THE successful establishment of Phuthalichaba Savings and Credit Cooperative Society Limited should send a strong message to all Basotho that indeed unity is key if we are to realise growth in our social and entrepreneurial circles.
Sept. 8, 2022
2 min read
Phuthalichaba continues to soar to greater heights
Phuthalichaba Savings and Credit Cooperative Society Limited CEO, Tebello Tjapela
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Phuthalichaba is a legally registered entity and one of the fastest growing cooperatives which is set to change the status quo in Lesotho’s financial landscape.
One of its purposes is to facilitate savings for corporate funding while at the same time offering access to funding for start-ups through loans for members, among others. Currently the cooperative has more than 800 members.
All its transactions including borrowing and lending are done electronically through a bank.
The cooperative announced last week in its annual report for the year ended 31 July 2022 that its total revenue increased by 139 percent, with its expenditure also going up by 192 percent.
While many companies and organisations have failed in the past, mainly due to lack of trust and misunderstandings between members, the notable progress that has been made by Phuthalichaba largely deserves to be applauded.
It provides a clear picture that Basotho really have enough potential to achieve their goals and realise their dreams through working together. Phuthalichaba is a perfect indication that indeed unity is strength.
The only challenge facing Basotho is that most do not realise the importance of collaborations, particularly in starting new businesses that can sustain even during tough economic conditions. Basotho lack patience in this regard, but having witnessed what Phuthalichaba has done should go a long way towards motivating many young people to start believing in working together.
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If we can understand and believe in this concept, we can all make a lot of progress in life. Even issues of access to finance that have been onerous for the longest time can easily be addressed if we work together. As things stand now, some pretty good ideas end up in vain owing to lack of the willingness to collaborate.
Roughly three years after opening its doors for business, the society has been able to introduce the personal loan and purchase order loan, bought stock in Enrich Holdings Ltd, and invested in Stanlib among others.
These achievements on their own demonstrate the willingness and vision of the society to reach greater heights. If the society continues operating the way it does, there is no doubt that it will soon be a force to be reckoned with in the financial sector.