THE Lesotho PostBank and the Maluti Mountain Brewery (MMB) yesterday signed a memorandum of understanding (MoU) that will see the bank’s qualifying securing loans at concessionary rates too finance their business needs.
The loans range from M5 000 to M5 million.
PostBank head of business banking, Khauhelo Ramakongoana, said the facility will help MMB’s customers access finances to meet short term needs for stock at concessionary rates.
He said the MoU that came into effect starting yesterday, will stimulate growth for MMB’s clients.
“MMB will focus on its core business of brewing and selling liquor and leave lending to the bank,” Mr Ramakongoana said.
“MMB will transfer its financial risk to the Lesotho PostBank who in turn, will secure new businesses through MMB’s customers.”
Mr Ramakongoana said they conducted a pilot of the project where they tested the collaboration.
“We have so far, issued MMB customers money amounting to M5 million,” he revealed.
PostBank managing director Molefi Leqhaoe said he was happy that they were helping Basotho businesses grow.
“When we started with the initiative, the idea was to explore ways in which we can help Basotho differently. I was excited and a bit sceptical at the same time because cooperates do not usually work together with the same vision but MMB has proven to be the right partner for the bank,” Mr Leqhaoe said.
He said Lesotho needed companies such as PostBank which value Basotho’s potential and invest in it.
“MMB and PostBank are two of the best corporates in the country that have a similar aim of growing local companies.”
MMB country corporates manager ‘Mathabang Fanyane said the MoU was proof of their investment in the country.
“We couldn’t have chosen a better partner than Lesotho PostBank. We know that to grow as corporates we must play our part. It is our dream to see Basotho businesses grow,” Ms Fanyane said.