In August, Frankfurt School of Finance & Management held a round table together with the Department of Economics of the University of Botswana, and the Botswana Institute of Bankers, in Gaborone. The attendees discussed how to increase the knowledge and competences of domestic bank staff.
Fatma Dirkes, Head of International Advisory Services, and Willemien Libois, Senjor Project Manager, both working for Frankfurt School, presented the development of the business school over the last decades from a professional training academy to a university to show how the institution had to adapt to the changes in the banking industry by transforming itself. The participants agreed that in Botswana the industry has changed as well. In the past years, new bank staff started to work directly after highschool and was trained on the job. Today, nearly all new entrants have university degrees but no banking or management experience. However, in many cases the graduates cannot apply what they have learned at university when they start to work. Hence, Professor Dr Onkutlwile Othata, Dean of the Faculty of Business at the University of Botswana, and Jaco Viljoen, Chairman of Botswana Institute of Bankers, see a big need for changes.
With signing a Memorandum of Understanding between Frankfurt School, the University of Botswana and the Botswana Institute of Bankers, a working group was established. Together they decided to launch a new “Banking and Finance Academy” in 2018 that will guarantee high quality and relevant education standards.
The University of Botswana was established in July 1982. The University is closely involved in the national development process of Botswana. In this regard the function of the University is to improve the academic quality as well as to expand the quantity of the human resources needed for the economic development of the country. The University includes eight faculties: Business, Education, Engineering and Technology, Humanities, Sciences, Social Sciences, Health Sciences, Medicine and a School of Graduate Studies.
The mandate of the Botswana Institute of Bankers is to facilitate and promote the banking profession by providing professional banking education and skills development to the local financial industry.