Nedbank Lesotho has announced the launch of the Nedbank ZACA International Transfer service, marking a significant milestone in its history and in the financial landscape of Lesotho.
The service enables the bank’s clients to transfer money from South Africa into Lesotho. The bank got approval from the Central Bank of Lesotho and the Reserve Bank of South Africa.
According to Nkau Matete, the managing director of Nedbank Lesotho, this launch is a pivotal development for both Nedbank and the people of Lesotho.
Matete noted that the new service addresses the need for accessible financial services and demonstrates the bank’s commitment to supporting the economy through inclusivity.
Nedbank Lesotho’s goal is to democratise financial services by providing tailored options for various demographics, he indicated.
“The introduction of the Nedbank ZACA International Transfer aligns with this mandate.
“Building on the success of our Nedbank Mobi Money, which was launched in 2022, this new service expands our reach, offering greater convenience and accessibility,” he said.
Matete explained that Nedbank Mobi Money has already proven to be a valuable tool for many Basotho, allowing them to manage their finances directly from their mobile phones.
Through their strategic partnership with the Basotho-owned fintech company Teeenaar, the bank is enhancing this service to facilitate international remittances.
He said this partnership ensures that Basotho living abroad can now send money back home directly into the mobile wallets of their families, without the need for a traditional bank account.
“This collaboration underscores our commitment to unlocking more value for our clients, particularly those who have historically been underserved by conventional banking services.
“We have worked diligently with Teeenaar to ensure that this service effectively meets the needs of the marginalised segments of our population.
“We are excited about this new chapter and look forward to a productive partnership with Teeenaar, as we continue to overcome the challenges people face in accessing financial resources.
“We will observe all the anti-money laundering provisions that they had to comply with,” Matete added.
Nedbank Lesotho’s head of marketing and communications, Sekonyela Matamane emphasised the importance of evolving with technology to better serve the Basotho community.
Matamane said as technology advances and more devices become available to people across Lesotho, Nedbank Lesotho is committed to broadening its value propositions.
He pointed out that the bank’s digital solutions are not limited to just banking mobile apps as they aim to ensure that everyone, no matter their location in the country, can access our services more easily.
“In line with this vision, Nedbank Lesotho has introduced innovative solutions to enhance financial accessibility.
“One such solution is the mobile app My ZACA, available on the Google Play Store.
“This app enables individuals in South Africa to send money directly to Lesotho, simplifying the remittance process and extending convenience to users,” Matamane explained.
