Africa-Press – Lesotho. The Central Bank of Lesotho (CBL) together with the Ministry of Finance have officially launched the Finscope Consumer Survey 2021. The survey is aimed to measure levels of
financial inclusion and describe the landscape of access thus identifying the drivers of and barriers to the usage of financial products and services.
It is also intended to stimulate evidence-based dialogue to ultimately lead to effective public and private sector intervention that will increase and deepen financial
inclusion. The Ministry of Finance Deputy Principal Secretary Rethabile Maluke said the launch of the Finscope Consumer Survey has brought together a rich mix of public institutions and private sector with the
common course to promote financial inclusion across all sectors of the population. She added that the Lesotho Finscope Consumer Survey 2021 is focused
on data collection and it was carried out from mid December 2020 to the end of March 2021 as a joint project financed by Ministry of finance and CBL. “This is
the second survey in a decade following the one that was conducted in 2011. The scope of the survey covered four national regions being the lowlands, highlands,
foothills and the Senqu River valley,” she said. Maluke further noted that the survey address financial behavior, household structures, households livelihoods and financial
products. Finscope covers general money matters –both formal and informal financial services products and providers, digitization which includes e-payment, savings
and investments, credit and loans. “It also assists in establishing credible bench marks and indicators of financial inclusion while at the same time providing insights into marketing obstacles to growth and highlighting
opportunities for policy reforms and innovation in product development and delivery,” she said. Speaking at the launch, CBL Governor Dr. Retšelisitsoe Matlanyane said the successful implementation of the Finscope
Consumer Survey 2021 is the testimony of the cooperation that they have as institutions. She added that the survey was conducted during COVID-19 restrictions that somehow halted its speedy
progression. She thanked every Mosotho who successfully participated in answering the questionnaires. “It is through these responses that we were able
to compile the report that we are launching today,” she said. Matlanyane further informed that the survey presents the demand, access, usage and general behavior towards financial
services by the population in the country. She noted that these results are expected to stimulate evidence based dialogue that will ultimately lead to
effective policy as well as private and public sector interventions that will work to deepen and broaden financial inclusion in our country. The Governor said it would be interesting to
see where they are and how the interventions they have put in place have changed the landscape and the financial services sector in the country. She added that among the remarkable developments by the CBL is the licensing of the
mobile money in Lesotho, which became a game changer in the financial landscape. She pointed out that that segment of the sector has grown significantly over the years.
Minister of Finance Hon. Thabo Sophonea said this is the second FinScope Consumer Survey 2021 in Lesotho since 2011 under the theme ‘Partnering Towards a Common Purpose’.
Sophonea further said it has not been an easy road as the survey was conducted under very stringent conditions and peculiar circumstances occasioned by the COVID-19 pandemic.
However he said their resilience has paid off as they are launching and celebrating their successful journey. He said since 2011, numerous financial inclusion initiatives
have been implemented and these include, the Rural Financial Intermediation Programme 2008/2015 which was aimed at deepening rural financial intermediation
and strengthening structures working with rural communities. The Support to Financial Inclusion in Lesotho (SUFIL) project followed and increased coordination in the sector by establishing structures which ensure involvement
and participation of all financial sector players in all financial sector initiatives, and the launch and celebration of ‘Lesotho Money Week 2013’ financial education campaign, which continues to be celebrated annually to date.
On mobilization of savings and extension of credit to community groups through a loan management system, the minister said; “This was yet another effort of ensuring that financial inclusion is deepened for
different groups of the population particularly the rural and the poor,” he said. This project did not only intensify use of mobile money as an alternative for the unbanked and under
banked, but it stimulated use of mobile money for payment of goods and services, thus resulting into creation of an ecosystem of mobile based payments.
He thanked everyone including the Development Partners, the Private Sector and Government Agencies who supported this noble agenda and he said their efforts have not gone unnoticed and are highly appreciated.
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