Standard Lesotho Bank on the Issue of Wool and Mohair Farmer’s payments

24 May 2019
Standard Lesotho Bank is an authorized financial services provider and has been involved in facilitation of payments for wool and mohair farmers since the merger between Lesotho Bank (1999) Limited and Standard Bank Lesotho Limited in 2007.

The Bank is cognisant of the fact that our very existence is dependent of how well we serve and retain our valued customers inclusive of all markets being personal and business. As such, the challenges being experienced by the wool and mohair farmers to access their funds following the sale of their wool is of great concern to us.

We are continuing to engage the wool and mohair farmers and their Associations, all relevant stakeholders including Government Ministries to find an effective, mutually acceptable and long-term solution to this challenge. Please note that as a result of our confidentiality policies around clients’ accounts and clients’ business, we are unable to delve into more specific detail around this case but will update you with the developments in due course. 
The Developments

We have noted and acknowledge that the bank is currently receiving unusually large volumes of customers, and we also expect influx in the weeks to follow.   In response, the bank has beefed up the capacity to expedite payments to farmers as these payments are being processed manually as demanded by the farmers. 

However, we are also engaged with our clients, the payment broker, and the Wool and Mohair Farmers Association to agree on a more efficient and effective automated payment process that we currently have for all our corporate clients, the process is capable of making up to 2000 payments at a time.

We appreciate all of our stakeholders for the collaboration and support.