Post Bank assists Covid-hit vendors

Post Bank assists Covid-hit vendors

MASERU-THE Lesotho Post Bank (LPB) yesterday handed over M100 000 to an association of vendors, Khathang Tema Baitšokoli, who have been hit hard by Covid-19.
Thousands of vendors are said to have failed to come back onto the streets after the lockdown was eased as they did not have enough money to restock.

Under the rescue package, 100 vendors will each receive a thousand maloti each to restart their businesses.
’Mathabo Tshehlo, the Sales Manager at Lesotho Post Bank, said the lockdown left many families vulnerable as most vendors who are breadwinners failed to return to the streets.

“As a bank we sat down and thought about ways to assist these vendors beyond donating food parcels,” Tshehlo said.
“We realised that assisting them with stock money would not only put them back into business but enable them to provide for their families for longer,” she said.

According to Tshehlo vendors are often overlooked as people forget the role that they play in growing national economies.
“Our hope is that beneficiaries will manage their funds and save the little that they will make because we do not know when this pandemic will end,” she said.

“We are hoping that from now onwards their businesses can survive.”
She added that the bank is determined to assist vendors to see them graduate into big businesses.

Tšolo Lebitsa, Chairman of Khathang Tema Baitšokoli, said they are grateful that the Lesotho Post Bank came to their aid in a time of crisis. 
“The LBP is the only Basotho bank, the only one we should be banking with and running to in tough times like this one,” Lebitsa said.

The bank, he said, has always been fighting in their corner hence it even developed a product called Ntataise allowing vendors to transact without any charges.

“We will continue to advise fellow colleagues to bank with the LPB because it is the only bank that cares about our welfare.”
The Lesotho Post Bank CEO, Molefi Leqhaoe, said Covid-19 has wreaked havoc even in economically advanced countries.

Leqhaoe said with numbers of infections in the country increasing there is fear about the state of the economy.

He said the bank saw it pertinent to extend a helping hand to vendors as they are normally forgotten despite the significant role they play in the economy.

Lemohang Rakotsoane

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