Post Bank shakes up small loans business

Post Bank shakes up small loans business

MASERU – THE Lesotho Post Bank will this week launch a mobile wallet application that gives customers access to small interest-free loans.
Known as Khetsi, the application allows users to borrow a maximum of M500 from a facility called Nano loans.

The bank said customers will only pay a nominal administration fee.
Molefi Leqhaoe, the bank’s managing director, said Khetsi will promote financial inclusion, access to finance and financial literacy.
The Lesotho Post Bank was established by the government to cater for people without access to financial services, the same group targeted by Khetsi.

Leqhaoe said apart from helping the bank fulfill its legal mandate to provide financial services to the low-income group, the application will also enhance customer experience.
He said even those who don’t have accounts with the bank can get the loan as long as they have the Khetsi App.
Leqhaoe said the application’s main objective is to help people running small businesses and those in remote areas get loans.

“It can be used to withdraw money from an agent, branch or ATM without a card, pay bills, merchants, save and secure loans of up to M500,” he said.
He said the bank is aware that sometimes individuals find themselves in emergencies and in need of money hence most end up going to loan sharks to get it.

“So with the Nano loans we are trying to decrease the rate at which individuals approach loan sharks for loans that are paid with high interests.”
Leqhaoe said he believes the application could be a “game changer” for vendors.
“Sometimes all they want to do is to buy a box of apples and pay back the loan in the evening so this facility will allow them to get money for their stock and return it without interest.”

Staff Reporter

Previous From pillar to post
Next Diesel, petrol prices up

Warning: count(): Parameter must be an array or an object that implements Countable in /home/thepostc/public_html/wp-content/themes/trendyblog-theme/includes/single/post-tags-categories.php on line 7

About author

You might also like

Local News

LRA ‘owes’ Mosito

Staff Reporter Suspended Court of Appeal President Justice Kananelo Mosito does not owe a cent to the Lesotho Revenue Authority (LRA). Instead he is likely entitles to a refund of


LNDC lays out vision

MASERU – The Lesotho National Development Corporation (LNDC) outlined its vision and plans for the next five years. The outline was unveiled at the Strategic Plan 2018-2022 Stakeholders Engagement Session in


Post Bank donates 41 computers to school

Lemohang Rakotsoane MASERU THE Lesotho Post Bank has donated 41 computers to 23 schools, for better record keeping and automation of other services yesterday. Molefi Leqhaoe, the managing director of