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).