STANDARD Lesotho Bank Chief Executive Officer, Mpho Vumbukani, says they are committed to improving the welfare of government employees with a wide range of products and services at a very affordable rates that cannot be easily obtained anywhere else on the market.
Mr Vumbukani said this during the recent launch of the bank’s personal loan scheme for civil servants which included the signing of the memorandum of understanding (MOU) between the bank and the Ministry of Public Service.
He said the new deal for the civil servants built on their long-standing cooperation and collaboration with the government to ensure better quality of life for government workers.
“In June 2014, we signed a MoU with the government that enabled the civil servants to access home loans and vehicle finance,” Mr Vumbukani said, adding that, “today we have extended this relationship to unsecure personal loans in the retail and personal banking space.”
He said the latest initiative followed extensive consultations and negotiations between the bank and the Public Service ministry who expressed concern that civil servants were over-committed to micro loans that came with very high interest rates.
“Civil Servants will benefit immensely from the reduced interest rates and loans. We are grateful that the government has given us the opportunity to serve the public service and increase our footprint on the lending side of our business.”
Mr Vumbukani stated that they were committed to ensuring responsible banking and they stood ready to advise their clients on accessing good as opposed to the bad loans.
He also said they were prepared to give financial advice to civil servants who were on the verge of retirement.
Also speaking at the event, the head of Personal and Business Banking, Selloane Tsike, said that the Government Unsecured Personal Loan Scheme came with reduced premiums for loans protection cover.
She said they will give cashback on all premiums paid within 48 months.
“We are proud to announce that this cashback facility is new to the banking industry in Lesotho and it demonstrates our resolve to remain the leading innovative bank for Basotho,’ Ms Tsike said.
For his part, the Minister of Public Service, Joang Molapo, said his ministry had a mandate to ensure the welfare of the public servants.
He expressed gratitude to Standard Lesotho Bank for giving civil servants affordable loans and services that would improve the quality of their lives.
He urged other banks to follow Standard Lesotho Bank’s example by offering similar facilities to Basotho.