Leemisa Thuseho 

BANKING giant, Nedbank Lesotho, has officially launched a new cross-border remittance service dubbed Nedbank Zaca International Transfer. 

The glamorous launch was held at Victory Hall in Maseru this past week. 

This mobile money solution facilitates money transfers from South Africa to Lesotho, making the remittance process easy and accessible to users, with or without a bank account. 

Speaking at the launch, Nedbank Managing Director, Nkau Matete, said the solution aims to bridge the financial access gap between Lesotho and South Africa. He emphasized the importance of access to financial services for the sustenance and growth of any economy, stating that part of Nedbank’s mandate is to ensure financial services are democratised with options suited to different demographics. 

“Part of our mandate is to ensure that financial services are democratised by providing options suited to different demographics. This is the key anchor on which some of our services, such as the Nedbank MobiMoney, are based,” Mr Matete said. 

With the new product, he said their Nedbank MobiMoney, launched at the tail end of 2022, continues to grow as they extend financial solutions to a part of the population traditionally regarded as the unbanked. 

“Nedbank MobiMoney service is now spreading its wings through strategic partnerships with a Basotho-owned financial technology company, Teeenaar. With minimal requirements, more Basotho are now afforded the convenience of receiving, sending, and transacting with money using only their mobile phones.” 

He highlighted that many?in the?Basotho diaspora in South Africa, who work across the provinces, now have a convenient option to send money back to their families directly into the mobile wallet of a beneficiary in Lesotho. 

To access the services, users must download the MyZaca app on their mobile phones and register for a Nedbank MobiMoney account. This new solution allows Basotho in South Africa to deposit money in a designated account at Nedbank ATMs, or Pick ‘n Pay and Boxer stores. The deposited funds will reflect in the recipient’s MobiMoney account and can be withdrawn as cash at any Nedbank ATM in the country, he said.