Botswana Savings Bank Limited (BSB) has placed its Chief Executive Officer, Nixon Marumoloa, on precautionary suspension effective 24 November 2025, the bank’s Board of Directors announced on Wednesday.
According to the bank, the suspension is procedural and linked to “certain alleged matters currently under review” as part of an ongoing internal process. The Board emphasised that the move does not amount to a finding of wrongdoing, and that Marumoloa “remains presumed innocent” until the investigation concludes.
To maintain operational continuity, the Board has appointed Wabo Moswate as Acting Chief Executive Officer. Moswate will oversee daily operations and drive the implementation of BSB’s strategic initiatives during the review period.
The state-owned bank moved to reassure customers, investors and partners that the institution remains stable. “The bank remains financially sound and continues to operate in the ordinary course of business,” the Board said, adding that no disruptions to services are expected. It further reiterated its commitment to strong governance, regulatory compliance and transparency.
Despite receiving a loan of P105 million in 2015 to facilitate the acquisition of a commercial banking license, Botswana Savings Bank has yet to acquire, or even apply for, the license.
According to Marumoloa in the bank's latest annual report, the timeline for the license application and BSB's subsequent transition to a commercial bank is still "unknown".