The Revenue Services Lesotho (RSL) and the Bankers Association of Lesotho (BAL) have entered into a three-year partnership aimed at streamlining cross-border payments, modernising revenue administration, and tackling financial crime in the process.
The agreement, signed in Maseru this week, marks a strategic alignment between Lesotho’s main revenue authority and the banking sector. Both institutions pledged to strengthen collaboration in order to boost tax compliance, improve financial transparency, and safeguard the country’s economy from systemic risks.
RSL’s Commissioner General ‘Mathabo Mokoko described the deal as a timely response to the economic, regulatory, and technological challenges confronting Lesotho.
“This collaboration will address complex issues such as tax compliance, transparency, financial formalisation, and safeguarding the financial system against crime and abuse,” Mokoko said.
She stressed that the initiative will place strong emphasis on expanding digital tax payment platforms, creating user-friendly systems for taxpayers and banking clients, and promoting efficiency in revenue administration.
The ultimate goal, she said, is to make compliance easier, payments faster, and public services more transparent.
“Our focus is to build a fair, resilient, and sustainable economy for Lesotho,” she added.
On his part, BAL’s Chairperson Nkau Matete echoed this position, warning of growing threats to the country’s financial system.
“This deal will build a financial system that citizens can trust, one that protects savings, secures transactions, and upholds the integrity of the economy,” Matete said.
He noted that a strong and secure financial infrastructure is key to maintaining public confidence and supporting the livelihoods of ordinary Basotho who rely on accessible and reliable banking services.
Beyond revenue collection, the agreement establishes a joint framework for assessing how tax policies influence banking operations, financial inclusion, and consumer welfare. Progress reviews will be conducted every three years, enabling the institutions to adapt to evolving challenges and opportunities.
The partnership is expected to be fully operational by mid-2026, with improvements set to reduce long queues, simplify administrative processes, and enhance service delivery in both banking and tax systems.
“By bringing our perspectives together, we can shape policies that are balanced, fair, and supportive of long-term development. This is ultimately about taxpayers, entrepreneurs, workers, and families whose futures depend on a stable, growing economy,” Matete concluded.
Summary
- The Revenue Services Lesotho (RSL) and the Bankers Association of Lesotho (BAL) have entered into a three-year partnership aimed at streamlining cross-border payments, modernising revenue administration, and tackling financial crime in the process.
- He noted that a strong and secure financial infrastructure is key to maintaining public confidence and supporting the livelihoods of ordinary Basotho who rely on accessible and reliable banking services.
- The partnership is expected to be fully operational by mid-2026, with improvements set to reduce long queues, simplify administrative processes, and enhance service delivery in both banking and tax systems.
Seabata Mahao is a general news reporter with special focus on Business and Sports. Started working at Newsday in 2021. Working in a team with a shared goal is what I enjoy most and that gives me the motivation to work under any environment leading to growth.
