Moroke Sekoboto
THE Revenue Services Lesotho (RSL) and the Bankers Association of Lesotho (BAL) have entered into a partnership to formally strengthen institutional cooperation and respond to regulatory and operational developments affecting both sectors.
The collaboration was sealed this week at Avani Lesotho through the signing of a Memorandum of Cooperation (MOC) between the two organisations, which represent key pillars of Lesotho’s economic and financial landscape.
RSL Commissioner General, Advocate Mathabo Mokoko, described the MOC as a statement of intent, not a mere ceremonial gesture, further declaring that the tax administration and the banking sector are united in their determination to build a stronger, fairer, and more resilient economy.
“This MOC represents a significant milestone. It recognises that neither RSL nor the banking sector can effectively achieve their mandates in isolation. The challenges we face today, whether economic, regulatory, technological or security-related, cut across institutions. They demand coordinated responses and a shared vision,” Adv Mokoko said.
She emphasised that the RSL’s mandate of collecting revenue fairly and transparently intersects with the banks’ mission to mobilise savings, extend credit, and provide financial services. This partnership, she said, acknowledges those intersections and commits to nurturing them.
“Through structured engagement, we will be better positioned to tackle issues such as tax compliance, transparency, financial formalisation, digital transformation, and safeguarding our financial system against crime and abuse.”
At the heart of the cooperation lies a drive to strengthen trust between taxpayers and revenue administrators, bank customers and financial institutions and, ultimately, Lesotho and the international community. One initiative advancing this is the use of tax clearance certificates.
“Tax clearance certificates are often viewed as a narrow compliance requirement. Yet we recognise that much of Lesotho’s economy operates informally. While this sustains livelihoods, it limits access to credit, insurance, and other growth-enabling financial products. Through this partnership, RSL and BAL will encourage the gradual formalisation of small and medium enterprises. By aligning banking processes with tax compliance, we will broaden the tax base while expanding financial inclusion,” Adv Mokoko said.
She also stressed the importance of digital innovation, saying the MOC places digital transformation at its core.
“Together, we will promote digital tax payments, expand e-payment platforms, and ensure interoperability of systems for the convenience of taxpayers and bank customers alike.
“We will also explore solutions for e-commerce, such as platforms that trace cross-border purchases to ensure compliance while protecting consumers from fraud.”
Adv Mokoko said the collaboration would make compliance easier, payments faster, and services more transparent, while also combating fraud, money laundering, and cybercrime.
BAL Chairperson, Nkau Matete, echoed her sentiments, saying the MOC seeks to strengthen institutional cooperation, promote digital transformation, improve cybersecurity, and foster data sharing and economic resilience.
“The MOC will also enhance tax compliance and transparency through financial system interventions, while contributing to broader national, regional, and international financial integration and reforms,” Mr Matete said.
He highlighted the joint commitment to tackling financial crimes.
“This partnership commits us to strengthening mechanisms for detecting fraud, building capacity to address cybersecurity threats, and countering financial crimes. We will share threat intelligence, support one another in skills development, and respond collectively to risks that threaten national economic security.
“In this way, we are building a financial system that citizens can trust – one that protects their savings, secures their transactions, and upholds the integrity of our economy.”
