Lesana lists on Maseru Securities Market 

Moroke Sekoboto 

Lesana Financial Services’ Medium-Term Note has been listed on the Maseru Securities Market (MSM). 

The landmark event was held yesterday at the Central Bank of Lesotho (CBL). 

The MSM is a government non-profit initiative implemented by the CBL. It was established to centralise the trading of financial securities and is part of broader financial sector reforms. The MSM aims to improve the country’s financial system, promote wider share ownership, particularly in previously privatized companies, and support the raising of medium to long-term capital. 

Lesana became the first company in the financial sector to be listed on the MSM, and only the second overall to have its securities listed on the platform. The first company to list was RNB Properties Limited, a local real estate firm, which listed its ordinary shares. 

The listing of Lesana’s Medium-Term Note on the MSM’s main board means that all issued securities of the same class can now begin trading on the market. This allows existing investors the opportunity to trade their holdings. Medium-term notes are debt instruments issued over time through a dealer, with maturities typically ranging from five to ten years. 

CBL Director of Financial Markets and Acting MSM Chief Executive, Matsabisa Thamae, said the listing forms part of broader financial sector reforms aimed at strengthening Lesotho’s financial markets. These reforms are also intended to promote broader share ownership in formerly privatised entities and enable the raising of medium- to long-term capital. 

Mr Thamae explained that Lesana’s listing opens up an avenue for investors to purchase securities on a regulated market, where prices and valuations are determined by market fundamentals. 

He further noted that the Capital Markets Regulations of 2014 established the legal foundation for the MSM.  

“These regulations and supporting instruments are designed to ensure a market that is fair, secure, orderly, and transparent. They also ensure investor protection and the proper licensing of all market participants,” Mr Thamae said. 

“The main objective of this platform is to enable the trading of financial securities in a secure and trustworthy environment that promotes investor confidence, while not being overly restrictive to the point of stifling market development. The MSM operates as a registered legal entity and, like international counterparts, follows a philosophy of self-regulation.” 

CBL Governor, Maluke Letete, praised the listing as a significant step in developing the country’s capital markets—particularly in expanding equity markets and the securities exchange. 

“Given the current economic conditions in Lesotho and the global outlook, our objective is to ensure the creation of an efficient market that offers a broad range of capital-raising opportunities for companies and investment opportunities for both individual and institutional investors. Lesotho is striving for sustainable economic growth, and the development of a securities market aligns perfectly with that goal,” Dr Letete said. 

“The global economy is not looking good, but we must remain resolute.” 

He also commended Lesana for its adherence to corporate governance, financial disclosure, and international best practices. 

For his part, Lesana Chief Executive, Seabata Ntelo, described the event as a historic milestone, not only for the company but also for the MSM, marking the listing of the first corporate paper on the platform. 

Mr Ntelo said the achievement was a testament to Lesana’s vision, resilience, and unwavering commitment to innovation, growth, and excellence. 

“As Lesana takes this bold step into the public markets, it opens a new chapter of opportunity—not only for the company but also for our investors, partners, and stakeholders. This listing reflects our confidence in the future and reaffirms our commitment to transparency, accountability, and long-term value creation,” Mr Ntelo said. 

He also expressed appreciation to policymakers and regulators for their crucial role in shaping the financial landscape. 

“The listing of Lesana Financial Services is not just a celebration of one company’s success; it highlights the immense potential of our local capital markets to fuel economic growth, foster innovation, and create inclusive opportunities. 

“In light of recent global developments—marked by volatility, geopolitical shifts, and evolving investor expectations—the urgency of building robust, resilient, and inclusive local capital markets has never been greater. This is especially critical given the growing uncertainty around continued aid and financial support from developed nations, particularly the United States.”