Africa-Press – Lesotho. With the rise of internet banking and the digitized financial services which gave rise to online transactions, those innovations are undermined by techno-savvy thievery.
It is against this backdrop that the Governor of the Central Bank of Lesotho (CBL) Dr. Retšelisitsoe Matlanyane has warned the users of digital financial services
to guard against cyber fraud. This she said at the launch of the money week on Monday. She said there is a heightened risk of cyber fraud further underscoring the need to address it.
Cyber fraud could be classified into two categories which are direct and indirect frauds. Direct fraud include credit or debit card fraud, money laundering and
salami attack. On the other hand, indirect fraud would include hacking, spam, advance fees and malware, phishing, pharming and credit or debit card fraud
identity theft. The Governor highlighted that the financial services should be digitized to allow for easy access and lessen the costs of travelling to access such services.
Dr. Matlanyane also challenged the insurance brokers to digitise their services, saying there is no need for people to physically access their services and the
former still write the receipts manually. She also appealed to the banking and insurance industries to address the issues on financial inclusion. While admitting the progress made on inclusion of women
and youth on financial services, she noted that Lesotho still lags behind when compared to other countries. Despite the Global Money Week (GMW) celebrated from March 22 to 28, Lesotho is
observing it through a series of fora where leaders from insurance companies, banking industry and development partners will engage in financial related
matters from April 19 to May 30. The 2021 edition is celebrated under the theme ‘Take care of yourself, take care of your money’. The Governor challenged the financial institutions to come up with the products
which will accommodate the Small Micro-Medium Enterprises (SMMEs) saying it is one of the hard hit sector by the Covid-19 pandemic. Dr. Matlanyane said that
the platform on money week should be used to make a “diagnosis” as to where Lesotho is financially. She made mention that the regulator, CBL, has designed Consumer
Protection Unit (CPU) to ensure that the “game is fair”. According to the globalmoneyweek. org website, this campaign has reached over 40 million children and youth in 175 countries.
The Bankers Association of Lesotho (BAL) Chairperson Molefi Leqhaoe echoed the Governor’s sentiments saying as bankers, they are alive to the challenges of
digital fraud. He appealed to client to exercise vigilance when transacting over the Automated Teller Machines (ATMs). BAL Chairperson also cautioned the
bank clients to sign their cards and guard safely their identification. He further cautioned them to look out for the suspicious people when withdrawing at the
ATMs. “It is very important for us as the banks to provide financial literacy for our customers. ” Leqhaoe also mentioned that as bankers they will mount a 24
hours toll free services to assist their clientele. The Insurers Association of Lesotho (IAL) Representative Mokhápheka Lazaro said they will engage research to address challenges facing their industry and
enhance their services. Lazaro said the insurance industry is trying to find solutions which are relevant for the economy, adding that financial inclusion as driven by the CBL is important.
He said they are in talks with the banks to take into account the risk profile of their clients. He further promised that the industry will widen the variety of products to reach
wider clientele. Launched in 2012, GMW is a global initiative commemorated annually to raise awareness on the importance of financial discipline from an early age and the acquiring of knowledge and skills in making informed financial decisions thus attaining financial resilience state.
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