QUTHING — The Central Bank of Lesotho (CBL) has intensified efforts to promote financial literacy in Quthing through a series of outreach programmes aimed at educating communities about money management, investments and modern payment systems.
This emerged during a half-day seminar held in Quthing on Wednesday, where public servants from different government departments gathered under the theme, “Know Your Money, Use It and Invest It”.
The seminar was organised by CBL to raise awareness about the Bank’s mandate, functions and major projects, particularly the newly upgraded Lesotho Switch (LesSwitch) and the CBL Investment Portal.
Presenting on LesSwitch, Systems Administrator in the National Payments and Settlements Department, Mr. Res’elisitsoe Moabi, said the platform is Lesotho’s interoperable national switch system developed in partnership with local banks and mobile money service providers.
He explained that LesSwitch serves as a central hub that securely processes and routes domestic electronic transactions between financial institutions.
Mr. Moabi said the system allows seamless transfers and withdrawals across mobile money platforms including M-Pesa, EcoCash, Khetsi and C-Pay. He added that it also integrates Automated Teller Machines (ATMs), enabling cardholders to use any ATM in the country without paying additional withdrawal fees.
He further noted that the system has removed international transaction charges that were previously incurred when customers used ATMs belonging to other banks. In addition, LesSwitch supports payments at any merchant point-of-sale machine nationwide, regardless of the issuing bank.
According to Mr. Moabi, the system is designed specifically for domestic transactions in order to keep costs low while ensuring secure and near real-time payments.
Speaking on investment opportunities, Senior Analyst in Financial Markets, Mr. Tjoetsane Nthontho, urged Basotho to be cautious when investing and to avoid unregistered investors and money lenders.
He encouraged the public to make use of safe and reliable investment products offered by the Central Bank of Lesotho.
Mr. Nthontho explained that the Bank offers two types of investments, namely Treasury Bills and Treasury Bonds. He said Treasury Bills are short-term, risk-free investments that provide high liquidity and guaranteed returns, while Treasury Bonds are medium to long-term investments used to finance government budget deficits.
He added that these investment opportunities are open to Basotho aged 18 years and above who have bank accounts, and that more information can be accessed online.
CBL Stakeholder Relations and Protocol Officer, Ms. Lerato Maieane, advised participants to seek financial assistance only from registered institutions. She also urged them to protect personal information such as ATM PINs and national identity numbers from fraudsters.
Ms. Maieane encouraged communities to invite the Bank to conduct more financial education sessions in their areas.
One of the participants, Mr. Ts’itso Ntsekele, who is a Finance Officer in the District Sub-Accountancy, welcomed the initiative, saying it plays an important role in improving financial literacy among Basotho.
The seminar also covered information on currency notes and coins under the “Know Your Money” programme.
CBL has already conducted similar sessions for chiefs, police officers, school children and members of the public in Tele and Lower Moyeni. The outreach programme will continue until Sunday, targeting teachers and people with disabilities.
An exhibition is also expected to be held in Lower Moyeni as part of the ongoing financial literacy campaign.
Ends/NS
