Nthatuoa Koeshe
VODACOM recently launched the M-Pesa Mokhatlo Savings Account, another game changing facility that will bolster the already thriving mobile money platform M-Pesa.
The new innovation was launched at a recent colourful cocktail party at Vodacom Park.
The innovation affords groups who are saving for a common cause to open a savings account which can be accessed by multiple registered clients.
Addressing guests at the launch, Vodacom Lesotho’s Managing Director Philip Amoateng said savings were one of the pillars of any economic growth. He said the more people save, the more they can invest.
“Saving has always been part of Basotho culture and until now, people save money towards different activities such as celebrations and funerals,” he said.
He said Vodacom was always looking at ways to improve the lives of Basotho adding that M-Pesa Mokhatlo Savings Account would make life easier for their clients.
He said the idea is to digitise services that already exist in society such that when the market needs them, they no longer need to go to the banks.
Central Bank of Lesotho’s Bohlale Phakoe said they were thankful to Vodacom for its efforts towards financial inclusion.
He said financial inclusion was part of the government’s financial sector development strategy and they were grateful that Vodacom had taken up the agenda.
“We note that with this initiative, groups will now be led into the formal sector through M-Pesa and that is commendable,” Mr Phakoe said.
Vodacom Executive Head: M-Pesa, Palesa Mphunyetsane said since its inception in 2013, M-Pesa had changed the lives of Basotho.
She said M-Pesa was a revolutionary economic driver that now boasts of 1 000 agents countrywide and 325 000 subscribers who use its vast services that include sending and receiving money, airtime purchases and paying for different bills. She also added that in future, they are also hoping to add another facility to make international transfers.
Prior to this new innovation, Vodacom M-Pesa services were person-to-person, customer-to-business, business-to-customer, and business-to-business.
At the ceremony, guests were also taught how to use the facility and how to register.
To open the account, one must visit their nearest Vodacom shop or the Vodacom website for an application form. At least five committee members will be needed on the application form.
The form must be submitted to the nearest Vodacom shop and immediately the Mokhatlo Group Savings account will be created and group leader will be notified via SMS. The group leader is required to confirm the group account and they can then start adding members.
“This account offers an increased security and transparency and all members can view account transactions, balances and statements,” a statement from Vodacom reads.
