ECONET Telecom Lesotho (ETL) and Standard Lesotho Bank (SLB) will today launch a new mobile money platform that enables their customers to transfer funds via the EcoCash Spache-Fono platform.
Dubbed, Bank to Wallet, the first of its kind facility allows SLB account holders to deposit money directly into their own EcoCash Spache-Fono wallets or those of family and friends.
In order to transfer money, the SLB account holder must be a registered Mobile Banking subscriber. Any registered EcoCash subscriber will be able to receive money through this service.
According to a press statement released ahead of the launch yesterday, Bank to Wallet was part of the two companies’ concerted effort towards interoperability and financial inclusion.
“Bank to Wallet service is providing a one-stop-shopping experience where the bank has collaborated with ETL to bring convenience to the customers with all services within the reach of their mobile phones; it also offers them the best value for money,” the statement read.
SLB Chief Executive, Mpho Vumbukani, said the financial services provider was embracing telecommunication technology to remain competitive in the market.
“As a bank, we are aware of the way in which technology has transformed development in all its facets, which also includes banking,” said Mr Vumbukani.
“This new offering is testament to the fact that Standard Lesotho Bank has a big appetite for technological advancements that makes banking more convenient for our customers.”
He added: “Most importantly, we also welcome this development as it has brought us together with Econet Telecom Lesotho to find how best we can improve the lives of our customers. We are grateful for this collaboration because as we move forward, service is what differentiates us from the others.”
On his part, ETL CEO Leon De Fleuriot said the initiative was meant to ensure the telecommunications giant increases convenience for its customers.
“For Econet, this is yet another milestone that we have reached in our attempts to ensure the widest possible access to financial inclusion for our customers,” he said.
“The partnership with Standard Lesotho Bank is a further step in making it easy for our customers to access money anytime, anywhere.”
Mr De Fleuriot said the “unparalleled convenience” the Bank to Wallet platform would provide was worthy of being applauded by ETL and SLB customers as it was in their best interest.
He said EcoCash was a well trusted brand and innovative mobile money service in Lesotho and urged customers to make use of the facilities to save them time and money.