The Central Bank of Lesotho (CBL) has unveiled its 2024-2027 strategic plan, charting a bold new direction with a strong emphasis on digital transformation to enhance monetary stability, financial inclusion, and consumer protection.
With global financial systems evolving at a rapid pace, CBL’s new strategy seeks to ensure that Lesotho remains resilient in the face of both local and international uncertainties.
During the recent launch of the strategic plan, CBL Governor Dr Maluke Letete emphasised that the current global financial landscape is marked by complexity, technological advancements, and uncertainty, which requires central banks to be agile and forward-thinking.
“The current global landscape is complex and unpredictable, and it necessitates that central banks be proactive in advising governments and safeguarding the integrity of the financial system,” Letete said.
The strategic plan, designed for a shorter timeframe of two to three years, is particularly responsive to rapid global changes and emerging challenges.
“This strategy is designed for a shorter timeframe of two to three years to adapt to rapid changes, particularly unpredictable global factors such as the policies of the United States of America,” Letete explained.
At the heart of the new plan is a commitment to digital transformation, an area that CBL sees as pivotal in modernising the financial system and improving financial services for consumers. The CBL’s digital focus will enhance its regulatory and supervisory capabilities while also driving financial inclusion across the country.
Letete highlighted the importance of digital tools in increasing transparency, access, and efficiency in financial operations, ultimately benefiting both businesses and consumers.
“As central bankers, we must protect our integrity and ensure that monetary systems are fully safeguarded. This strategy represents our commitment to finding innovative solutions in an uncertain world,” Letete noted.
In line with its digital direction, the CBL has also launched a new website that represents a significant milestone in its digital transformation journey. The website is designed with user experience in mind, offering a modern interface, improved accessibility, and a wealth of resources for stakeholders.
It serves as a platform for transparent communication and engagement with the public, underscoring the bank’s commitment to openness and accountability.
The new website is not just a digital upgrade but a testament to the CBL’s long-term focus on digital innovation as a core element of its strategy. It is designed to enhance public awareness and provide easier access to information, further facilitating CBL’s role in educating and engaging the public on financial matters.
While digital transformation is a key focus, the CBL’s strategic plan also targets other critical areas, such as safeguarding monetary and financial stability, improving organisational capacity, and enhancing governance structures.
Letete pointed to the bank’s achievements in the past, including winning an international award for the best-designed banknote and strengthening consumer protection mechanisms despite the challenges posed by the COVID-19 pandemic.
“We have also strengthened governance at the board, committee, and management levels to ensure financial stability within CBL,” he said.
Letete outlined that the strategic plan aims to address emerging challenges and improve the bank’s adaptability to an ever-changing global landscape.
“We are focused on digital transformation, robust research, and securing long-term financial stability. This includes ensuring price stability and protecting consumers in a volatile global economy,” he emphasised.
Seabata Mahao is a general news reporter with special focus on Business and Sports.
Started working at Newsday in 2021.
has an Associate Degree in Journalism and Media.
