Ntsebeng Motsoeli
THE Lesotho Post Bank has offered financial training for members of the Lesotho Defence Force (LDF) to capacitate them to make sound financial decisions.
General Manager of the bank, Molefi Leqhaoe, said this at an event where the bank donated office furniture for the LDF Members Welfare scheme at the Makoanyane Barracks on Friday.
The furniture includes desks, chairs and an office printer.
The offer for financial training follows the LDF’s decision that the bank will manage the finances of members and the LDF Members Welfare Scheme.
Mr Leqhaoe said lack of financial literary has been the source of bad financial decisions.
“Financial literacy is one of the biggest challenges in Lesotho,” Mr Leqhaoe said.
“We are pledging financial literacy to members of the army. By doing so, we will all grow financially. We (Lesotho Post Bank) have had our fair share of challenges but all those are in the past. We are now a sustainable bank. We were listed the second most profitable bank in Lesotho in 2017.”
Mr Leqhaoe said the bank would provide affordable credit to LDF members adding that the credit return rates charged by local banks were too high. He added that this has contributed to many people resorting to money laundering schemes.
“We will try all means possible to give affordable credit to Basotho. We are developing a banking product which will give our clients affordable credit,” he said.
He added that financial inclusion was still one of the challenges in Lesotho where at least 38 percent Basotho do not have access to financial assistance from financial institutions.
“We have managed to stop the privatisation of our bank. Rather, the shares should be sold to Basotho. You (LDF Members Welfare Scheme) are also invited to buy the shares so that you can have an input in the bank’s operations.
“I will ensure that this (the selling of shares) happens as long as I manage the bank. You will be invited to our AGM where we will give all the information that you need,” Mr Leqhaoe said.
In his 2018/2019 budget speech, Finance Minister Moeketsi Majoro, said that government would finalise a plan to recapitalise the Lesotho Post Bank by allowing Basotho to buy shares that were initially held by the government.
Speaking at the same event, Major General Matela Matobakele pledged that the LDF would support the bank by encouraging its members to choose Lesotho Post Bank as their banker.
Maj Gen Matobakele also said that the army was ready to offer intelligence assistance from trained members to contribute to the growth of the bank.
“Lesotho’s economic growth is dependent on Basotho. Soldiers should not be excluded. There are people who categorically think that soldiers are not part of the public. We have well trained soldiers who can make a significant input in growing you bank,” Maj Gen Matobakele he said.
The LDF Members Welfare Scheme chairperson, Brigadier Khomo Mohobo, said since its inception in 2015, the scheme has already liberated some of its members from debt bondage with other financial institutions.
“People lack financial literacy and many of us are living beyond our means. This scheme has already freed some of its members from debts owed to different financial institutions,” Brigadier Mohobo said.