Bank freezes fee hike

MASERU – STANDARD Lesotho Bank says it will not adjust fees for personal accounts and small businesses in 2018.01.10
In a statement, Standard Lesotho Bank Chief Executive, Mpho Vumbukani, said the 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 1 January 2017, will affect all personal accounts as well as small and medium enterprises,” Vumbukani said.
The main reason for the flat rates fees, which is expected to be good to the clients of Standard Lesotho Bank, is that the bank has affirmed its commitment to the national agenda on financial inclusion, which encourages Basotho to enrol financial services that are affordable and accessible to all.

“This is 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,” he added. Vumbukani said with January being the beginning of the bank’s financial year, their practice is to publicise increases in banking fees in line with inflation, which has been hovering around 5 percent to 6 percent 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,” he said.
He said 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 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 percent across the board, this increase is at equivalence to projected inflation rates for 2018,” Vumbukani said.

Thooe Ramolibeli