The Lesotho Postbank has signed a memorandum of understanding with the World Savings Banks Institute (WSBI), which facilitates the transformation of the bank into a fully fledged banking entity.
This was done at the 16th African Regional Group Meeting attended by delegates representing savings banks from 30 African countries that are members of the WBSI.
The Managing Director of WBSI, Chris De Noose, said the organization has, throughout its 85 years of existence served as a vehicle for cooperation among its members, and for the promotion of proximity banking through the savings bank model.
”WBSI seeks to enhance access to financial services in an effort to achieve socio-economic development in Africa and the rest of the world,” he said.
According to him, the role of African savings banks is critical in encouraging a habit of savings among people and offering mass-market adapted banking services and products.
Speaking at the occasion, the Chief Executive Officer for Lesotho Postbank, Mpho Vumbokani, commended the WBSI for the technical and financial support that will enable his bank to achieve its objective of enlarging the customer base in the country.
”From April, experts from Kenya post bank will be helping with consultancy, while by October, the bank is expected to be in a position to provide more services including electronic transactions with the use of smart cards.
On behalf of the government, the Assistant Minister of Trade and Industry, Cooperatives and Marketing, Khotso Matla said in Africa, post Offices are all over urban and rural areas enabling post banks to reach more people thus enhancing the desired financial inclusion.
”The Lesotho government is grateful for the financial and technical assistance accorded the Lesotho Postbank under the WBSI/Gate Foundation Programme whose aim is to double the number of savings accounts to the poor,” he said.
Lesotho Postbank started operating in 2005, dealing with savings deposits on a restricted banking license. The restriction license was however lifted last year by the Lesotho Central bank, awarding the bank a full banking license. The move paved the way for the transformation currently taking place.
Source African Press Agency
African News from NetNewsPublisher.com
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