Lesotho PostBank (LPB) is 100 percent owned by the Lesotho Government and prides itself on being an indigenous bank that is wholly managed by Basotho. It was founded to provide banking services to under-banked and unbanked Basotho in both rural and urban areas and remains committed to its mandate of answering the challenge of financial exclusion in the country.
Licensed by the Central Bank of Lesotho, the LPB was incorporated in 2004 and started its operations in 2005, offering savings and deposit-taking services. In 2010 it diversified into lending and in 2012 introduced electronic transacting services. To date, PostBank has rolled out 15 branches and ATMs in Maseru, TY, Maputsoe, Hlotse, Butha-Buthe, Mokhotlong, Qacha`s Nek, Quthing, Mafeteng, Roma, Thaba-Tseka and Semonkong.
Since starting operations, the LPB has attracted a substantial client base and has introduced additional products to address the diverse needs of its customers. While retaining the book-based savings account, it has also introduced debit cards for transacting business. In addition to the introduction of new products, PostBank now segments its customers into retail and business and offers products that suit those distinct portfolios.
The Bank successfully upgraded its core banking system, Flexcube, in May 2017 replacing the system that was implemented in 2005 which was obviously obsolete and provided limited service excellence. The current system is guaranteed to meet the needs and the expectations of the customers.
Following this implementation, the Bank embarked on a project to introduce digital channels thereby transforming the channels landscape of the LPB. These channels include Mobile Banking, Internet Banking, Mobile Wallet, Merchant Swiping, and Agency Banking.