PHUTHALICHABA Savings and Credit Corporative Society Ltd, a local credit cooperative has decided to put effort on creating more investment opportunities to increase revenue streams while at the same time moving towards aligning with good corporate governance in its second financial year in operation.
Oct. 22, 2021
2 min read
Phuthalichaba focuses on more revenue streams
Chief Executive Officer of Phuthalichaba Savings and Credit Corporative Society Ltd, Tebello Tjapela
- Society reaches greatest milestone in M1million savings
- Members to start receiving dividends within short period of time
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Dubbed “The Engine of Economic Growth”, Phuthalichaba was founded in 2019 and aims to contribute towards GDP growth through expansion of exports base and creating jobs among other things.
The society is under the incubation of the National University of Lesotho (NUL) innovation hub.
In its second financial year, Phuthalichaba has been able to reach one of the greatest milestones, reaching M1million in savings.
The Chief Executive Officer (CEO) of Phuthalichaba, Tebello Tjapela told Metro in an interview on Wednesday that the M1million achievement is commendable, adding however, that there is still more work to be done, particularly in line with good corporate governance and increased revenue streams.
“In the first year, the objective was to structure and build strong foundation and internal controls. And now that we have passed the first stage, the focus is going to be on trying to align with the guidelines of good corporate governance. As a financial institution, we highly believe in good corporate governance and we are going to make sure that we also achieve greatly in that regard going forward,” he said.
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Mr Tjapela added that the institution will further focus on creating more investment opportunities in order to increase revenue streams.
This, he said will pave way for members to start receiving dividends within a short period of time among other things.
“Currently we have three companies that we have established. They include the Phuthalichaba Investment Pty Ltd, the Phuthalichaba Financial Services as well as the Lebelo Pty Ltd. The latter, however is only 70 percent owned by us with the remaining 30 percent owned by a company called Syntax Pty Ltd. The other two companies are fully owned by Phuthalichaba,” the CEO further said.