Rethabile Pitso
LETSHEGO Financial Services has launched a new Savings and Investment Account, becoming the first microfinance institution in Lesotho to offer a savings and investment product through an accessible nationwide financial services platform.
The product was officially unveiled in Maseru yesterday.
The account allows clients to deposit funds into a dedicated savings and investment account, enabling their savings to grow over time. Consistent saving also allows customers to borrow against their accumulated savings when the need arises.
Unlike a conventional savings pocket, where customers can only access the money they have saved, the Letshego product enables account holders to qualify for additional funding based on their savings history.
The account is free to open, with a minimum activation deposit of M50.
The launch featured presentations by Letshego executives, followed by a panel discussion facilitated by corporate master of ceremonies Tokiso “Tkay” Nthebe. The event attracted representatives from several financial institutions, including First National Bank, Trans-Africa and Alliance Insurance Lesotho.
Speaking at the launch, Letshego Chief Executive Officer, Selloane Tsike, described the product as a major milestone in the company’s growth.
“Since our establishment in 2012, Letshego operated primarily as a credit-only microfinance institution. However, we have always wanted to expand our offering and provide more value to our customers,” Ms Tsike said.
“We recognised that when clients borrow, it is equally important for them to have savings and investments as a financial safety net.
“In 2024, we applied to the Central Bank of Lesotho for a microfinance deposit-taking licence. The process involved extensive engagements with the regulator, which needed assurance that we would uphold ethical financial practices.
“Fortunately, we received approval last year and became the country’s first microfinance deposit-taking institution. We are proud to have pioneered this development and paved the way for others who may follow.”
During the panel discussion, Ms Tsike said the account had been specifically designed to encourage a culture of saving among Basotho.
“This account is intended to inspire people to start saving from as little as M50. It is designed to accommodate everyone, including low-income earners, small business owners and those operating in the informal sector.
“The platform is easily accessible through banking channels and we are working towards integration with mobile financial services to reach people who are not traditionally banked.
“We understand that people already have different ways of saving money. We are not competing with those options but rather offering a safer and more secure alternative,” she said.
Letshego Head of Product and Marketing, Motebang Moeketsi, outlined three investment packages available under the new product.
The first package, known as the Let’s Go Smart Account, offers flexibility, allowing customers to deposit and withdraw funds whenever they choose.
“This option is ideal for savings groups and stokvels that need a secure platform while maintaining easy access to their money,” Mr Moeketsi said.
The second package, the Let’s Go Flex Account, combines flexibility with higher returns.
“It is a hybrid product that offers improved investment returns while still allowing customers to access funds in emergencies.”
The third package, the Let’s Go Fixed Account, is a fixed-term investment product with a two-year commitment period.
“This option does not allow withdrawals before maturity and offers attractive long-term returns,” he said.
Letshego Chief Operations Officer, Bright Pita, said the institution had simplified the account-opening process while ensuring compliance with regulatory requirements.
“As a regulated financial institution, we are required to verify the identity and background of all account holders.
“Applicants will need proof of identity, proof of income and proof of residence. While these requirements are necessary, there are various accessible alternatives available to help Basotho meet them,” Mr Pita said.
Letshego also announced that a larger public launch event will take place on Friday. The celebrations will include a parade along Kingsway Street, culminating at Sefika Complex during the morning.
