In keeping with the current growth trajectory for Lesotho, Standard Lesotho Bank has made the decision to maintain its banking fees and charges at a flat rate based on 2017 pricing in the New Year. This pricing, which was effective from 1st January, 2017 will affect all personal accounts as well as small and medium enterprises.
The main reason for the flat fees, which is expected to be good news for Standard Lesotho Bank clients, is that the bank has affirmed its commitment to the national agenda on financial inclusion, which encourages Basotho to enroll financial services that are affordable and accessible to all. This is also another way of giving back to our loyal clients because in the year 2018, the bank will be absorbing inflation costs of banking services on their behalf.
“With January being the beginning of our financial year, our practice is that we publicize increases in banking fees in line with inflation, which has been hovering around 5% to 6 % towards the end of last year. However, this year we have made a decision not to adjust our fees and charges for individuals and small businesses,” confirmed the Chief Executive, Mr. Mpho Vumbukani. Mr. Vumbukani also added that this gesture, which supports national initiatives towards financial inclusion and the promotion of small and medium enterprises implies that the bank is making a contribution towards promoting market-friendly banking for Basotho.
The bank has also improved its value proposition with the introduction of bundled pricing options that give customers the liberty to choose between the convenience of a flat monthly fee that comes with a selection of free services or the pay-as-you-transact model that charges on each transaction.
Meanwhile, Commercial Business Banking and Corporate and Investment Banking clients will have their fees increased by 6% across the board. This increase is at par with projected inflation rates for 2018.