Nedbank unveils MobiMoney account

MASERU – NEDBANK Lesotho unveiled its latest offering, the MobiMoney, which is a mobile-based account that anyone with a valid Lesotho identity number can open from anywhere, in seconds.

Unbanked individuals can open the Nedbank MobiMoney account too.

Customers will pay zero monthly fees to use the Nedbank MobiMoney account and they can withdraw money up to M20 000 a month.

The Nedbank Lesotho Digital Manager, Lucas Ntakha, said Basotho will only need an identity document and a cellphone to open the account.

He said the registration process takes less than five minutes.

“This says a person can have bank services in less than five minutes without going to the bank,” Ntakha said.

Ntakha said the new wallet is user-friendly.

He said it allows clients to send money from other registered clients.

He said it also allows the users to withdraw their money through the ATM.

It further allows the clients to buy electricity and pay other utility bills.

“In less than two minutes, you can pay your workers through the cellphone,” he said.

“We are bringing the services to the people at low charges.”

Nedbank Lesotho Managing Director, Nkau Matete, said the new platform is crucial for financial inclusion.

Matete said they have a product called Send Money, which allows clients to send cash to a cellphone.

However, he said the withdrawal timeframe was so short and most of people had challenges using it.

Matete said this new product allows clients to save their money for a long period in their accounts.

The Governor of the Central Bank of Lesotho, Dr Maluke Letete, said the financial sector should be the most efficient sector in the world to create a huge impact in the country.

He said this new product is a solution which will allow business people to do salary transactions through their cellphones.

“This should be the new journey in the financial sector of Lesotho,” Dr Maluke said.

Ntakha said the product allows clients to withdraw a maximum amount of M20 000 per month.

He said they realised that people are avoiding banks due to high fees.

He said they have introduced this platform which will allow the clients to withdraw money at zero fees once a month.

He said the new product is open to every Mosotho regardless of the bank he or she uses.

He said they realised that one of the hindrances for people to access banking services is the number of identity documents required.

He said they have reduced such requirements to two where the client will only be required to provide his identity document and a cellphone.

He said a client’s account can also be active for a period of two years without any funds in it.

Ntakha said to prevent cybercrimes they have tight bank security which will also apply on the new product.

Refiloe Mpobole