We are thrilled to announce that one of our companies, Payless Supermarkets, has entered into a groundbreaking partnership with the Botswana Teachers Union (BTU) to launch the innovative Payless Grocery Coupon Scheme. This partnership is designed to ease the grocery purchasing process for teachers, allowing them to buy groceries on credit and pay back the amount 30 days later without any interest.
A Commitment to Our Educators
The scheme was officially launched in Gaborone, with the Minister of Finance, Ms. Peggy Serame, highlighting the importance of this initiative. During the launch, Ms. Serame emphasized the critical role that teachers play in our society, shaping the future of our nation. She noted that any initiative aimed at improving the lives of teachers is a welcome development.
How the Scheme Works
The Payless Grocery Coupon Scheme enables qualifying teachers to open a Payless account, which they can use to purchase groceries and pay for them after 30 days without incurring any interest. This initiative is particularly beneficial in the current economic climate, as it provides a much-needed financial cushion for teachers, allowing them to manage their expenses more effectively.
Economic Impact and Opportunities
Ms. Serame also pointed out the significant role that Payless has played in Botswana’s retail landscape. As one of the oldest supermarket brands in the country, Payless has been a key player in the retail and wholesale sector, which accounted for 11.5% of the Gross Domestic Product (GDP) in 2021. The sector has shown impressive growth, with an annual average rate of 7% over the decade leading to 2021, indicating numerous opportunities for further expansion and innovation.
Addressing Household Debt
While commending the initiative, Ms. Serame expressed concern over the rising debt burden among citizens. She mentioned that the December 2021 Household Indebtedness Survey showed an increase in bank loans to households from P48.7 billion in December 2020 to P51.1 billion in October 2021. Despite these concerns, she emphasized that credit remains a critical part of a modern economy, and initiatives like the Payless Grocery Coupon Scheme can play a vital role in supporting economic growth and development.
CEO’s Vision
I spoke about the inspiration behind the scheme and explained that the current economic climate and the ongoing recovery from the COVID-19 pandemic have reshaped consumer behavior, particularly in grocery purchasing. The scheme is designed to help government employees avoid cash loans for basic needs like food, thereby assisting them in managing their debts more effectively and ensuring a comfortable living.
Looking Ahead
The Payless Grocery Coupon Scheme is a testament to our commitment to supporting the community and driving economic growth. By partnering with the Botswana Teachers Union, we aim to provide essential financial relief to teachers, enabling them to focus on their crucial role in society. We look forward to seeing the positive impact this initiative will have on the lives of our educators and the broader community.
Thank you for your continued support.
Elliot Moshoke
Founder & CEO, Acute Global Limited
