Bank launches enterprise hub

MASERU – STANDARD Lesotho Bank launched a new banking hub called Enterprise Banking on Tuesday at Maseru Mall.
The new hub, formally known as the Small and Medium Enterprise (SME) banking, is now called Enterprise Banking to foster and influence the spirit of entrepreneurship amongst the youth.
This is to make small businesses see themselves as large enterprises of the future.
Standard Lesotho Bank head of Enterprise Banking, Teboho Sello, said the Enterprise Hub is a place where the bank will educate, create, empower and develop entrepreneurs as part of its financial inclusion initiative.

“It is through this hub that young entrepreneurs will be able to access internet free of charge, get business information as well as access office space,” Sello said.
Sello further said this hub will provide development skills which will include financial management, human capital and marketing to support them grow their businesses.
As a representative of the business community, local tycoon Sam Matekane shared the key principles of business success that have helped him in running his businesses.
“I started a business when banks were a little reluctant to give out loans,” Matekane said.

Matekane said he had learned that recently it has become much easier to get a loan therefore he applauds the banks for seeing potential in small businesses.
He applauded Standard Lesotho Bank for going a step further by creating the enterprise hub. Matekane added that one of the principles he had learned through his journey as an entrepreneur was paying attention to structures in place.

“When a business is built on a solid foundation, its corporate structures, systems and financial focus are solid, chances of such a business failing in the future are very slim,” Matekane said.
Through this hub, Matekane believes that entrepreneurs will be able to access expert advice and support which is needed to understand the whole process of starting up a business.
The Minister of Small Businesses Development, Chalane Phori, said he is amused each time a step is taken towards improving the small business sector.

Phori said one of his ministry’s key mandates is to influence the establishment of businesses. He also pointed how Lesotho is full of people with passion yet lack knowledge.
Phori pleaded with the bank to have some of its details written in Sesotho so that even those who have a hard times to access information in English may also be informed how the bank operates.
“This launch is an encouragement to businessmen to know that when one is in business they find themselves in high places with greater connections,” Phori said.

The Chief Executive of Standard Lesotho Bank, Mpho Vumbukani, said the enterprise hub is to show the true pioneering spirit that runs in the employees of the bank.
He said they challenge entrepreneurs to use the hub to probe their minds so that they can lead the way with homegrown solutions and ideas that can make the economy more vibrant and bring solutions to economic challenges the country is currently facing. Vumbukani said the enterprise hub is a response to national initiatives especially employment creation, financial education and financial inclusion as spelled out in the National Strategic Development Plan.

Tebello Maine