Enterprise Banking has revised its value proposition to demonstrate how we as Standard Lesotho Bank, have listened to our customers and eventually delivered on their business demands. We have heard your call for us to bring you more convenience and value that saves time and money. Under the slogan, “A Partner that Gets Me Gets My Business,” the Bank demonstrates how we have built new and exciting solutions that best supports Basotho to unleash their full potential, whilst at the same time giving them more time to focus on growing their businesses.
Enterprise Banking has developed comprehensive solutions that uniquely address the needs of Small and Medium Enterprises through a customer value proposition that provides a one-stop-shop for all banking requirements and more. These include Savings and Investment solutions, Insurance, Digital Banking channels as well as Lending products. To demonstrate our commitment to grow Lesotho’s businesses, Enterprise Banking has also implemented the Entrepreneurship Development Project (EDP), which is a sponsorship initiative geared towards empowering Basotho businesses to grow and prosper.
As a start, Enterprise Banking has introduced Molleloa Transactional Account for startups with annual turnovers of less than M300,000 at the lowest management fee of only M60.00 per month, arguably one of the lowest in the market. This product also comes with free cash deposit fees, and free Mobile Banking, free Internet Banking and a free funeral cover for the owner of the business. Businesses that have turnovers above M300,000 pay a management fee of only M149.00 for a business current account on Bundled Pricing that comes with many benefits including free Mobile Banking and free Internet Banking on Enterprise Online.
For giving your business a lever to grow from humble beginnings to an enterprise that will leave a legacy, the Bank has Savings and Investment products that you can use to save for growing your business. This is because we know that money speaks only one language; “if you save me today, I will save you tomorrow.” We have Morit’soana Savings Account that allows you to save from as little as M50.00 and offers you the flexibility to further invest and save on your terms. Fixed Deposits with options to choose from six months to one year at very competitive interest rates. Enterprise Banking also has a Call Deposit Account which gives you access to your money anytime you need it. We also have Letsema account specifically designed for societies such as church societies, community and taxi associations etc. This account has no cash deposit or monthly management fees, but rather, generates interest at very competitive rates. Even better, the Bank has introduced the Tseke! Loans which give you an option of borrowing against your investment up to 120% of the value of your investment. There are no stringent requirements to access the loan and it becomes available into your account within 24 hours
Should you need lending to finance an order, to buy stock or to grow your business, Enterprise Banking has several lending solutions to meet your needs. We have the Working Capital Loan suitable for providing working capital and short-term financing requirements for your business. This loan is repayable in instalments of between 1 and 24 months, structured to meet the nature of your cashflow There is also a Business Term Loan which is a relatively simple way of securing a loan for any period up to 7 years, repayable in equal instalments structured to meet your cashflow. The minimum loan amount is M5,000 and there is no maximum. We also have the Vehicle and Asset finance that you can use to finance your business vehicle and assets such as trucks, yellow goods and machinery.
In keeping with our desire to provide you with One-Stop-Shop solutions, Enterprise Banking offers Insurance for you and your business all under one roof. These services are offered through our Bancassurance division, where we provide Insurance cover for your vehicles and plant, stock insurance, property, Business Loan Protection cover as well as Matseliso Funeral Plan for you and your staff. Bancassurance also provides you with Premium Finance, which enables you to pay your annual insurance premium in one go.
On embracing the future of banking, we have introduced several digital solutions that give you the convenience to bank wherever you are, whenever you want, in platforms that are safe and secure. The recently introduced Enterprise Online, which is an Internet Banking system for businesses allows multiple levels of authorization, where for example: in a company owned by two directors, one can initiate a payment and the other approves it. Enterprise Online also allows your business to pay up to