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Opening Capital Markets to all Batswana
Admin（https://weekendpost.co.bw/author/weekendpostadmin/） 4 days ago 896 9 min
Over the past decade at the Botswana Stock Exchange, Thapelo Tebogo Moribame has helped transform the institution from an exclusive preserve for corporate elites into a more accessible platform for national wealth creation.
When Moribame joined the Botswana Stock Exchange (BSE) as Head of Market Development in August 2016, she brought with her a strong academic foundation in economics. She holds a Master of Commerce in Economics from Stellenbosch University and completed international trade training in Tokyo, giving her a firm understanding of how global economies function. Her career since then has turned that academic knowledge into a deep commitment to financial inclusion.
Her early experience at the Local Enterprise Authority (LEA) introduced her to the realities of market competition and business development. There, she saw first-hand the challenges facing small and medium-sized enterprises (SMEs), including limited access to capital, weak corporate governance, and a lack of market knowledge and resources.
Later, as Marketing Manager at Air Botswana, she developed a sharper commercial perspective and learned to operate in a demanding, competitive environment. Together, these experiences shaped her central conviction: capital markets should drive broad economic participation, not serve as isolated institutions for a select few.
Her work has earned international recognition. In 2025, the World Federation of Exchanges named Moribame one of its Top 20 Women Leaders globally, honouring her efforts to broaden access to capital. For Moribame, the accolade represents a collective achievement for her team and a meaningful sign of progress within Botswana’s financial sector.
A central ambition of the BSE’s 10X by 2030 strategy is to position Gaborone as Africa’s leading capital-raising hub. To help achieve this goal, Moribame has focused on changing how local businesses view the stock exchange. For mature, privately owned companies, she presents listing as a compelling alternative to traditional bank financing.
Listing, she explains, offers much more than an immediate injection of capital. It can provide an objective market valuation that reflects a company’s true worth, increase shareholder liquidity, support transparent family succession planning, and strengthen corporate credibility through rigorous disclosure requirements.
The BSE has also introduced a progressive, multi-tiered listing structure to make the journey more manageable. Rather than requiring companies to meet the demands of the Main Board immediately, the exchange gives them opportunities to grow through a series of stages.
“Companies can begin their journey on the Serala Over-the-Counter (OTC) Board, which functions as an institutional incubator,” Moribame said. “From there, growing enterprises can advance to the Tshipidi SME Board, transition to the Venture Capital Board, and eventually qualify for the Main Board.”
The Tshipidi Mentorship Programme forms the foundation of this enterprise pipeline.