After a stellar nine years in accounting at the Choppies Distribution Centre, Mpho Gaamangwe took a major career leap in April 2023 when he was appointed General Manager of MonyGlob.
With nine years in accounts and a further five years in operations, Gaamangwe is now in charge of 25 branches and serving both individuals and businesses. Owned 100 percent by Choppies, MonyGlob is a bureau de change licensed by Bank of Botswana, offering a broad range of solutions including money transfers, foreign currency exchange and mobile digital payments.
At the core of Monyglob’s offerings are international and domestic money transfer services, best forex rates in Botswana and the flagship digital product, Payzana mobile wallet which enables users across all networks to send and receive money domestically, pay bills and transact seamlessly across multiple channels, supporting Botswana’s transition toward a cashless economy.
We spoke to Gaamangwe about the company’s journey, its unique offerings, and the road ahead.
Kindly introduce yourself
I was born and raised in Selebi Phikwe though I originate from Serowe. I hold a Bachelors degree in Finance from University of Botswana as well as a Masters in Strategic Management from University of Derby through their partnership with Botswana Accountancy College.
What services does MonyGlob offer?
Monyglob is a leading bureau de change in Botswana with 25 branches in Botswana offering foreign currency exchanges for ZAR, USD, Pounds, Euro and Dirhams. We also enable our customers to send and receive money anywhere in the world within 10 seconds. We have a mobile wallet called Payzana that can send money domestically to any mobile number registered in Botswana for free. Yes, I said free!
Before joining MonyGlob, where were you professionally?
I worked in Choppies Distribution Centre as the Head of Financial services. I have also been the Finance Manager for Choppies before, basically spent over nine years in Choppies Accounts before making the switch from Accounting to Operations with Financial Services, a role I thoroughly enjoyed.
What makes MonyGlob different from its competitors?
Monyglob stands out from competitors in Botswana’s financial services space because of a combination of an extensive network through Choppies stores with 25 branches and strategy that encompasses multiple financial services rather than just one feature. Through the Payzana wallet, Monyglob advances financial inclusion by providing individuals and businesses particularly those underserved by traditional banking with access to digital financial tools. Payzana enables users to track spending, send money seamlessly across Botswana and reduce reliance on cash, promoting a more efficient and inclusive digital economy
Can you expand further on the services offered by Monyglob?
Foreign Currency Exchange – We exchange US Dollars, Great Britain Pounds, Euros, South African Rands and UAE Dirhams to Pula and vice versa. All this at no commission or charge and at the best rate imaginable. Basically, no hidden fees, what you see on our board rate is what you get at our till points.
Cross Border Remittances – We connect our customers with their loved ones everywhere in the world. Our customers can send money to any country in the world at the lowest cost and best rate. All our cross border remittances credit within seconds to bank accounts, mobile wallets and cash pickups. With the exception of North Korea, Iran and Myanmar, Monyglob can send money to any country all year round!
How do you manage to stay afloat during harsh economic times?
We have diversified our product offerings to ensure better income but the market has been tough with the current Israel & US attacks on Iran destabilizing exchange rates worldwide and affecting our margins. Our strategic approach to multiple financial products is key is sustaining us during these tough economic times.
What is the biggest operational challenge you’ve faced in your line of business?
Unpredictable exchange rates due to the current war. This affects both forex and cross border remittances. The unpredictable exchange rates mean customers shift to more stable investments like gold and do not buy foreign currency. More customers opt to sell foreign currencies to us as opposed to buying from us; we rely on a healthy balance between buying and selling of currencies.
How many people have you employed?
Monyglob currently employs 70 people in Botswana mostly young people. With branch network spreading to Kasane, Kazungula, Nata, Maun, Kanye, Palapye, Phikwe amongst others, Monyglob employs young people in rural areas also.
As a firm supporter of the #PushaBW initiative, how does MonyGlob encourage local retailers and consumers to use your services?
Local retailers that trade with other countries have access to special rates that make their stock cheaper. These are people who buy bales, beauty and hair products in South Africa and Zambia. Cross border travelers who are simply tourists, on a spiritual journey across the border this coming Easter holidays also enjoy discounted rates as we run promotions across all forex transactions. Payzana platform helps small local retailers keep track of their sales and help them manage their finances better as they are able to get a digital print of their inflows and outflows.
What training programs do you offer to your staff to maintain high standards of service?
We offer trainings as we are handling customers’ cash. This is critical as Monyglob staff needs to understand the risks associated with handling cash during modern era of money laundering and terrorism financing. We also conduct customer service training to ensure the best service for our customers.
How are you adapting to changing consumer preferences in Botswana, such as the demand for subsidized rates?
Batswana consumers are highly price-sensitive especially in the current economic climate where many households are under financial pressure and actively seeking low cost financial solutions. This is why our Payzana wallet offers free transactions to all customers. Transfer money from your wallet to another Payzana user at no cost. Forget the P6 charged within the mobile wallet space, at Payzana we understand that it is tough for everyone so we waived all charges for our customer, talk about being customer centric!
What steps is MonyGlob taking toward environmental sustainability?
Sign up to our wallet requires no paper work, download the Payzana app from your app store and fill in your details in your smart phone. The year is 2026, filling papers is so 19 robega! We need to conserve the environment and all those fumes emitted from printing registration forms badly impact the environment. In Monyglob, we are working on WhatsApp integration where our customers can register via WhatsApp directly into our database. I repeat, the year is 2026, let us preserve the environment for the future generation.
In five years, where do you see MonyGlob positioned in the local financial sector?
A dominant force in Botswana with presence in a couple of SADC countries. This is not a dream, this is a vision that we are working on achieving. We are also continuously adding into our product offering to become the one stop financial store.
Most companies in the finance sector locally don’t survive beyond five years, what is your secret of success?
Our longevity is not by accident, it is the result of discipline, adaptability and a clear strategic focus. We have built our business on a diversified model rather than relying on a single revenue stream. By offering multiple financial services such as remittances, foreign exchange and digital wallet solutions, we are able to remain resilient even when one segment faces pressure. Secondly, we prioritize strong distribution and accessibility with our 25 branch network nationwide. Our presence within 25 Choppies stores gives us consistent customer traffic and visibility which many standalone financial service providers struggle to achieve.
