Post Bank inks money transfer deal with Mukuru

MASERU – BASOTHO working in South Africa will now be able to send money to Lesotho without incurring any bank charges, thanks to a new partnership between Lesotho Post Bank and Mukuru Africa. Mukuru Africa is a mobile money transfer company that operates in South Africa, Botswana and Zimbabwe, among other countries.
Lesotho Post Bank chief executive officer, Molefi Leqhaoe, told a press conference on Tuesday that they came up with the deal to push for greater financial inclusion for Basotho.
“Not only that but to try and get rid of long queues aligned with getting money from our loved ones out of the country as well as trying to ensure that everyone is financially included and grow the economy,” Leqhaoe said.

He added that they are aware that at times, sending money back home can become a burden because of charges “hence in this partnership we have decided that we as partners will incur the costs and allow Basotho to use this facility free of charge”.
“This means that if one sends M500 the recipient will find it like that with nothing deducted,” Leqhaoe said.

He said these efforts are part of a bigger plan to turn the bank into a one-stop shop for financial activities.
In order for one to use the facility one does not have to have a Lesotho Post Bank account.
“The sender needs to go to a Mukuru branch in South Africa or PEP, Shoprite and present their identity (card), the numbers of the recipient and the money to be transferred.

“The recipient will then take his/her identity document and then go to any LPB branch in the country and present the sms received and his/her identity document and receive their money.”
Teboho Faba, Head of Infrastructure and Maintenance at Lesotho Post Bank, said this is only the first phase and the second phase will look into users being able to receive money straight in their wallets.

The facility does not have withdrawal or sending limits as long as proof of income has been established.
Nthabiseng Makgatho, Head of Marketing at Mukuru, said it is their hope that the facility will benefit Basotho and ease the accessing of funds from South Africa.
“We leave home to find work and be able to take care of our families, unfortunately it is not always easy to send money back home when a child is sick or just for upkeep,” Makgato said.
She said Basotho should be confident in using the facility as Mukuru Africa is a safe platform that operates in numerous countries and has partnerships with credible institutions that ensure security of customers’ funds.

Lemohang Rakotsoane