Nedbank makes big strides

MASERU – NEDBANK Lesotho has made significant strides in banking activities despite the harsh economic conditions instigated by the Covid-19 pandemic.

This was revealed yesterday by the Nedbank Managing Director Nkau Matete during the announcement of the 2022 Interim Financial Results for the six months ended 30 June, 2022.

The announcement was done virtually.

At the height of the biting pandemic, most of their clients had to switch to digital platforms to perform their transactions.

“The bank took a digital drive to assist clients during the crunch economic time,” Matete said.

“At the time, over 40 percent of our clients used the digital platform to make transactions because movement was restricted,” he said.

“Our clients could do other transactions like buying electricity through the digital platform so they did not have to come to the bank physically.”

He said they are working hard to grow the digital platform because it has a plethora of opportunities that their clients could benefit from.

“We are pleased because we have achieved over 50 percent profits over what we had last year at this time,” Matete said.

But he could not announce the statistics of profits generated during the meeting.

Matete said the digital app they have introduced has saved them during difficult times.

And it is this app that made them to be recognised as the 2022 Global Banking & Finance Award winner of the Most Innovative Retail Banking App in Lesotho.

He said his bank did exceptionally well despite the high inflation rate that occurred during the pandemic.

Matete said in two weeks’ time, they are going to launch an app that is specifically meant for the unbanked community.

“This product is specifically for the unbanked population,” Matete said.

Matete said the Bankers Association of Lesotho had since approached heads of security agencies – police and army – to help deal with the rising cases of cash heists around the country.

He said they are happy to see that security agents had now been deployed in most parts of the country.

With the helicopter patrolling at night, they are confident that the criminals would be throttled and frustrated on their mission to fleece cash and rob businesses.

“So this is a sure sign that businesses will be safe and the economy will thrive.”

Matete said they have engaged with their customers to use cash cars to take their money to the bank.

He said charges are affordable if negotiated by them as the bank.

He said there is no need for their clients to physically go to the banks to deposit money.

Meanwhile Dr Terence Sibiya, the Group Managing Executive for Nedbank Africa Regions (NAR), said they are ramping up to switch to digital migration.

He said they are asking people in the region to move to a digital platform which is practicably possible through their apps.

He said they are experiencing significant growth of transactional volumes done through their digital platforms where people send money and buy electricity.

He said they have seen a significant growth of people engaging in digital monetary transfers.

Dr Sibiya is responsible for leading and managing the SADC-owned and managed businesses and the investment in Ecobank Transnational Incorporated (ETI) to ensure that they grow and achieve the key strategic objectives of building scale, increase market share, as well as increase NAR share of contributions to overall Group’s earnings .

He said they remain committed to help grow Lesotho’s economy.

Majara Molupe