COMMUNICATION, Science and Technology minister, Thesele Maseribane, has emphasised the importance of digital technology and connectivity to the future of all economic sectors including banking.
Chief Maseribane said this during the recent launch of the Lesotho Post Bank’s digital channels in Maseru. The event was attended by principal secretaries in various government ministries, other government officials, Lesotho Postbank officials as well as the Chinese Ambassador to Lesotho, Sun Xianghua.
The new digital channels include internet banking facilities, mobile banking as well as merchant banking.
Chief Maseribane said his ministry had a “mandate to support key technology innovations in order to meet the United Nation’s goals on sustainable development (SDGs)”.
He said achieving the SDGs would be impossible without bringing people into the banking system. He added that digital technology and connectivity were fundamental to the future of every industry- from transportation to banking to retail and health care.
“It is against this backdrop that we expect this bank’s digital channels to have a strong positive impact in reduction of the overall costs of banking transactions.”
He said his ministry invested a lot of money to ensure that the success of the Postbank project, adding that the government expected Lesotho Postbank to deliver quality services through its digital channel project.
“By embarking on this project to establish the Lesotho Postbank digital banking channels, the government thus demonstrated its commitment to the provision of affordable banking platforms especially to the previously unbanked members of our community particularly in the rural parts of Lesotho.
“The Lesotho Postbank digital channels will go a long way towards complementing the e-government mobile payments initiative. We are further faced with the challenge of high unemployment of the youth especially the graduates and the ever decreasing pie that must be shared among an increasing number of government priorities.
“I can see a future where the success and commercial experience of the bank will lend support to young entrepreneurs to set up innovation projects and businesses in rural Lesotho who will take advantage of our e-government infrastructure and the digital channels platforms.”
For his part, Lesotho Postbank’s Managing Director, Molefi Leqhaoe, said the launch was a significant milestone in the growth of the bank.
He said they have become the second most profitable bank in the country since the bank’s establishment adding that in May last year the bank upgraded its core banking system without any major hassles.
“The digital banking channels will put the bank on the same or even better footing with other players in the market and the technology is user friendly,” Mr Leqhaoe said.