IN yet another groundbreaking development, Standard Lesotho Bank has introduced instant loans for Small and Medium Enterprises.
business
May 7, 2021
NEO SENOKO
2 min read
Standard Bank introduces instant loans for SMMEs
Standard Lesotho Bank head office in Maseru
The facility, which is part of the bank’s digital lending offering, is a value added service that allows business customers, especially small and medium enterprises to access quick and hassle-free instant loans with no queues and minimal paperwork.
This new offering, the bank said is an addition to digital lending that was introduced last year for personal clients.
“As a leading bank, we are proud that we now have a quick and easy solution that provides SMMEs the much needed loans that will surely help them to serve their clients better, grow and be more profitable. This not only helps their individual businesses, but the economy of Lesotho as a whole,” Standard Lesotho Bank Head of Personal and Business Banking, Selloane Tsike said in a statement released on Wednesday.
She added that customers should maintain good account conduct by honouring their loan obligations and other financial commitments at all times so that they can benefit from these fast and convenient loans.
“The solution has no human intervention but is highly automated. The system only takes into consideration account history and conduct and should an entrepreneur have a negative account status with regards to their obligations, they will not qualify,” Ms Tsike emphasised.
In order to qualify, business customers need to demonstrate a clean account conduct. Customers also have to maintain a clean credit record with up to date tax clearance and valid trader’s license. Qualifying businesses will receive SMS messages from the bank, then call Enterprise Direct Toll free line to access the funds instantly, upon confirmation of the One Time Pin (OTP).
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The instant loans offer is a response to the longstanding challenge on access to finance and the time it takes for manual loan applications to be approved, especially for Small and Medium Enterprises. With digital loans being processed within a day, the new solution also demonstrates and reaffirms the bank’s commitment to providing cutting edge solutions for Basotho businesses, so that they have more time to invest on growing their businesses than spending it in the banking halls.
The solution also responds to the challenge of many business owners, who are predominantly sole proprietors when requiring lending to finance their working capital needs, where they will now be able to access instant loans without collateral and financial statements.
Digital loans offered by Standard Lesotho Bank are the first of their kind in Lesotho. They are a testament to the bank’s strategy towards digitisation and customer centricity, delivering fit for purpose solutions that meet and exceed client’s expectations.
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