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Standard Bank CEO Pledges Support to Street Vendors

The Chief Executive Officer of Standard Lesotho Bank who is also Chairman of the Bankers’ Association in Mpho Vumbukani has reaffirmed support to street vendors in the country and assured them of stronger and further cooperation with Standard Lesotho Bank.

Speaking during the launch of Money Month at Maseru Avani on Monday (25/03/2019), Vumbukani labelled hawkers and street vendors as an integral part of the nation playing an important role in the country’s economic development.

Vumbukani was responding to a representative of street vendors who had asserted that most   vendors were not banking their money due to lack of knowledge on processes of opening bank accounts and the importance of saving money in banks.

He invited the vendors for further discussion on how banks could assist them in opening savings accounts and how to develop business plans to enable them venture into big businesses.  He therefore proposed a further meeting with street vendors which would be meant to empower them.

“As Bankers Association which represents FNB, Standard Bank, Lesotho Post Bank and Nedbank we are pleased to be part of the launch of money month. We have partnered with Central Bank of Lesotho to ensure financial inclusivity for the nation. It is very critical to engage with literacy programs that provide financial skills to all members of society,” said Vumbukani.

He reiterated the importance of financial literacy for economic development saying, “we need to position ourselves to make the services inclusive and affordable.”  He acknowledged that financial exclusion happens in the rural areas hence the need to embrace the digital era.

Vumbukani also emphasised the importance for people from different sectors to participate in building the country’s economy saying this can only happen when people are financially literate.

His words were echoed by the representative of street vendors Tsólo Lebitsa who said there was a lot of money amongst street vendors which banks were missing out.

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