Sept. 4, 2021


2 min read

Standard Bank provides free financial guidance

Standard Bank provides free financial guidance

Standard Lesotho Bank's Communication and Public Relations Manager, Manyathela Kheleli

Story highlights

  • The bank also offers rehabilitation services
  • Uses credit bureau services to establish clients’ credit worthiness

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IN a bid to ensure customer financial discipline, Standard Lesotho Bank provides free financial education to its clients in order to appreciate the fundamentals of good management of personal finance, the bank’s Communication and Public Relations Manager, Manyathela Kheleli says.

The bank, he said usually encourages employers to contact it in order to provide the service for free and in some instances, it also offers rehabilitation services when dealing with clients with huge debts.

Mr Kheleli said the bank has a loan engine, driven by a highly sophisticated system that uses behavioural scoring to determine who gets instant offers for loans.
“This means it is not humans who decide to give loans, but, the computer based on the conduct of the client when using their accounts. If clients do not default on their loans, make provisions to cover their debt, orders, stop orders and keep good conduct, the system gives them high score and are able to get instant loans on regular basis,” he said.

This shows, he noted that discipline is important, adding that clients who do not have a good financial discipline are not able to get instant loan benefit.
He said not all customers are honest, however, they have a robust system and staff that deal with recoveries.

“To minimise risk, we use the credit bureau services to ascertain the credit behaviour of our customers and do not give credit to customers with a bad credit record,” he said.

He said the bank practices responsible lending as the Central Bank of Lesotho (CBL) mandates that they provide loans that are manageable and not render people indebted.
“There are thresholds determined by calculation of installments which determine how much can be given out in loans, as well as basing themselves on the total financial obligations of customers including other loans they have elsewhere to determine their repayment ability,” he noted.


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The bank has among other increased its credit risk appetite to offer more loan amounts to demonstrate its commitment to partner with Basotho in order to help grow the economy.
Mr Kheleli has appealed to Basotho to be more prudent on how they manage their finances during these difficult times, advising them to save and invest even little amounts for rainy days. LeNA

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