BOFiNET delivered a P12 million profit after tax for the year ended 31 March 2024, a reversal from the P7 million loss recorded the previous year.
Total revenue grew marginally by 1% to P485 million, while operating profit nearly doubled, buoyed by strict cost containment measures and new project rollouts.
The company credited the turnaround to resilience in a tough market marked by falling data prices, delayed payments by customers, and intensifying competition from retail operators and new entrants such as Starlink. “Despite the pressure, BoFiNet has proven its value as a strategic partner to the government in delivering universal, affordable broadband,” it said on its 2023/24 annual report.
BoFiNet’s infrastructure now spans over 13,000km of fibre, more than double the 6,000km inherited from BTC in 2013. The company is also securing international resilience through its investments in EASSy and WACS submarine cables and new capacity on Google’s Equiano cable. These moves safeguard Botswana’s global connectivity and reduce risks of international outage.
The 2023/24 financial year also saw BoFiNet complete Phase 1 of the SmartBots Village Connectivity Project, delivering 1,138 free Wi-Fi hotspots across schools, healthcare facilities and dikgotla. Additional backbone and local access projects in Sebina–Tutume, Takatokwane–Morwamosu, Oodi–Machaneng, Orapa, Molepolole, Mahalapye, Kanye and Tlokweng connected dozens of villages, hundreds of customers and created over 500 jobs while injecting P165 million into citizen-owned companies
One of BoFiNet’s flagship initiatives, the Digital Delta Data Centre, became operational in November 2024 and is undergoing Tier Certification by the Uptime Institute. Once launched later this year, it will mark Botswana’s first carrier-neutral data centre, positioning the country as a regional ICT hub.
To balance affordability with financial sustainability, BoFiNet introduced ISP capacity upgrades effective September 2025, reducing per-unit costs by 19.5%. The savings are expected to trickle down to consumers, making internet services more affordable while ensuring ISPs can scale capacity sustainably.
In addition, BoFiNet partnered with KPMG to launch an anonymous ethics hotline in August 2024, strengthening corporate governance and reinforcing its zero-tolerance stance on fraud and corruption
At BoFiNet’s 11th AGM earlier this month, Minister of Communications, Knowledge and Technology David Tshere hailed the company as “an enabler of the government’s true north – to digitise government and ensure universal digital connectivity.” He urged BoFiNet’s board to fast-track the appointment of a substantive CEO and to focus on monetising its vast fibre network
BoFiNet enters the final year of its UNLEASH 2025 strategy, which targets P600 million in revenue, an 80% cost-to-income ratio, and 95% broadband penetration by 2025.
“BoFiNet is not just a wholesaler, but a connector of communities. We are the gateway for Botswana’s knowledge-based economy to grow and thrive,” the company said.