Insurance companies in talks with banks

Insurance companies in talks with banks

MASERU-THE Insurers Association of Lesotho (IAL) is in talks with banks to thrash out a solution after some clients began defaulting due to the Covid-19 pandemic.
The IAL representative at the annual Money Week launch this week, Lazaro Mokhapheka Lazaro, said they are now searching for a solution to the crisis.

He said the Covid-19 pandemic had altered the way in which business is done.
“A lot of consumers have lost their sources of income and as a result cannot even afford to pay their premiums,” Lazaro said.
“This calls for the insurance sector to come up with products that are more suitable for the prevailing situation.”

Speaking at the virtual launch, the Central Bank of Lesotho’s governor, Dr Retšelisitsoe Matlanyane, said this year’s theme is “Take care of yourself, Take care of your money”.
The theme is aimed at equipping consumers with knowledge to enable informed decision-making where financial contracts are concerned.
Dr Matlanyane said the Money Month will be packed with information to enlighten consumers regarding issues of financial contracts.

“Discussions will be generating and giving information about the financial system. Though we started late this year, we will still celebrate for a month as we have been doing over the years,” Matlanyane said.
Money Month, she said, is meant for everyone to better understand and appreciate their finances so that they can take of them.
The Chairperson of the Bankers Association of Lesotho, Molefi Leqhaoe, said it is their mandate to see to it that consumers have access to finance through suitable products.

Leqhaoe said consumers should know their rights “and that all is done within ethical and legal measures”.
According to Leqhaoe, the Covid-19 pandemic has heightened the significance for the financial sector to have digital platforms that consumers can use to transact.
“This means that consumers need to be aware of the digital platforms available for their use, understand how to use them without compromising their security,” Leqhaoe said.

Therefore, he said, they cannot over-emphasise the need for consumers to be vigilant and refrain from getting assistance from non-bank staff.
He also warned against sharing their pins and the need not to panic when their cards are lost or when they see abnormal transactions.

Lemohang Rakotsoane

Previous Taekwondo elections set for weekend
Next New Customs Bill tabled in Parliament

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