Lesotho remains important market: MMI
THE Money Management International (MMI) has commended Metropolitan Lesotho for the big returns it has recorded over the years, saying this reflected a solid and sustainable business.
This was said by Jason Nandango, who spoke on behalf of MMI shareholders during Metropolitan’s recent 50th Anniversary Gala Dinner celebration at Manthabiseng Convention Centre in Maseru.
Metropolitan Lesotho is a wholly owned subsidiary of MMI, a company registered on the South Africa Stock Exchange.
Mr Nandago said shareholders were impressed with the milestones achieved by Metropolitan Lesotho and wished to continue strengthening the partnership.
“Although MMI is exiting some markets, Lesotho is an important market where we would like to continue operating. We are here to stay and would like to continue with our commitment towards bringing services closer to Basotho,” Mr Nandango said.
He thanked the government for putting in place business friendly regulations that have enable the organisation to deal with some commercial -related challenges.
For his part, Metropolitan Lesotho Managing Director, Nkau Matete, said the insurance company had positively impacted many lives in the country through its services, including jobs creation. Through team work, he said the company managed to overcome many obstacles while propelling its services to greater heights.
“We have employed over 353 people and have over the years, ensured the financial wellbeing of Basotho through investment risk management, retirement schemes and health solutions designed to suit various needs. Metropolitan has also contributed in different development activities such as sponsoring music competitions and sports,” Mr Matete said.
Metropolitan first opened its doors in Lesotho in 1967 as a South African branch of the Free State Province. In 2003 Metropolitan Lesotho Ltd was incorporated as a Lesotho registered company and transferred to its local entity. In the early years, the company provided individual life business and group schemes before it gradually expanded the scope of its services to include employee benefits. Today, the employee benefits account for approximately 25 percent of total premium income.
Metropolitan Lesotho has branches in eight districts while dedicated regional sales agents operate in all the 10 districts.
“For 50 years Basotho have embraced us and made us a part of their lives. We thank everyone who contributed to what Metropolitan has become today and promise that we will remain committed for many years to come,” Mr Matete said.
To show their appreciation to group scheme members who have walked a long journey with Metropolitan Lesotho, the insurance company gave away M1, 3 million to an association representing some teachers in the country; and M1 million each to associations affiliated to the Lesotho Mounted Police; the Lesotho Defense Force; and the National University of Lesotho.