PULAMALIBOHO Financial Services (PFS), a new micro finance institution is scheduled to open its doors today.
The organisation is expected to help increase financial inclusion among local communities. The proprietors hope to do this by providing flexible and innovative financial solutions at competitive market-related interest rates.
It intends to target individuals, small businesses, societies, stokvels and cooperatives to offer personal loans and debt consolidation; housing loans; education loans; small business loans; emergency loans and home improvement loans.
PFS is owned by the People’s Savings and Credit Cooperative Society (People’s Saccos) and the Apex Association of Entrepreneurs, Cooperatives and Small and Medium Enterprises (AAECSME).
The AAECSME was launched in 2016 to unite and represent all entrepreneurs, co-operatives and small and medium enterprises (SMEs) in all strategic forums to enable them to meet their economic and social needs and aspirations. The association then formed a financial cooperative named the People’s Saccos in 2017.
People’s Saccos chairperson Tieho Mahlo said their dream has always been to develop a cooperative bank or commercial bank and establishing the microfinance institution was a step towards that dream.
“We realised that the Peoples Saccos has some restrictions that is why we registered a microfinance institution,” Mr Mahlo said during the virtual launch of PFS.
“For example, we could not list the cooperative (on the Maseru Securities Market) but that will be possible with a commercial financial institution. PFS will also be able to serve general members of the pubic.
“PFS will contribute towards closing a gap in the financial services market. The need for home grown, Basotho owned entities that can also offer tailor made products to Basotho cannot be overemphasised. In the same breath, Basotho are looking for relevant investment options from reputable and compliant entities.” Mahlo said.
Board chairperson ‘Matiisetso Libetso said: “We are excited to launch this initiative which will contribute to the national economy. Our organisation is for every Mosotho”.
“It is owned by Basotho and will offer its services to people from all walks of life, as well as various organisations.”
PFS offices are located at Options Building in Maseru. It is registered under the Companies Act of 2011 and licensed to trade as a microfinance institution by the Central Bank of Lesotho (CBL).