Africa-Press – Lesotho. Vodacom Lesotho (VCL) announced on Monday that its M-Pesa division will now operate under a new set up and independent company known as VCL Financial Services.
Authorised by the Central Bank of Lesotho (CBL), the entity will be a licensed financial services provider, fully owned by Vodacom Lesotho. Launched in 2013, M-Pesa has
grown from only 1,900 registered customers to over 1 million, with monthly transaction values surpassing M1 billion. Speaking at the launch, Vodacom Lesotho Managing Director Mohale Ralebitso stated that
M-Pesa has come so far as a revolutionary financial service and driver of financial inclusion and economic empowerment. “Initially only two products were
available, now we offer everything from savings and insurance products to cross-border transfers and ticketing, amongst others. What’s more, we now have
over 8000 agents and more than 3000 merchants across the country,” he stated. He also said that given the backdrop of global economic decline, the natural next
step was to make M-Pesa an independent entity, ensuring that it is well-positioned to deliver on its growth ambitions. On the other hand, Vodacom Lesotho previous M-Pesa Executive Head, who is now VCL
Financial Services Head Ms Palesa Mphunyetsane added that the move enables the brand to further diversify its product offering, with the aim of becoming a
fully-fledged financial services institution. “This will see us bringing more solutions to the market, helping to address a number of societal challenges
regarding payments and collections. Our focus will be on savings and investments; lending solutions for individuals and Small, Medium and Micro Enterprises (SMMEs); wealth management, payments and collections; and the
digitisation of services. From a customer point of view, all branding, support structures, contacts and infrastructure will remain the same”, she noted.
Mphunyetsane also said Vodacom Financial Services will place significant emphasis on ensuring that enhanced governance and controls are put in place through the
establishment of various departments, including risk, internal auditing and anti-money laundering and by strengthening strategic partnerships with relevant
institutions. “Basotho have been able to send and receive money, buy airtime and bundles, pay utility bills, create savings groups and perform international
money transfers, all thanks to M-Pesa. We look forward to the next milestone in our journey and cannot wait for customers to see what our expanded solutions
portfolio has to offer, and how it will transform their lives for the better,” she informed. In continuation, Vodacom Lesotho Chairperson of Board of Directors Lebola Lebete said
2021 is a momentous year for Vodacom Lesotho as they celebrate 25 years of
existence and they are proud to record significant milestones during that period of unprecedented growth. In 1996 when Vodacom Lesotho started its operations
in Lesotho, Mobile communications technologies were fast taking the world by storm, but were still not fully understood and appreciated in the country.
“As drivers of digital inclusion we are conscious to make sure that every Mosotho
becomes an important planner, contributor and beneficiary of digital conveniences whether as a learner, farmer, herdman, politician, housekeeper, repairman, taxi driver and many more.
We are key to progressively remove barriers in digital inclusion being in accessibility, availability or affordability. This is meant to empower individuals and organisations to improve their digital literacy through the acquisition of ICT skills and tools,” he said.
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