…courtesy of Alliance Insurance and Standard Lesotho Bank (SLB)
Rethabile Pitso
BASOTHO youth and business leaders turned up to hear South African financial expert, Vusi Thembekwayo, address a capacity crowd on financial matters at ’Manthabiseng Convention Centre at the weekend.
Alliance Insurance’s Head of Group Marketing and Communications, ’Makeabetsoe Mabaleha, and Head of Employee Benefits, Relebohile Seshemane, expressed excitement at the strong turnout—particularly from young people, who attended in large numbers.
Dubbed the Alliance Youth Wealth Seminar under the theme “Build Beyond”, the initiative is now in its third year.
This year marked the first time Alliance partnered with Standard Lesotho Bank (SLB), a move aimed at expanding the platform into a lasting movement.
In an interview with the Lesotho Times on the sidelines of the event, Ms Seshemane said this year’s focus was to inspire a shift in mindset around financial decision-making.
“This seminar is in its third year, and we wanted to do things differently. In previous years, we targeted employees nearing retirement, equipping them with financial literacy skills to better manage their retirement packages. However, we realised we were intervening too late, as many had already made poor financial decisions,” Ms Seshemane said.
“We gradually shifted our focus to the youth over the past two years, aiming to equip them early and prevent the transfer of unhealthy financial habits from older generations.”
She added that this year’s theme went beyond money.
“Finance is not just about money—it is about how you think about it. It is about planning for the future, the legacy you leave behind, your children, and your name. These aspects go beyond one’s current financial position and speak to continuity,” she said.
Ms Seshemane said bringing in Mr Thembekwayo aligned with the organisers’ shift towards mental mentorship.
“In the past, we focused on financial education through mentors offering practical advice. This year, we wanted to prioritise mental mentorship, and we needed someone already doing that at a high level internationally. Through our partnership with Standard Lesotho Bank, we were able to host a bigger event and bring in a globally recognised figure who could offer fresh perspectives. Vusi was the perfect fit,” she said.
During the masterclass, Mr Thembekwayo emphasised the importance of value in business.
“If something doesn’t cost you anything, you won’t value it. That is why it is important to price higher rather than lower. Pricing is psychological—people associate cost with value. The more expensive something is, the more desirable it often becomes because of how it makes people feel.
“The type of customer you attract will determine the kind of business you build. If you undervalue yourself, you will attract customers who expect low prices and are unwilling to pay for quality,” Mr Thembekwayo said.
He also stressed that business success is driven by several factors, including consistency.
Recounting an encounter with former Shoprite chief executive officer, Whitey Basson, Mr Thembekwayo highlighted the power of strategic focus.
“When Basson took over Shoprite, it was making about R16 million annually. By the time he left, it had grown into a R180 billion business. Today, it generates approximately R287 billion annually—about R22 billion a month, or R4 billion a week.
“I once visited his office and noticed he didn’t have a computer on his desk. When I asked where it was, he pointed to his head.”
According to Mr Thembekwayo, Basson attributed Shoprite’s success to maintaining its brand promise.
“Shoprite’s slogan is ‘lowest prices every day’, but this only applies to a select group of about 17 basic items—things like cooking oil, maize meal, sugar and soap—products whose prices customers know well. By ensuring these are always the cheapest, they create the perception that the entire store is affordable, even though the remaining thousands of products are priced differently,” he explained.
The insight drew enthusiastic reactions from the audience.
Some attendees told the Lesotho Times the seminar had a lasting impact.
Tankiso Mosollo, an online content creator, said the session had reshaped his approach to pricing.
“What resonated most with me was the emphasis on not undercharging. Instead, we should focus on clients who can afford our services and appreciate the value we bring.
“Content creation requires time, effort and resources—from production to editing and distribution. It is costly and demanding, and it is important that this work is not taken for granted. This session has been very helpful,” Mr Mosollo said.
