Foreign bank branches are not allowed. Local incorporation is required for undertaking banking activities in Botswana. 
"3. AUTHORITY TO TRANSACT BANKING BUSINESS
(1) No person shall transact banking business in Botswana without a valid licence issued by the Central Bank.
[...]
4. REPRESENTATIVE OFFICE
(1) No foreign bank, shall, without the written authority of the Central Bank, establish a representative office in Botswana
(2) Subject to the provisions of sections 3 and 6, no representative office shall conduct any banking business in Botswana.[...]
(5) For the purposes of this section "representative office" in relation to a foreign bank means the office providing any financial or banking activities in Botswana on behalf of such foreign bank.
[...]
6. APPLICATION FOR BANKING LICENSE
(1) Every application for a license to transact banking business in Botswana shall be- [...]
(b) be accompanied by certified copies of the applicant's certificate of incorporation in Botswana, the applicant's memorandum and articles of association, and such other corporate documents, financial documents and data, in English, as the Central Bank may require.
[...]
8. CONDITIONS FOR ISSUING BANKING LICENSE
(1) No applicant shall be granted a license unless it is incorporated under the Companies Act and limited by share capital, and the Central Bank is satisfied that it is a fit and proper recipient of a banking licence, and complies with such requirements as may be prescribed.[...]" (BANKING ACT No.13 of 1995)
-----------------
"3. Applications for banking licences
(1) The following corporate documents and information shall be furnished in an application for a licence to transact banking business under the Act: [...]
(c) details of the shareholding of the applicant and prospects for local shareholding;[...]" (CHAPTER 46:04 - BANKING REGULATIONS, 1995)
-----------------
"2. TYPES OF FINANCIAL INSTITUTIONS TO BE LICENSED
2.1 In accordance with the Banking Regulations, 1995, the Bank can issue banking licenses in the different categories indicated below: [...]
(e) Representative Offices
2.10 A foreign bank may be granted permission to establish a representative office in Botswana. Such a licence shall normally only be granted to reputable international banking organisations headquartered in jurisdictionsrecognised by the Bank, and assessed to be compliant with international standards for effective supervision of banks. A representative office shall be prohibited from carrying out traditional financial intermediation business and its activities shall be restricted to the following:
(i) advertising, marketing and promotion business on behalf of the foreign parent bank; and
(ii) agency services aimed at facilitating business transactions between domestic entities and the foreign parent bank.
[...]
MINIMUM CRITERIA FOR AUTHORISATION AND OWNERSHIP OF FINANCIAL INSTITUTIONS
4.1 The Bank shall, in accordance with Regulation 3 of the Banking Regulations, 1995 and Section 6(1) of the Banking Act, prescribe documents and data, to be availed upon application for a banking licence. Section 8 of the Banking Act requires the Bank to determine minimum prudential requirements and to be fully satisfied with all information necessary in processing an application for a banking licence, as follows: [...]
(g) Local Shareholding and Incorporation
4.25 In accordance with Section 6(1)(b) of the Banking Act (CAP. 46:04), only an application from a company incorporated or intending to be incorporated under the Companies Act shall be considered.
4.26 A degree of local ownership in each financial institution shall be encouraged, hence consideration will be given to the applications providing for prospects for local participation as required under Regulation 3(1)(c) of the Banking Regulations, 1995.[...]" (THE LICENSING POLICY UNDER THE BANKING ACT (CAP. 46:04))
BANKING ACT No.13 of 1995
CHAPTER 46:04 - BANKING REGULATIONS, 1995
THE LICENSING POLICY UNDER THE BANKING ACT (CAP. 46:04)
[<a href="https://www.bankofbotswana.bw/sites/default/files/Banking-Act-4.pdf">Act</a>],[<a href="https://www.bankofbotswana.bw/sites/default/files/Banking-Act-Regulations_0.pdf">Reg</a>],[<a href="https://www.bankofbotswana.bw/sites/default/files/licensing-policy.pdf">Policy</a>]