Rand Merchant Bank (RMB) Botswana is a division of First National Bank of Botswana Limited, an authorised financial services provider, registration number: BW00000790476.
RC 1031371 Copyright © FirstRand 2026. All rights reserved.
Rand Merchant Bank (RMB) Botswana is a division of First National Bank of Botswana Limited, an authorised financial services provider, registration number: BW00000790476.
RC 1031371 Copyright © FirstRand 2026. All rights reserved.
| Government securities | Non-government securities | |||
|---|---|---|---|---|
| Primary market | T-Bills | Bonds | Corporate | Other |
| Tenor/maturity | 182 days | 1 to 24 years | 1 to 14 years | 2 to 14 years |
| Auction frequency | Quarterly | Quarterly | Ad hoc | Ad hoc |
| Auction method | Dutch auction | Dutch auction | Ad hoc | Ad hoc |
| Auction participation | Primary dealers | Primary dealers | Private placement | Private placement |
| Bid size | Minimum bid BWP5m | Minimum bid BWP5m | Unlimited | Unlimited |
| Secondary market | ||||
|---|---|---|---|---|
| Turnover range | - | - | - | - |
| Liquidity | Low | Low | Low | Low |
| Bid/offer spread | 20bp | 20bp | 20bp | 20bp |
| Day-count convention | ACT/365 | ACT/365 | ACT/365 | ACT/365 |
| Settlement | T+3 | T+3 | T+3 | T+3 |
| Taxes | |||
|---|---|---|---|
| Corporate tax | Residents | Non-residents | |
| Corporate income tax rate | 22% | 30% | The corporate income tax for manufacturing and International Financial Services (IFSC) companies is 15%. |
| Capital gains tax rate | 22% | 30% | The effective capital gains tax on the sale of shares for both resident and non-resident companies are 16.5% and 22.5% respectively, but certain exemptions do apply. |
| Value-added tax | 12% | 12% | Training levies of 0.2% and 0.05% are applicable to turnovers of less than BWP2bn and more than BWP2bn respectively. |
| Withholding tax | |||
| Dividends | 8% | 8% | - |
| Interest | 10% | 15% | A 10% withholding tax is levied on interest paid to residents. |
Source: PwC, KPMG