By Neo Kolane
Standard Lesotho Bank, as Basotho’s trusted bank for over 25 years, has again re-affirmed its support to Basotho with a focus on budding SMEs through an array of their customer-curated products that are intended to restore hope in their businesses and the economy.
The Bank this week launched a campaign to showcase a number of solutions that make it easy for Basotho businesses to grow and have confidence that their dreams can be a reality.
Through Enterprise Banking, which is the division of the Bank that services Small, Micro and Medium Enterprises (SMMEs), Standard Lesotho Bank continues to expand its footprint through making Basotho’s dreams a reality. Enterprise Banking offers SMME’s a variety of options to access banking and financial services with convenience, reliability, and affordability.
A statement from the bank says the new Customer Value Proposition for enterprise banking provides Basotho businesses with pre-scored lending that provide SMMEs faster access to finance and cover those pressing needs required that keep businesses running.
These include working capital loans, order finance loans, overdrafts, vehicle, and asset finance loans that enables Basotho to purchase stock, machinery, trucks, and property to grow their businesses.
“As an example, our new order financing solution does not longer require financial statements and security, this new development makes it easier to Basotho businesses to get access to finance that it also quicker to process.
“These products help ease the lives of SMME owners by offering convenient, affordable, and reliable services to boost their businesses. The new Enterprise Banking proposition further aligns with Standard Lesotho Bank’s far-reaching pledge to respond meaningfully to the massive unrest that has been suffered by small businesses and help them as they try to recuperate post the COVID-19 crisis and beyond.
“By constantly reimagining its commitment with SMEs and altering its operations to be agile, the bank is moving away from a transactional relationship towards one that is more transparent, lasting, and dependable. Basotho can access Enterprise Direct through telephone and email from 0700 in the morning to 7:00 in the evening to do their banking. Essentially, Standard Lesotho Bank has and continues to position itself as a trusted partner for Basotho SMEs,” the bank said.
COVID-19 set several businesses back, while some sadly closed completely. However, Standard Lesotho Bank reached out to Basotho SMME’s to give them hope and rebuild their companies.
The head of business and commercial banking at Standard Lesotho bank Keketso Makara explained uring COVID-19, when the whole world was engulfed by a state of uncertainty and businesses were failing to realize profits, the bank provided several measures to keep businesses afloat. Among some of the COVID-19 reliefs, was a debt relief package for businesses and individuals amounting worth over M624 million to account holders with existing loans with the Bank.
Additionally, Makara said in December 2020, the bank awarded 10 winners recapitalization finance to the value of M600, 000 through the Entrepreneurs Support Competition, with the goal to still further support businesses that were enduring the COVID-19 impact.
Makara emphasized that these interventions are a clear demonstration that the bank has the interests of Basotho businesses at heart at the time of hardship, but now that the economy is returning to normalcy, the focus of the bank is to grow Basotho and revive the economy.
He disclosed that enterprise banking solutions place the power at the fingertips of businesses with accessible and fast self-service banking services that allow them to pay suppliers and employees from the comfort of their own businesses. That way, business owners are able to spend more time focusing on growing their businesses.
“The challenges of the past years have led the bank to refocus and strengthen how the bank communicates to the wider Basotho community. Through the Enterprise campaign, the bank aims to equip business owners across Lesotho with technical and business support to help them in rebuilding their establishments.
“Essentially, the campaign aims to be a real-time case study providing insights on how businesses react to changing conditions and how Standard Lesotho Bank holds their hand at every step of the way.
“We believe that all dreams are possible, no matter how big or scary. Even when they tell you that you cannot, we believe you can. So, trust us to get you there and be by your side when you build and manage your business.’’ Makara concluded.
