we officially changed our name, we leveraged the Absa Group brand to allow the Barclays’ countries to become familiar with the Absa name and identity. We started linking the two brands in all campaigns from the end of 2018. We launched a campaign

in every country, showcasing the credentials of the Absa Group but which signed off by saying ‘Proudly serving you as Barclays’. At the same time all our Barclays work carried an endorsement line ‘Part of the Absa family’. This way we were not only able to create awareness ahead of time, but also to reassure and instil confidence. We knew we also had to build emotional connection, and so one by one, we converted all our big sponsorship properties to Absa even before we had officially launched in each country. The English Premier League, the Magical Kenya Open, the Zambian Cup, the Maputo Marathon, to name a few, they all helped us connect with people’s passion points and build brand affinity ahead of launch. I’m often asked what were the main factors contributing to the successful implementation of our Brand and name change programme. The biggest positive was that we had a new brand that everyone was proud of and passionate about, The biggest challenge was managing the level of complexity. We had 220 projects across 10 countries, so military-precision planning was the order of the day. With so many opportunities for things to go awry, relentless tracking across every single component, in every single project, across every single country was key. But the real killer app was the Absa teamwork. We called it Absa Africa United. The desire to get things done, and done right, meant that everyone was not only invested, but totally passionate about their delivery. This meant that people were always quick to respond, agile in their solutioning and absolutely always prepared to go the extra mile. Without this we could never have delivered as seamlessly as we did. When the big launch day came we were ready. And we rolled out to customer support and market positivity that, three years before, we could only have dreamed of. We knew that this

was just the beginning. That we still had a long journey ahead of us but we had a meticulous plan, Then, what felt like two minutes later (it was actually a few weeks later), Covid 19 hit. As we all know, a brand lives in the now. It lives in the minds and hearts of people. It has to be agile, responsive and always relevant. In an environment where a roll of toilet paper suddenly costs more than a barrel of oil, where lives and livelihoods become a balancing act, the best laid plans fall by the wayside. Guided by our purpose, our one north star, we had to ask ourselves ‘what do people need us to be right now’? And then we had to adapt accordingly. Our role in society is more important than just selling products and services. When a brand behaves well, the numbers will follow. We immediately set about focussing our efforts on being part of the prevention messaging; to help spread the word and empower people to protect themselves, their families and our communities. And as hygiene becomes a new differentiator; we quickly re-engineered our branch protocol to include all relevant safety measures eg social distancing, regular cleaning, sanitising, masks, etc. And of course we have accelerated our digital agenda. It was always front and centre for us, but now it takes on even more importance because it’s not just for us, it’s for the safety of our societies. It also felt important to us to quickly and proactively offer payment relief to individuals and companies who were taking significant strain across the continent. Over and above this to make donations in every market to help local authorities in their broader health and humanitarian efforts. If all of this adds, in some small way, to the greater good in this period of peak uncertainty, then we are on the right path. If we can play a small part in relieving the angst, be it for the family trying to keep food on Strides Magazine

19 October 2020

the table, or the entrepreneur trying to cover his rental, or the large corporate trying to pay its staff, then our brand will be stronger for it.What a brand does is more important than what it says. But I think what has been most inspiring for me through this whole crisis, is to see how the spirit of Africanacity has shown up, as usual, all across our continent. From the medical fraternities in all countries keeping us safe, to the broader essential servicesdelivering to our essential needs, or the individuals across the continent making a business out of making masks, or the small business in Mozambique 3-D printing face shields, or the matatu drivers in Kenya with their sanitiser dispensers fixed to the door, or the bodaboda drivers in Uganda doing door-to-door food deliveries, the list is as endless as the inspiration it provides. So while none of us have any idea what the future holds post the pandemic, Africa’s Africanacity tells me that we will find a way to get through this. Our tenacity and creativity will prevail. And make us stronger. Hopefully this spirit inspires all of us across our continent, even across the globe. It’s certainly the spirit that inspires us as brand Absa.

Marie Jamieson, Head of Marketing and Corporate Relations for ARO (Absa Regional Operations).

41R HEALTH

41R

Harnessing the 4IR to Connect with the Future Consumers At a time when there is so much change in the world, we find ourselves amidst a perfect storm of technologies - the Fourth Industrial Revolution.

By: Ngwatshi Enyatseng Chairman, BIHL Trust

nnovation, technology and the 4IR have paved the way for transformative change and are changing our everyday lives. With the advent of this digital revolution comes the radical disruption of almost every sector including the Financial Services Industry (FSIs). Globally, FSIs have, in many ways, adopted and maximized its great potential for business continuity, growth and sustainability across various businesses; and the insurance sphere is not exempt. The advent of the 4IR has opened the door to the use of technology in financial services, merging finances with technological innovations to give us Fintech. As consumers become more tech savvy, businesses find themselves with an unremitting consumer need to reinvent their products and digitize their service offerings to meet the demands of the 4IR in order to retain relevance, profitability and financial inclusion for men, women and young people. For quite some time now, the Millennial generation have remained in the spotlight; but now arises the youngest generational demographic, Generation Z, who are currently now reaching tertiary age. With this in mind, an opportunity arises for financial services providers to pay attention to the new market that has

presented itself through Generation Z (Gen Z). FSIs need to cogitate Gen Z’s approach to personal finances and money behaviour which are all issues directly linked to their levels of financial literacy. This is a crucial step for financial services providers wishing to engage them now or later in life. According to a 2018 study by the National Financial Capability Study in the United States, only 16% of Millennials and Gen Z qualified as financially literate by answering basic financial questions which assess fundamental financial concepts. In Botswana, a smaller dipstick survey similarly assessing Gen Z and Millennial participants on their knowledge of basic financial concepts Strides Magazine

20 October 2020

was conducted. The study revealed that only 23% of the participants qualified as financially literate by answering the questions correctly. Evidenced by the aforementioned studies, low financial literacy is common among the younger generation, even for those who assess their financial knowledge as being very high. This can be due to a number of reasons including the parental or guardian’s background of financial knowledge; lack of exposure or interest; or even to the commonly debated issue that our educational system only focuses on STEM education (Science, Technology, Engineering and Mathematics) and does not prioritize financial education and money management skills.

However, in a world that revolves around money, there is an impertinent need to provide young people with a strong foundation of financial education and the necessary framework to establish their finances and money management skills. Moreover, with the recent shift of the financial services providers (FSPs) towards self-service of many financial services and products (e.g. mobile banking) the younger generation are faced with making more financial decisions in comparison to older generations. Therefore, there is a need to equip the next generation of consumers with the financial knowledge necessary to make good financial decisions. This brings to mind the question; how can we effectively bridge the gap between the younger generation and financial literacy? The use of technological tools is quite an effective means of connecting with the youth. A study conducted by Snapchat shows that the youth of today have the highest rate of time spent on their mobile devices with 64% of Generation Z (people born between 1995 and 2015) saying that they are constantly connected online, spending an average of 4 hours and 15 minutes on their

smartphones a day. 78% of them considered their mobiles to be the most important device to go online with and 57% of them admitting that they feel insecure without their mobile phones. It is one thing to offer knowledge and an entirely different thing to invoke interest in that knowledge for lack of interest dissuades the pursuit of knowledge in that area. In order to effectively inform and educate this audience, we need to be able to create interest and keep it. An approach that we as the Botswana Insurance Holdings Limited (BIHL) Trust recently undertook was launching Botswana’s first financial literacy gaming App in collaboration with local young developers the Power Circle Group. The mobile gaming App seeks to merge financial literacy with what is more commonly coined as “edutainment” for the younger generation. FSPs need to be cognizant of the fact that the younger demographic market is rapidly transitioning from a financially dependent role to independent decision-making roles in society and they are suddenly faced with new economic responsibilities that they may not be prepared for. So how are we as financial services providers Strides Magazine

21 October 2020

catering to the needs for this market? Financial institutions have a major role to play in providing financial education. Moreover, a number of organizations in the local financial services sphere have commendably provided a few solutions which address this current gap, but there is an unyielding need for more. When we equip the younger generations with financial literacy, we create the opportunity for long-term prosperity for the future of Botswana. In addition, as a developing country and emerging economy, financially sound and educated consumers help ensure that the financial services sector makes an effective contribution to real economic growth and poverty reduction. If we have hopes of addressing the aforementioned challenges, then the financial services industry alongside every sector needs to make great strides in embracing the 4IR to implement Fintech innovations that seek to focus and address the needs of the future consumers and leaders of our Nation. As organizations adapt and harness the true potential of technology, this will breed greater opportunities for business growth, sustainability and continuity for generations to come.

INDUSTRIALIZATION

Creating Botswana’s Next Value Frontiers By: PPC Cement

any economists have published detailed models about how steep a curve the movement from middle income status to high status is. The middleincome trap has left many cabinets and high-powered delegations of experts drawing economic formulas that have left nothing beyond growing body of theory and a few actionables that have delivered the much sought-after value. Emerging markets still remain emerging markets - a status quo long predicted to remain as such for many lifetimes. A few countries have broken away from the middle-income barriers since the establishment of the World Trade Organization (WTO). Our republic has been having the same debate for more than a generation whilst our economic diversification debate is still on full steam. As we confront a changing world and new realities, we have to answer difficult questions about where we are and where we are going? As a

predominantly import economy, how much value do we derive from this economic model versus in-country capacity building in manufacturing? How is the balance of trade between our exports and our imports? Which value frontiers remain untapped? What can give a genuine jump into a highincome economy? How do we get over the – ‘we are better than most adage and complacency?’ How can our natural endowments be the spring board of international competitiveness? What happens when basic goods run dry because exporters cannot even meet their own home demand? As a construction industry player, I dream of a belt of vast factories - strong primary industries that mushroom from our cities and towns from Ramokgwebana to Charles Hill and beyond - giving beam and life to our people. Skills are harnessed, transferred and shared with our people as we forge a winning coalition of elevating our country beyond what we are and where we are now. I remember the pride of our fathers when they came back from Strides Magazine

22 October 2020

mines back in the yester years, the mere pride of using their own hands and skills in productivity. They understood their contribution in the value chain. In Selibe Phikwe the ‘unending smoke’ from the BCL Mine represented life for the town and its people. A strong sense of nostalgia and a blend of emotions drew tears for many when for the first time in two generations the smoke failed to rise to the skies. The clear skies were symbolic of the new era a new time and a new reality - all minerals are finite. They are abundant today and they are depleted tomorrow. Nkosi Mwaba the former Botswana Export and Manufacturers Association Chairman (BEMA) and the current Chairman of Association Entrepreneurs Botswana (AEB) in a recent documentary commented on the pride of strong, local, vibrant manufacturing sector within our shores. “The global value chain can still be fully optimized for a strong manufacturing backbone in our country. We can support existing local manufactures to compete, increase their quality models

and have sufficient capacity to cater for our economy and export. I worked for Bolux, they mastered their raw materials, where they source them at competitive rates, created a strong human capital base and today they do not only supply Botswana they supply the region,” says Mwaba. Many global case studies support this. Germany was resilient in the 2008 global recession because of small enterprises that are a major contributor to the economy. The recession which changed the economic perking order in Europe acknowledged Germany is a supreme economy which was almost insulated when the global economy weaned in horror. The rise of nationalism is a wave that is sweeping across different nationstates globally. Exacerbated by the new reality of Covid-19 our regional trade is slowly creating a ‘one man for himself ’ atmosphere. One of the senior Executive Managers Teedzani Majaula at Botswana National Productivity Centre (BNPC) asked a question. “What happens when South Africa closes its borders to us? What happen when they switch off their power, fuel and food produce? We have to reach a burning platform which will drive and trigger action,” His assertions go beyond the normal free market economics argued by the ‘old school’ of markets and economics. The argument of raw materials, cost of production and natural endowments may be a to an extent hinderance towards stabilising critical tenets of our economy and day to day livelihoods for the long term. Israel is one of the largest exporters of produce with a climate similar to ours because of the huge numbers of scientists per capital in the country. What may have been dismissed as bear lands and desert terrains is at the centre of harvesting and exporting thousands of tonnes of produce per year. The new economic model should look into how much of the import bill should be diverted towards the growth of local manufacturers across different

industries. Where there is capacity there is no need for imports where there is a shortage there can be a balanced tradeoff which includes imports to mitigate shortages. Moatlholdi Sebabole argues that there has to be a balance between increasing local capacity and disturbing FDIs for the broader health of our GDP. “Any form of protectionism may trigger unwanted circumstances in attracting FDIs. There has to be a wellmanaged narrative in terms of how this is structured,” he argues. “Establishment of industries is built on assumptions, the access to raw materials at reasonable costs, labour markets that can deliver value, creation the entire value chain considers the profitability and the profitability growth. Going against this grain in hope of support may trigger unwanted circumstances. However, when the quality of products is good the Government can protect those good,” notes Majaule. For PPC Botswana, the burning platform has always been how the local manufacturer which used local fly ash from Morupule B for years before the arrangement changed can continue employing Batswana. The quarries in Kgale, Francistown and Mokolodi are part of a value chain which has strong downstream industry beneficiation. The plant at Gaborone West Industrial are a chemical process of cement production which has emboldened and empowered local applied chemistry experts, chemical engineering gurus amongst others. That entire value is lost when the emphasis is on imports at the expense of establishing a full operation. Materials used in blasting rocks, the people behind the science, the expertise and the blending process of cement drives the conversation about having globally competitive assets that can compete in any part of the globe as outlined by the vision of the National Human Resource Development Strategy. With over BWP120 million paid in taxes, imagine how big an impact the cement Strides Magazine

23 October 2020

industry can be if all players had set up shop in-country. A lot of good quality players have not seen enough of sunlight in many manufacturing industries, not because they cannot compete but because the products and services which were tailored for the market were overlooked for goods and services from far away. When FDIs come into Botswana they should have different strategic options of setting up not just greenfield where they start from scratch, they should have options of licensing, joint ventures and buying out local players. This will give a huge return to local players and their shareholders. Indonesia has introduced industry protection for the same reasons. The Motor industry in South Africa is protected against grey imports. In Zimbabwe the cost of importing attracts 100% duty for specific goods which are available incountry. Our philosophy of supporting local enterprise development, community building and CSI projects for SMMEs is our step of demonstrating that true value should include how players impact and influence SMMEs. We have been part of the community growth and development with our signature rising buildings across the country, a testament to our quality management process. For close to half a century our buildings still stand. Matsiloje, PPC and other local manufacturers have good products, the only thing left is for us to answer the question -what do we want to be. An import economy or a vibrant force of nature that is self-sustaining no matter what? We are at a crossroads, if sings of COVID-19 are anything to go buy, the future of our manufacturing sector is buying local and enhancing capacity of our home-brewed brands. The avenues for new value frontiers are available. The question is -are we bold enough to take the vital steps to make it happen?

LEADERSHIP

HOW TO LEAD THROUGH A CRISIS Dr. Wilbert R. Mutoko (PhD, FHEA) is a business doctor, financial wellness speaker, business strategist, researcher and senior lecturer at undergraduate and master’s degree level for business management and entrepreneurship & business leadership at the Botswana Accountancy College School of Business & Leisure. Dr. Wilbert is the author of four books entitled: 15 Secrets for Personal Financial Success – A Simple Step-by-Step Plan for Financial Freedom | 16 Mistakes Singles Make Volume One – A Guide to Successful Dating & Courtship that leads to Blissful Marriage | What you have is Enough How to become wildly successful in finance and business starting from where you are now. | The fourth book is a free pdf - | Financial Freedom – It’s your turn for financial success. You can get the free ebook by emailing or sending a WhatsApp message to the author. All the books are available at Exclusive Books (Riverwalk) and Bala Books (Rail Park Mall). Dr. Mutoko writes in his personal capacity. For feedback, you can contact him on email: wilbertmutoko@gmail. com. Or WhatsApp: +267 71 824 591.

Strides Magazine

26 October 2020

crisis, for that matter, to go; you would rather restrategize. Have a plan for the next two or three he true test of leadership is when you years. Remember that failure to plan is planning lead through a crisis. The Covid19 crisis to fail. is one of the worst seasons that the Refresh policies or put new policies in place world has ever come across. I do not think there Relook at your policies. Are all the policies still has ever been a time in history where the whole relevant, or some of them need to be refreshed to world shook because of a virus that did not select be relevant to this climate. For example, these days whether people and nations were wealthy or not. many employees are working from home. Does The Covid19 has shown no regard for skin colour, your organization have policies that stipulate what race, status, intelligence or whatsoever. That should happen as employees work from home? having been said, this is one of the toughest times Learn new presentation skills – online to be a leader, whether in the home, at a school, in Presentation skills are essential to every the corporate, in the community, and at national, leader. With the advent of the fourth industrial international, or global level. The world is faced revolution and Covid19, it becomes mandatory for with the severe impact of this pandemic. Thus, every leader to develop online presentation skills the question is, how can you and I lead in tough to avoid being overtaken by events. For example, times like these. Below I suggest ways in which as a leader, are you able to organize and handle a leaders can manoeuvre through these rough and meeting on Zoom, Google Meet, MS Teams, or tumultuous waters. other such platforms? Do not be left behind. Stop wishing that things go back to normal Communicate more often with your team Any leader who wishes There has never been a things would go back to better time for you to keep With the advent of normal should understand the fourth industrial constantly communicating that we are in the new normal. with your followers. revolution and It is not time to wish, but to These are extremely harsh plan to secure the future of Covid19, it becomes circumstances for everyone. generations to come. So, your team wishes to know mandatory for every Consult with your team your thoughts per time. leader to develop The 21st century is well Show that you care more online presentation known for consulting with than ever before his/her team before taking This is the most important skills to avoid being most steps. Thus, in a crisis, time for you to show your overtaken by events. consultation is a must if you team that you care. Otherwise, want to succeed together with you remain with physical the team. Gone are the days bodies of your followers while where the leader would keep surprising everyone their souls are roaming around the streets looking with unknown moves. for better homes. Have conversations – ask your Empower yourself through reading, team about their fears etc. Organize counselling studying, mentorship and using consultants services where necessary. Help to pay rent for Personal development is a must for leaders. somewhere necessary. When you stop growing, your leadership Support your people through the hard times capabilities stagnate. The same happens to your Some of your followers need more than organization. Therefore, it is apparent that as a just normal communication. They may need leader, you should spend time reading relevant psychological interventions. Keep an ear on the books, articles, and maximizing on mentorship. ground and make sure that you keep re-training All your followers are looking up to you, so you your followers to match the demands of this new better keep developing yourself daily. world. A confused team is an incompetent team. Re-strategize I wish you the best of every success as a leader. Instead of waiting for Covid19 crisis or any Together we will sail through this crisis.

By Dr. Wilbert R. Mutoko

Strides Magazine

27 October 2020

Disclaimer: The content of this article is for information purposes only and is done as a social responsibility. The author has taken all reasonable steps to ensure that the information within this article is correct and no liability is accepted for any loss arising from reliance on it. The names of people and organizations used in this article are fictitious and for illustrative purposes.

MINING

DE BEERS GROUP: Pandemic likely to influence consumer design preferences De Beers Group’s fourth Diamond Insight ‘Flash’ report looks at how the pandemic is likely to influence key jewellery design trends this gifting season

iamond jewellery design trends for the upcoming gifting season are expected to be influenced by how consumers are feeling in response to the events of this year and the impact of lockdowns, according to De Beers Group’s fourth Diamond Insight ‘Flash’ Report, published 23 September 2020. De Beers Group partnered with leading London-based fashion trends consultancy, Adorn Insight, to review De Beers Group’s consumer research data since the start of the pandemic and overlay with key fashion trends, in order to forecast the prevailing themes jewellers can expect to see for Fall/Winter 2020 and into the coming year. Three key trends were identified – craft’s new cool factor, natural beauties and invest in the best – which highlight that the pandemic is likely to influence consumer design preferences in three key areas: enhanced appreciation for craftsmanship and bespoke design, a greater desire for designs and materials that reference the natural world, and a Each of these trends is already being reflected in new collections from leading jewellery brands and can be expected to increase

Bruce Cleaver, CEO, De Beers Group.

in prevalence as we head into upcoming gifting season, according to the report. “As we head into what will be a crucial selling season for many diamond jewellery retailers, understanding key design trends during a time of profound change and uncertainty will be important. The pandemic has accelerated some trends that were already underway, such as the desire for craftsmanship, authenticity and sustainability, while also generating increased consumer interest in the enduring beauty of the natural world and in classic designs that will stand the test of time. Diamond jewellery retailers will no doubt be interested in considering how Strides Strides Magazine Magazine May- October June 2020 2020 28 28

these trends can feature in their upcoming collections, marketing and merchandising,” said Bruce Cleaver, CEO, De Beers Group. The report also includes the findings of De Beers Group’s latest consumer research study, completed in late August, which found that consumer confidence in the US was starting to recover compared with the previous month. In the latest research wave, 65 per cent of Americans said they were now more inclined to give a significant gift to someone they loved compared with how they felt pre-pandemic, and for those in a relationship this increased to 77 per cent. In addition, 55 per cent of consumers said they had gone out shopping or socializing in the past month for the first time since the pandemic began. There was also a significant increase in women saying they felt safe shopping for diamond jewellery in person and a decrease in those saying they felt safest shopping online. When it came to the most popular types of diamond jewellery that consumers would be willing to invest in, a diamond ring was the most popular choice at 36% of respondents, followed by a diamond pendant or necklace at 30% and then stud earrings at 22%.

Resumption of economic activity uplifts Minergy’s prospects after COVID-19 impact

inergy, the coal mining and trading company with the Masama Coal mine located in the Mmamabula Coalfield of Botswana, recently released results for the year ended 30 June 2020, which are described as unparalleled and which comprise two distinct parts. During the financial year substantial achievements and milestones were met, despite a significant part of the year being impacted by COVID-19. “Despite border restrictions between South Africa and Botswana (a minimum of 15 weeks), Minergy, in its first year of operations, we sold 198 000 tones for the financial year generating P81 million in revenue. The completion of stage two of the Coal Handling and Processing Plant (“CHPP”) is also imminent, bringing significant efficiencies, improved product distribution, cost savings, and stability in supply,” said Morné du Plessis, Chief Executive Officer of Minergy. What Minergy classifies as the first part of the financial year ( July 2019 to February 2020) it reached substantial milestones including: commissioning stage 1 of the CHPP, supported by mobile solutions, construction of the required mining infrastructure including water and power supplies, sufficient for targeted production , delivering on the first signed off-take agreement with a South African cement producer, moving

Morné du Plessis, Chief Executive Officer of Minergy

purchased saleable product into South Africa, Namibia and within Botswana, successfully and consistently, completing the rail siding including the readiness to transport coal, securing P150 million in debt funding and raising P35 million in equity and strengthening the executive management team. “At this stage Minergy was on track to complete the planned plant upgrades necessary to achieve nameplate production and efficiencies,” said Du Plessis. Du Plessis noted that from March 2020 onwards, the impact of COVID-19, border closures and travel restrictions of technical experts had adverse impact on Minergy’s operations Specifically, Minergy was affected by the Closure of target markets from the latter part of March 2020, Although Minergy was categorized as an essential service provider, 90% of its customer base in South Africa did not qualify for essential service provider status and Force Majeure was called by offtake customers.

Strides Strides Magazine Magazine May -October June 2020 2020 29 29

Despite border restrictions between South Africa and Botswana, Minergy, in its first year of operations, we sold 198 000 tones for the financial year generating P81 million in revenue.

-Du Plessis

PERSONAL FINANCE

Financial Tips during tough times The first thing is to not panic. It does not mean we shouldn’t put in measures to tackle the situation. As we take heed of health precautions, let us not forget financial measures. This is a moment of reflection. We should check our emergency funds and establish how much they have and how long they can sustain us. There are a few things to note that are within our control:

Tumelo Sejo Boitumelo

EMERGENCY FUND This is the time to boost our emergency fund, or the account we have set aside for unforeseen circumstances. The current situation definitely fits the description, therefore it is time to look into that area. Calculate the expenses for the next 3- 6 months, establish whether you will be able to meet basic expenses for the coming months looking at the fund. If you do not have the emergency fund it is fine, may this be a learning experience. It is vital to create a plan of how you are going to allocate the income to cover expenses. ADJUST YOUR BUDGET Formulate a budget, and it should comprise mostly of essential and high priority costs. Adjust your lifestyle and spending habits. The assumption is some costs will fall off due to the social distancing restrictions. The money spent on travelling for usual ceremonies such as weddings can be rechannelled for survival. Avoid unnecessary trips that are possible because of idle time.

For those who are landlords or have extra sources of income, be prepared for the possibility that the money will not come. The customers or tenants are employed in various industries, and some have started retrenching, paying half salary and sending people home. CUT DOWN EXPENSES This is the time to cut down on all unnecessary expenditure and leave cash for the next few months, in case the situation worsens. The Covid 19 developments are dynamic, and we have seen drastic developments in the financial markets as well as statistics of those infected by the virus. There is a hard knock across board including the economy as well. This compels all of us to prioritize our spending and focus mainly on our needs. Avoid an appetite for items you do not ordinary purchase or include in your monthly expenses. This maybe upgrading on television subscriptions to a more expensive package. Ask yourself if this is an important adjustment! Do not pay for it unless it is extremely important. AVOID PANIC BUYING

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30 October 2020

AND SELLING There is a great feeling of uncertainty and fear during this time. It is still important to make informed financial decisions that are not emotional but logical. Therefore do not: Sell investments out of fear, make sure it is a reasonable and not emotional decision. Contact the financial institutions where you have made investments, to seek for advice and update amidst the situation. There is however a great opportunity for investments especially in the real estate market. This is in the event you buy and hold. RECOVERY PLAN This too shall pass! Therefore : Use this time to create a comprehensive financial plan post the pandemic. Look into more ways of generating extra sources of income post recovery Learn more about various investments that interest you or best money management practices N.B: Do not stop working on formulating your plans, the sun will rise again.

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TOURISM

Ensuring Tourism Sector Profitability in the wake of COVID-19

By: Botswana Export and Manufacturers Association (BEMA)

he tourism industry has over the past decades been a key contributor to Botswanaâ&#x20AC;&#x2122;s overall Gross Domestic Product (GDP). However, having a sizeable GDP contribution comes with numerous challenges often arising in the wake of flagrant sector conditions as noted in the case of the COVID-19 outbreak. The outbreak and spread of the Corona Virus have led to a number of countries imposing travel restrictions into their respective nations, including Botswana. Such has been evident, as local hotels, lodges, game reserves and other tourism sites have recorded lower numbers this year compared to the previous years. Hence most of them had to down-size and even close momentarily, as a cost-reduction measure. Botswanaâ&#x20AC;&#x2122;s tourism sector is quite

unique and different from other sectors within the country; a large majority of tourists are internationals. This fact has sparked debates over the past years, as most believe that the pricing within the tourism industry is very high and very unfavorable for locals. We have noted many locals opting for cross-border tourism destinations over Botswana, despite having countless scenic sites within the country. As a recovery strategy, the government should consider regulating the tourism industry and shift towards a more domestic-oriented approach. The tourism sector has no choice but to be more inclusive for it to survive this pandemic era, it should have been the case in the past, but it had to take a pandemic to direct the sector on a more inclusive path. It is important to be lenient on the local market and establish convenient packages for them instead on having one standard for the entire sector. Botswana is still a developing country, dominated by a middle-class Strides Magazine

32 October 2020

demographic therefore, charging them the same price as internationals from far established countries, will render them spectators in their own economy. The whole strategy of inclusivity should not only be a short-term recovery approach. The sector needs to show commitment towards domestic inclusivity and have every major player within the sector commit to making sure that domestic participation is incorporated within their long-term objectives. Our SADC neighbors have strategies in place to ensure that their locals participate in the tourism sector, South Africa and Namibian major tourism players have made strides in this regard, as figures serve indicative of the high local participation. Adversities come in many forms, COVID-19 was a prime example, an awakening for the government to re-invent the sector, a long-term oriented approach is very sustainable for we cannot predict when the next adversity will strike.

Gaborone University College of Law & Professional Studies

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Articles inside

Financial Tips during tough times

THE TIME IS NOW TO KEEP YOUR BUSINESS ON TRACK

HOW TO LEAD THROUGH A CRISIS

THE TIME IS NOW TO KEEP YOUR BUSINESS ON TRACK