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The Prime Minister, Dr Motsoahae Thomas Thabane officiated the opening of Lesotho Post Bank (LPB) Headquarters building at Mafike House building in Maseru on Friday evening.

Delivering his keynote address, Dr Thabane said it is gratifying to see that the bank that was established in 2005 when he was a Minister of Communications has grown over the years and introduced latest banking systems like the use of Automatic Teller Machines (ATMs) and now competing with other banks in the country.

Dr Thabane said the Post bank was established with the intention to reach out to the destitute Basotho families who wanted to save their little monies but could  hence commented the bank for keeping its mandate of ensuring that banking services are accessed by all people despite their status.

The Prime Minister said the bank continues to help among others; students at schools with sponsorships, small businesses and farmers with loans and commented that it will continue to ensure that Basotho receive banking services that are relevant to their needs and benefit from them.

He further challenged all government ministers to open bank accounts with the bank, saying their compliance would also help the bank to grow even better.

Also speaking was the Minister of Communications, Science and Technology, Chief Joang Molapo who said his ministry completely supports the bank and pledged the ministry’s continued support to the bank as they believe the Post bank management will continue to help it grow so to provide Basotho with excellent banking services.

Chairman of the Lesotho Post Bank Board of Directors, Mr. Rets’epile Elias said the bank which started offering its services to the people in 2005 is 100 percent government owned which means it belongs to the Basotho nation.

Mr. Elias also explained that the bank was established to offer banking services to the people in a more customer friendly manner which is different from other banks as it targets both the banked and under-banked population comprising of people like farmers, business people and ordinary Basotho.

He explained that through the continued government support, the bank in 2009 introduced the use of banking cards for its customers and also started to offer loans to them in 2010 which led to the bank’s profits increasing and stabilizing after 2014, noting that this move further attracted more support from the government.

Mr. Elias therefore appealed to the government to consider turning the bank into a development bank which he expressed hope that it would take the country’s economy to greater heights.

The bank’s Managing Director Mr. Molefi Leqhaoe said the bank has improved with 150 percent of new customers that have opened accounts with the bank ever since they moved from the old building at LNDC to the Mafike House.

He said as part of initiatives to improve and promote the bank, the bank will this year under a motto called “RE FETOLA MAOA” introduce several banking services likes; internet banking and mobile banking which he said will come handy to the customers as they will be able to access their monies wherever they are.

Mr. Leqhaoe also said bio-metric identification will also be introduced at the bank so as to help some of the bank’s clients that are illiterate to also benefit from the bank and further expressed that despite all successes the bank has achieved, there are still challenges faced with but said the bank’s management, its board of directors and stakeholders are working on them.

The event began with a historical background of one of the founders of the bank Mr. Ts’eliso Mafike who the bank’s building was named after by the government as a token of appreciation for his excellence in running the bank.

It was disclosed during the event that Mr. Mafike who passed on in 1990 left the bank with a whooping balance sheet of over M600 million whereas the bank had only started with M2 million from the government.

Present to grace the event included the Deputy Prime Minister, Mr. Monyane Moleleki, cabinet ministers, Members of the Diplomatic missions, Members of Parliament, Senior Government Officials and public servants.


Source: LENA 02/02/2018

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