Lesotho: Standard Bank launches instant loans for SMEs

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In another groundbreaking development, Standard Lesotho Bank (SLB) this week introduced Instant Loans for Small, Medium and Micro Enterprises (SMMEs).

The facility, which is part of the bank’s digital lending offering, is a value-added service that enables business clients, especially SMEs, to access “quick and hassle-free instant loans without queues.” ‘waiting and with a minimum of paperwork’.

“This new offering is in addition to digital loans that were introduced last year for retail customers,” a bank statement said yesterday.

“To be eligible, business customers must demonstrate good conduct on their account. Customers must also maintain an impeccable credit history with an up-to-date tax clearance and a valid merchant license.

“Eligible businesses will receive text messages from the bank and then call the Enterprise Direct toll-free line to access funds instantly upon confirmation of the One-Time PIN (OTP).”

Providing instant loans is a response to the long-standing challenge of accessing finance and

the time required for manual loan applications to be approved, especially for SMEs. With digital loans processed within a day, the new solution also demonstrates and reaffirms the bank’s commitment to delivering cutting-edge solutions to Basotho businesses, so they have more time to invest in growing their businesses than they do. spend it in banking rooms, the statement said. noted. “The solution also addresses the challenge of many business owners, who are primarily sole proprietors when they need loans to finance their working capital needs, where they will now be able to access instant loans without collateral or financial statements. . “

Selloane Tsike, head of personal and business banking at SLB, said the innovative solution was proof that the bank was aggressively breaking down barriers to funding for the corporate sector.

“As a leading bank, we are proud to now have a quick and easy solution that gives SMEs the loans they so badly need that will surely help them serve their customers better, grow and be more. profitable. This not only helps their individual businesses. , but the economy of Lesotho as a whole, ”Ms. Tsike said.

She also urged clients to maintain good record keeping by honoring their loan obligations and other financial commitments at all times so that they can benefit from “these quick and convenient loans.”

“The solution has no human intervention but is highly automated. The system only takes into account the history and conduct of their account and if an entrepreneur has a negative account status with respect to their obligations, they will not be not eligible. “

The digital loans offered by SLB are the first of their kind in Lesotho.

“Digital loans are a testament to the bank’s digitization and customer-centric strategy, delivering purpose-built solutions that meet and exceed our customers’ expectations,” the bank said.

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