MASERU - Lesotho Post Bank, the indigenous bank wholly owned by the government of Lesotho, has taken a giant leap into digital banking with a launch on May 24 of Internet banking, mobile banking and merchant banking. “Last year in May, the bank upgraded its core banking system and switched from the old version smoothly without any major hassles and the bank continues to build its success through introduction of new digital channels as a result of that successful system upgrade,” explained the Managing Director, Mr. Molefi Leqhaoe.
business
May 30, 2018
‘MAPALO NKHELOANE
3 min read
Post Bank takes giant leap forward
LPB Managing Director Molefi Leqhaoe
According to Mr. Leqhaoe, the Merchant will house Lesotho Post Bank point of sales device (swiping machine) for customers to make card payments. The channels will ascertain that the bank lives up to its motto of being accessible and offering affordable products at the convenient places for customers anytime. He explained: “The channels are going to serve the existing diverse customers faster and better, increase services that Lesotho Post Bank offers such as payment of utilities, payment of bills, airtime top up and others and complement the existing channels; thus, branches, agency at Maseru Post Office, Executive lounge at Maseru Headquarters and ATMs.
Enjoy our daily newsletter from today
Access exclusive newsletters, along with previews of new media releases.
“The mobile banking will be accessible through downloading the App on Google play store, Microsoft store, Apple store for smartphones and USSD for featureless phones. Internet banking will be accessed through the link on the bank’s website: www.lpb.co.ls and customers will have the option to register for Internet and mobile banking. “For smooth service, customers are advised to register their preferred mobile numbers at their nearest branches or through the bank’s call centre. The bank also plans to launch its own Mobile Wallet that will be opened for everybody that has a mobile phone.”
Mr. Leqhaoe said the Post Bank started to generate profits in 2014 and kept that upward trend to date and the 2017 performance was outstanding and placed the bank in at least second position in the domestic industry. He said it proves that all resources were utilised efficiently and effectively towards positioning the Lesotho Post Bank to continue to deliver its mandate in a sustainable manner.
The Minister of Communications, Science and Technology, Chief Thesele ‘Maseribane said the launch of the three digital channels marked a significant milestone in the history of the banking sector. “I wish to congratulate the board and management of the bank for these remarkable milestones, not forgetting the successful upgrade of the core banking systems,” he said. Chief ’Maseribane expressed satisfaction that after the government, through the Ministry of Communications, Science and Technology, invested a lot of money to ensure that the Post Bank project is delivered, it has indeed been delivered below budget and on time.
The Lesotho Post Bank (LPB) prides itself on being an indigenous bank that is wholly managed by Basotho. It was founded to provide banking services to under-banked and unbanked Basotho in both rural and urban areas. Licensed by the Central Bank of Lesotho, the LPB was incorporated in 2004 and started its operations in 2005, offering savings and deposit taking services. In 2010, it diversified into lending and in 2012 introduced electronic transacting services. To date, the Post Bank has rolled out 14 branches and ATMs in Maseru, Maputsoe, Hlotse, Qacha's Nek, Quthing, Mafeteng and Thaba-Tseka..
In 2017, LPB took a giant leap in fulfilling its mission to provide modern banking services for its customers at affordable pricing by upgrading its Core Banking System. The upgrade commenced in September 2016 and was launched in May 2017. The Bank is currently processing all its banking transactions and services from the upgraded (new) system. The benefits of the new system include new and improved products which are customizable to meet individual customer needs; SMS notifications; security features to give the customer peace of mind.
