PEOPLE’S Savings and Credit Cooperative Society (People’s SACCOS) on Friday launched a mobile application to enable its members to buy and sell shares online.
The application was launched at a ceremony in Maseru.
Established in April 2017, People’s SACCOS is registered under the Cooperatives Act of 2000 as a financial cooperative. It seeks to ensure that every Mosotho has a stake by selling its shares from as little as M100 up to M50 000.
It has plans to convert into a bank and it aims to do this through among other things, the sale of shares to the public.
People’s SACCOS chairperson Tieho Mahlo said the new mobile application will also allow prospective members to join the cooperative by registering online and paying their administration fees and membership fees also online.
“Through the (mobile) application new members will be able to join and purchase shares that will enable them to be enrolled in the cooperative as we strive to become a cooperative bank by 2021,” Mr Mahlo said.
Mr Mahlo said that the application will also help their members to interact with each other and also buy and sell their products online.
He further said the application will enable members to pay their subscriptions and also check their balances.
He further added that the application will allow the members to register their companies for M480 per annum or M40 per month until 1 June 2018.
Mr Mahlo said the benefits of joining the cooperative include receiving a share of the dividends whenever there are profits and getting loans at affordable interest rates.
The application was created by Smart My Company and it can be accessed on Google Play Store and Apple Store.