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Econet welcomes new financial laws

 

Rethabile Pitso

Econet Telecom Lesotho (ETL) Chief Executive Officer Nico Heyns has welcomed new financial regulations recently announced by the Central Bank of Lesotho (CBL), which seek to combat money-laundering and ensure economic growth, among other objectives.

Mr Heyns on Thursday told the Sunday Express that financial institutions with money transfer agencies should cooperate with the CBL to ensure large transactions are monitored.

Mr Heyns further said to curb fraud and corruption, there was dire need for these institutions to adhere to the Financial Institutions (Money Transfer) Regulations of 2014.

“At Econet, we have run our Eco-cash money transfer programme with a M15 000 limit per person per month. We closely monitor larger amounts or transfers that are not visibly accredited in order to avoid money-laundering scams,” he said.

My Heyns further said Econet, in its Eco-cash and Eco-sure initiatives, would continue to address challenges facing the public by providing easier means of transferring money safely and faster.

“Eco-cash has afforded banking services to those who otherwise did not meet the requirements of most banks to open accounts and significantly lessened the distress of people spending unnecessary time in long queues.

“Even more convenient is our Eco-sure insurance package which pays out a claim within 48 hours maximum,” he said.

The Eco-cash brand has been operational in many African countries such as the Democratic Republic of Congo (DRC), Burundi, Zimbabwe and Central African Republic (CAR), and Mr Heyns it was performing equally successful in Lesotho.

The new CBL regulations revealed by Governor Retselisitsoe Matlanyane last month were enacted with the aim of ensuring the country achieves the anticipated economic growth through properly administered financial and insurance institutions.

The new laws enacted are Insurance Act of 2014, Payments Systems Act of 2014, Financial Institutions ( Money Transfer) Regulations of 2014, Financial Institutions (Credit Only and Deposit-taking Micro-Finance Institutions) Regulations of 2014 and Financial Institutions (Foreign Exchange Bureau) Regulations of 2014.

 

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