IN a move that seeks to increase financial inclusion among the majority of the citizens of Lesotho as well as stimulate economic growth for informal markets, the Standard Lesotho Bank has introduced a brand new platform that allows people to make transactions with ease through the use of a mobile phone.
business
Feb. 11, 2022
NEO SENOKO
2 min read
UNAYO makes it easier
Standard Lesotho Bank Head of Digital Banking and Transformation, Bright Pita
Story highlights
Standard Lesotho Bank introduces a brand new platform used to grow businesses
UNAYO allows people to make transactions with ease through use of a mobile phone
Known as UNAYO (you have it), the bank says the new solution is a one stop platform that can be used as a vehicle for growing businesses, giving easier access to markets, making transacting more convenient as well as providing economic growth for the community and ultimately making individual and collective dreams real.
The bank estimates that it will facilitate up to 90 percent of Africa’s payments through UNAYO. In the first quarter of 2021, UNAYO had already processed over 60 000 payments.
“As the term implies, UNAYO is about giving people access to basic financial services without having to deal with the day to day pain points of having to make money, get money and send money,” said Standard Lesotho Bank Head of Digital Banking and Transformation, Bright Pita.
He said the platform was a solution that would change the landscape of payments in the country.
“UNAYO is a platform business that will facilitate the collection and acceptance of payments in Lesotho,” Mr Pita said.
“So we believe that this is a solution that is going to change the landscape of payments in the country. It is a platform where different participants will come and share and generate value for one another on the very same platform.
“We are moving banking away from the main walls of the banks as we traditionally know and moving it more to be a community based solution. So through UNAYO we are trying to say how do we connect the communities together and most importantly, if you think of communities you should also be thinking about ordinary Basotho from the districts in terms of how do they really manage in terms of payments and transactions.”
Mr Pita said UNAYO was the solution that worked across the whole Standard Bank Group and came with reduced transactional costs and shortened physical branch barriers.
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He said it further aimed to bridge the divide between under-served African communities that had always remained disenfranchised in regard to financial services inclusiveness.
UNAYO is already operating in Botswana, Malawi, Eswatini and now Lesotho with broader country developments to follow. With its multiple function model which boasts USSD, smart phone technology and App capabilities, Mr Pita said UNAYO held a unique position to unwrap a punctual economic transformation and revive local financial transactional activities.
“Transactions can be done from anywhere and anytime with smart phone or feature phone,” Mr Pita said.
Anyone in the country can be on-boarded onto the platform. Regulatory profiles that can be on-boarded on to the platform include citizens, expatriates as well as refuges.
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