Respite for Standard Bank clients
CLIENTS of Standard Lesotho Bank (SLB) have been respite from the challenging economic environment after the bank resolved not to increase service fees for personal accounts and small businesses in 2018.
This was revealed by the Standard Lesotho Bank Chief Executive, Mpho Vumbukani, who said this week that SLB had a made a decision to maintain its banking fees and charges at a flat rate based on 2017 pricing.
Mr Vumbukani said the main reason for maintaining the flat rates was the bank’s commitment to the national agenda on financial inclusion to enrol Basotho into financial services that are affordable and accessible to all.
He said that keeping the rates low was another way of SLB giving back to its loyal clients in 2018 as the bank will be absorbing inflation costs of banking services on their behalf.
“With January being the beginning of our financial year, our practice is that we publicise increases in banking fees in line with inflation, which has been hovering around 5 percent to 6 percent towards the end of last year, Mr Vumbukani said.
“This year we have made a decision not to adjust our fees and charges for individuals and small businesses,” he added.
He said the gesture was in support of the national initiative towards financial inclusion and the promotion of small and medium enterprises.
Mr Vumbukani further said that the bank had also improved its value proposition with the introduction of bundled pricing options that give customers the liberty to choose between the convenience of a flat monthly fee that comes with a selection of free services or the pay-as-you-transact models that charges on each transaction.
Meanwhile, Commercial Business Banking and Corporate and Investment Banking clients will have their fees increased by 6 percent across the board. This increase is at par with projected inflation rates for 2018.