Lesotho PostBank will 17 May 2019 launched a new mobile wallet service, as it continues to establish itself as a credible player in Lesotho’s banking sector.
A mobile wallet is a virtual wallet that stores payment card information on a mobile device. Mobile wallets are a convenient way for a user to make in-store payments and can be used at merchants listed with the mobile wallet service provider.
The mobile wallet is an app that can be installed on a smartphone or it is an existing built-in feature of a smartphone. A mobile wallet stores credit card, debit card, coupons, or reward cards information. Once the app is installed and the user inputs payment information, the wallet stores this information by linking a personal identification format such as a number or key, QR code or an image of the owner to each card that is stored.
The bank is known for providing services to under-banked and unbanked Basotho from both rural and urban areas and their new project, Khetsi, seems to be the perfect way to address the ever-changing needs of the people of this country.
The mobile wallet will be accessible to both Vodacom and Econet consumers who will have the advantage of purchasing airtime at the lowest charges. Other services include cardless withdrawals, sending and receiving money in your bank account, utility payments, bill payments, merchant payments as well as community loans and savings.
The Khetsi application can be found on Google play, App Store and Windows Store and non-smartphone users can use the unstructured supplementary service data by dialling *120*222
According to Lesotho PostBank head of business banking, Mamohau Mapota, Khetsi will be also be available to people who do not have an account with the bank. However, she advises that loans will however, be granted to the bank’s clients only.
“There are unfortunate moments when automated teller machines are unable to assist customers. With Khetsi we will also have agents based all around the country in our branches where clients from even the rural communities can withdraw or deposit money into their accounts. This facility is called Send Money,’’ she said.
Three hundred and fifty agents have been employed, 180 of whom will be based in Maseru alone.
‘’We are a government-owned, Basotho bank and our mandate is financial inclusion. We not only want our clients to receive reasonable services, but we also want them to have proper control over their finances without struggling. In addition, we can guarantee that this mobile wallet is sustainable,’’ she concluded.