BOFINET ANNUAL REPORT 2022- CEO Statement Summary

The BoFiNet 2022 annual report covers the second year of our UNLEASH 2025 strategy, which aims to position BoFiNet as Africa’s leader in digital transformation by enabling social-economic transformation through innovative ICT solutions. BoFiNet’s mandate is to provide world-class telecommunications core network infrastructure as guided by the National Broadband Strategy and Maitlamo National ICT Policy.

Financially, BoFiNet has been improving consistently over the past five years, with a 7% increase in total revenue to P469m in 2021/22. However, operational expenditure increased by 25% due to global economic pressures, a shortage of microchips, logistical challenges, and inflation, which adversely affected service delivery.

BoFiNet faces financial constraints as it continues to fund its capital expenditure from internally generated resources, and this type of financing has proved to be unsustainable in the long term. BoFiNet has identified the need for alternative external funding to undertake capital investment initiatives to deliver on the organisational strategy.

Market research indicates that business and household incomes were negatively affected by the COVID-19 pandemic and inflation, but there is high competition among key service providers in the local telecommunications sector. The Southern African personal computing devices market recorded a YoY growth of 44% in Q3 2021/22, mainly due to the adoption of education technologies to support online learning. With the uptake of high-speed broadband services expected to grow into the next financial year, BoFiNet has continued to roll out Fibre to the Home infrastructure in Gaborone and observed the main service providers upgrading their LTE networks and adopting 5G technology.

We have undertaken various initiatives to enhance our digital infrastructure, in alignment with the National Broadband Strategy, Maitlamo National ICT Policy, and National Development Plans. The company is constructing a data centre, offering free Wi-Fi hotspots, extending Fibre to Home and Business connections, and promoting?UPICtv. We are also in the process of digitalizing most of our business processes for better customer experience and productivity.

For the full statement visit; https://www.bofinet.co.bw/downloads/annual-reports