Standard Lesotho Bank won a total of four awards at the annual PMR Africa Awards for 2016. The four awards include three Diamond Arrow Awards in the categories of Business Banking, Credit Cards and Personal Banking as well as a Golden Arrow Award in Investment Services.
By winning the first overall award in Business Banking, the bank has received a fitting accolade that is in keeping with its commitment to oil the wheels of business in Lesotho’s economy. During the year in review, Standard Lesotho Bank became the first bank in Lesotho to offer bancassurance products to cater for the insurance needs of commercial businesses and Small and Medium Enterprises (SMEs) when it introduced the Business Loan Protection and the SME BizProtect products to the market in July 2016.
The introduction of these two innovative products demonstrate the bank’s appetite to grow Lesotho’s business sector in a secure environment that encourages growth and investment and are largely attributed to have helped the bank to maintain its leadership as a critical role-player in the development of Lesotho’s economy.
“It is a gratifying experience and an obvious show of confidence in the products and services that Standard Lesotho Bank has been giving to our customers, especially the business sector that plays a very important role as one of Lesotho’s main hope with positive prospects towards developing the economy of our country. “ Says Mr. Mpho Vumbukani, the Chief Executive of the bank. The chief Executive also emphasised that it is critical for the bank to remain focused and relevant to the needs of Basotho businesses as world economies and trends continue to evolve. He also concluded by saying that the awards are a direct result of the commitment, dedication and service beyond the call of duty that is in the DNA of every employee at the bank. “I therefore congratulate the Standard Lesotho Bank team for the good work that they do. He added.
PMR Awards are the culmination of a research process whereby companies and institutions are rated based on respondents’ perceptions with a strong focus on evaluating and measuring customer service and customer satisfaction. The awards represent competitiveness, effectiveness, excellence, leadership, resilience and indicate customer service and customer satisfaction, and have also been used consistently to set a benchmark in the banking industry in Lesotho. Standard Lesotho Bank continues to dominate PRM Awards every year and the bank has also won other accolades beyond Lesotho.
Standard Lesotho Bank currently enjoys a market-share of about 60% in Lesotho with a staff complement of more than 800 dedicated staff across its operations in 17 branches countrywide. The bank also has the largest Automatic Teller Machines (ATMs) footprint with a total of 86 ATMs spread throughout the country. In 2015, the bank grew its customer deposits by 18% to M5.8 billion.