Nedbank Lesotho launches MobiMoney
NEDBANK Lesotho has launched its latest mobile money innovation, Nedbank MobiMoney.
The innovation is set to enhance financial inclusion among different classes including the unbanked who will not need to have bank accounts with Nedbank to use the facility, managing director, Nkau Matete, said recently.
He told guests during the launch that he was excited about the launch because users would not need to have smart phones. All would need is a national identity card and an ordinary mobile phone.
He said it can also be used to pay bills, buy airtime and conduct bulk transactions.
Mr Matete showered praises at the Central Bank of Lesotho (CBL) for its willingness to allow innovation.
Development of the product started in March 2022.
He said he was happy that it can now change people’s lives.
“As a financial institution, we are regulated by the CBL and I am grateful that it approved this great innovative product,” Mr Matete said.
“I like this product for its financial inclusion as we are trying to attract people to use innovative means of banking. I hope our clients will benefit from the product,” he said.
“I am proud and happy that the product’s functionality has features that are better than those of other banks.”
On his part, CBL Governor, Maluke Matete, said regulation must not be a hindrance for innovation.
“Innovations of this kind are welcome. This product has reminded me that we still have a task to sit down as financial institutions to map the future of Lesotho’s financial sector,” Dr Matete said.
He said the sector was at the centre of economic development therefore, it must be efficient.
“Thank you Ntate Matete and your team. You have brought a solution for contractors who must no longer go to the bank to get cash to pay their workers,” Dr Matete said.
Nedbank Lesotho head of marketing and communication, Sekonyela Matamane, said for a client to register to Nedbank MobiMoney they just dial *120*141#. The process takes just five minutes, he said.
“You can send and receive money, buy electricity and airtime, cash out from a Nedbank ATM. Then there are also bulk transactions, a solution for companies, macros, small and medium enterprises (MSMEs), NGOs and other entities that need to make multiple payments. There are several other solutions that will be announced at a later stage,” Mr Matamane said.