The Banker’s Association of Lesotho (BAL)’s newly-appointed chairperson, Nkau Matete, says he will focus on unity, innovation, and growth during his tenure.
Matete takes over Delekazi Mokebe, the FNB chief executive officer, as BAL chairperson, a position that he will hold for two years.
Established in 2006, BAL is made up of four commercial banks; Standard Lesotho Bank, Netbank Lesotho, First National Bank (FNB) and Lesotho PostBank.
Matete who is the managing director of Netbank, on Tuesday this week shared his vision for BAL following his appointment. The event also marked the launch of BAL’s secretariat office.
“Unity, because our strength lies in our ability to work together as member banks and stakeholders to achieve shared goals.
“Innovation, because the future of banking demands creative solutions that meet the needs of a digital and globalised world.
“Growth, because a thriving banking sector is essential for the socio-economic development of our nation,” he noted.
Matete also pledged to strengthen the association’s partnerships with regional bodies such as the SADC Banking Association, and other international institutions including those focused on driving financial inclusion.
Extended his gratitude to his predecessor, Matete said Mokebe’s tenure has been marked by exceptional leadership, steadfast commitment, and notable achievements that have strengthened their association and advanced the banking sector in Lesotho.
He further thanked Mokebe for her service and the solid foundation she laid.
“As we gather here today, we mark an important milestone in BAL’s journey with the launch of our new secretariat office. This will be more than just a physical space – it is a symbol of our collective effort to enhance collaboration, transparency, and service excellence. It represents our commitment to staying connected with our stakeholders and ensuring that the banking sector remains responsive to the needs of the communities we serve.
“Today’s discussions on the upcoming changes to cross-border payments within the Common Monetary Area reflect our dedication to addressing challenges and seizing opportunities that arise in an ever-evolving financial landscape.
“These changes are critical in ensuring compliance with international standards on anti-money laundering and combating financing terrorism, safeguarding the integrity of our financial systems while minimising disruptions to businesses and individuals,” Matete pointed out.
By collaborating beyond the borders, BAL members could leverage shared knowledge and resources to enhance their capacity and competitiveness.
“As we close another year and look ahead to 2025, let us carry forward the momentum of progress and collaboration. Together, we can overcome challenges, embrace opportunities, and create a banking sector that not only serves but uplifts the people of Lesotho,” he added.
The launch event also served as an opportunity to update the public on recent changes to cross-border payment systems within the Common Monetary Area (CMA), which includes Lesotho, South Africa, Namibia and Eswatini.
The changes that came effective from September 14 were designed to strengthen compliance, enhance transparency, and reduce risks in cross-border transactions.
SLB head technology and operations, Samuel Koatla explained that the changes are designed to ensure that transactions are secure and traceable.
He highlighted mandatory payer and beneficiary information for cross-border EFT credit payments and new processes for EFT debit transactions.
Koatla indicated that EFT debit transactions across CMA countries are no longer processed directly between foreign and local banking counterparts in accordance with updated regulatory standards.
Foreign entities without presence in Lesotho are required to open domestic bank accounts to process debit orders in compliance with Lesotho’s EFT Automated Clearing House (ACH) rules.
Koatla assured the public that these changes were carefully designed to minimise disruption and ensure smooth transactions.
Although some fees had been adjusted in line with the new processes, he emphasised, costs remain fair and reasonable for customers.
