In yet another groundbreaking development, Standard Lesotho Bank has introduced instant loans for Small and Medium Enterprises. This facility, which is part of the Bank\u2019s digital lending offering is a value-added service that allows business customers, especially small and medium enterprises, to access quick and hassle-free instant loans with no queues and very minimal paperwork. This new offering is an addition to digital lending that was introduced last year for personal clients.<\/p>\n
In order to qualify, business customers need to demonstrate a clean account conduct. Customers also have to maintain a clean credit record with up to date tax clearance and valid traders license. Qualifying businesses will receive SMS messages from the bank, then call Enterprise Direct Toll free line to access the funds instantly, upon confirmation of the One Time Pin (OTP).<\/p>\n
The instant loans offer is a response to the longstanding challenge on access to finance and the time it takes for manual loan applications to be approved, especially for Small and Medium Enterprises. With digital loans being processed within a day, the new solution also demonstrates and reaffirms the Bank\u2019s commitment to providing cutting edge solutions for Basotho businesses, so that they have more time to invest on growing their businesses than spending it in the banking halls. The solution also responds to the challenge of many business owners, who are predominantly sole proprietors when requiring lending to finance their working capital needs, where they will now be able to access instant loans without collateral and financial statements.<\/p>\n
The Head of Personal and Business Banking of Standard Lesotho Bank, Ms. Selloane Tsike says this innovative solution is proof that the Bank is intentional about breaking the barriers to finance for the business sector. \u201cAs a leading Bank, we are proud that we now have a quick and easy solution that provides SMMEs the much-needed loans that will surely help them to serve their clients better, grow and be more profitable. This not only helps their individual businesses, but the economy of Lesotho as a whole.\u201d Ms. Tsike also impressed upon customers to maintain good account conduct by honouring their loan obligations and other financial commitments at all times so that they can benefit from these fast and convenient loans. The solution has no human intervention but is highly automated. The system only takes into consideration account history and conduct and should an entrepreneur have a negative account status with regards to their obligations , they will not qualify,\u201d she emphasized. Tsike also impressed upon customers to maintain good account conduct by honouring their loan obligations and other financial commitments at all times so that they can benefit from these fast and convenient loans. \u201cThe solution has no human intervention but is highly automated. The system only takes into consideration account history and conduct and should an entrepreneur have a negative account status with regards to their obligations, they will not qualify,\u201d the statement further quoted.<\/p>\n
Digital loans offered by Standard Lesotho Bank are the first of their kind in Lesotho. They are a testament to the Bank\u2019s strategy towards digitization and customer centricity, delivering fit for purpose solutions that meet and exceed our clients\u2019 expectations.<\/p>\n","protected":false},"excerpt":{"rendered":"
In yet another groundbreaking development, Standard Lesotho Bank has introduced instant loans for Small and Medium Enterprises. This facility, which is part of the Bank\u2019s digital lending offering is a value-added service that allows business customers, especially small and medium enterprises, to access quick and hassle-free instant loans with no queues and very minimal paperwork. […]<\/p>\n","protected":false},"author":87,"featured_media":2015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[],"class_list":["post-2014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english"],"yoast_head":"\n