SOUTH African financial services company, Akani Group, has officially launched its locally subsidiary, Akani-Lesotho.
The launch of Akani-Lesotho at Maseru Mall at the weekend adds to the growing list of pension fund administrative companies in Lesotho.
Akani-Lesotho had on 12 December 2022 been registered and issued with an operating license by the Central Bank of Lesotho in terms of section 59 of the Pension Funds Act of 2019.
“Akani Financial Services (PTY) LTD has been duly licensed as a Pension Fund Administrator by the Central Bank of Lesotho as the Regulator of Pension Funds in terms of section 59 of the Pension Funds Act, 2019 and Pension Funds (Registration and Licensing) Regulation, 2020,” states the company’s operational certificate.
“The license shall remain in force for a period of one year from the date of issue unless it is suspended or revoked by the Regulator of Pension Funds. The Regulator may amend the terms and conditions of such registration from time to time,” it says.
Since its establishment over two decades ago, Akani Group has evolved into one of the largest black-owned players in the financial services industry in Southern Africa; and is the brainchild of South African billionaire Zamani Letjane.
Speaking at the launch, Mr Letjane, who is the Akani Group chairman, said he was confident that his company would create waves in Lesotho’s financial services sector.
“We want to create employment and wealth for Basotho because they are our future clients. But we can only achieve that when we work hand in hand with other financial service providers,” Mr Letjane said.
The company had experienced some hurdles on its way to obtaining an operating licence but all had worked well in the end. It was now raring to go.
“We have been in Lesotho for many years but we were not registered (to offer a full spectrum of services). We had to wait until 12 December 2022 to get a licence. Patience has taught me as a businessman that timing is a critical quality to have when one has a vision,” Mr Letjane said.
The Akani Group took its corporate social responsibility obligations seriously by giving back to communities, Mr Letjane said.
“We have been able to help the less privileged in Botswana, South Africa and Lesotho where we have branches,” he said.
Services offered by Akani-Lesotho include employee benefit administration, family cover administration as well as other financial management options.