Lehlohonolo Motsoari
Nedbank Lesotho has introduced the Nedbank Zaca International Transfer service, allowing clients to send money instantly from South Africa to Lesotho via mobile phones.
The new service is in response to the frequently long queues of many people observed waiting to retrieve money from South Africa at the end of every month.
It is also expanding on the scope of the functions found in the Nedbank Mobi Money offering.
“With minimal requirements, more Basotho can now receive, send, and manage their money through their mobile phones,” said Nkau Matete, Managing Director of Nedbank Lesotho at the launch of the new service this week.
“Our mobile wallet, launched in 2022, continues to expand, reaching populations traditionally considered unbanked,” Matete added.
The Nedbank Mobi Money service has been enhanced through a strategic partnership with local company, Teenaar.
Many Basotho working in South Africa will benefit significantly from the new service, as it provides a convenient way for them to send money back home directly to their beneficiaries’ mobile wallets in Lesotho, according to Matete.
“I usually come across a lot of Basotho queuing for money in one of the shops in the country, and I am told that the queue starts as early as 3 am, and actually there is a price that some people pay for space keeping so in addition to paying that, there is also money to pay for money landing on this side,” he added.
Matete further noted that accessing the service requires only a Nedbank Mobi Money account—no traditional Nedbank bank account is necessary. The initiative aims to serve populations traditionally excluded from conventional banking services.
“This move is intended to broaden financial access in Lesotho. We believe that enhancing financial inclusion will benefit the nation and ensure that financial transactions are managed within systems regulated by the Central Bank of Lesotho,” he said.
Refiloe Manyatsa, the Managing Director of Teenaar, credited his wife for inspiring the system’s development.
“This idea was brought up by my wife back in 2019 when we observed long queues of people waiting to get money transferred from South Africa,” Manyatsa said.
The service, which had already been in operation for a week before its official launch, comes at a small transfer charge.
Summary
- The new service is in response to the frequently long queues of many people observed waiting to retrieve money from South Africa at the end of every month.
- Many Basotho working in South Africa will benefit significantly from the new service, as it provides a convenient way for them to send money back home directly to their beneficiaries’ mobile wallets in Lesotho, according to Matete.
- “I usually come across a lot of Basotho queuing for money in one of the shops in the country, and I am told that the queue starts as early as 3 am, and actually there is a price that some people pay for space keeping so in addition to paying that, there is also money to pay for money landing on this side,” he added.
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