Standard Lesotho Bank launches Instant Loans to SMMEs

In yet another ground-breaking development, Standard Lesotho Bank has introduced digital loan facilities for Small and Medium Enterprises. The facility value added service that allows customers to send and receive money at all Shoprite and U-Save stores within the borders of Lesotho. The money transfers are done in-store at Money Market kiosks at Shoprite Supermarkets countrywide. This new offering is an addition to digital lending that was introduced last year for personal clients.

With digital loan offers, Enterprise Banking Clients, who are predominantly our SMMEs customers will now be able to access quick and hassle-free instant loans with no queues and paperwork required.

In order to qualify, customers need to demonstrate a clean account conduct. Customers also have to maintain a clean credit record with up to date tax clearance and valid traders license. Qualifying businesses will receive SMS message from the bank, then call Enterprise Direct Toll-free line to access the funds instantly, upon confirmation of the One Time Pin (OTP).

The digital loans offer is a response to the longstanding challenge on access to finance and the time it takes for manual loan applications to be approved, especially for Small and Medium Enterprises. With digital loans being processed within a day, and with no paperwork, the new solution also demonstrates and reaffirms the Bank’s commitment to providing cutting edge solutions for businesses so that they have more time to invest on growing their businesses than spending it in the banking halls. The solution also responds to sole proprietor when requiring lending to finance working capital needs without collateral and financial statements.  

The Head of Personal and Business Banking of Standard Lesotho Bank, Ms. Selloane Tsike says this innovative solution is proof that the Bank is intentional about breaking the barriers to finance for the business sector. “As a leading Bank, we are proud that we  now have a quick and easy solution that provides our SMMEs the much needed loan facilities that will surely help them to serve their clients better and be more profitable, which not only helps their individual businesses, but the economy of Lesotho as a whole.” Ms. Tsike also encouraged customers to maintain a good account conduct by honouring their loan obligations and other financial commitments at all times, so that they can benefit from these fast and convenient loans, highlighting that the solution has not human intervention, but only looks at account history and conduct.

Digital loans offered by Standard Lesotho Bank are the first of their kind in Lesotho. They are a testament to the Bank’s strategy towards digitization and delivering fit for purpose solutions that meet and exceed our clients’ expectations.