Standard Lesotho Bank / Enterprise Africa

STA NDA RD LE S OTH O BA N K

STANDARD LESOTHO BANK

Striving to Reach and Include

Every Lesotho Citizen PRODUCTION: Benjamin

Southwold

Standard Lesotho Bank (SLB) is the largest bank in the country, and reaps the full benefits of its association with the Standard Bank Group, Africa’s largest banking group.

Newly-appointed CEO Anton Nicolaisen is perfectly placed to talk us through the unique challenges of the territory, and the opportunities for the bank to craft solutions, bringing new ways of banking and financial inclusion to even the remotest customer.

2 / www.enterprise-africa.net

© Standard Bank

INDUSTRY FOCUS: FINANCE

//

SLB was rocked by the passing in October 2020 of its CEO Kenrick Cockerill, following a short illness. Following a glittering 32-year career with the Standard Bank group, in which he had held several key leadership and specialist roles in the likes of South Africa, Botswana, Nigeria, Kenya and Mozambique, Cockerill was appointed to the position in April of last year, until then CEO at the Standard Bank in Tanzania.

The bank described the huge sense of loss at his passing, and the value of his wealth of experience. “Kenrick Cockerill’s untimely death is a great loss to the bank, our staff and the banking industry in general as we were looking up to him to improve the experience of our customers across all our points of presence. The board, management and staff of the

bank conveys their heartfelt condolences to his family. He will be truly missed.”

Seeking a successor to a role of this import represents a colossal challenge in any situation; in these most tragic of circumstances it becomes nearinsurmountable. However, after Thabiso Tšenki’s spell as acting Chief Executive during the recruitment process for a substantive CEO, up stepped Anton Nicolaisen to take the helm in March 2021.

THE RIGHT SUCCESSOR The pinnacle of his own 32-year career history with the Standard Bank Group, Nicolaisen has already fulfilled a number of key leadership roles within the bank, developing and demonstrating the esoteric skills and abilities to lead a financial services organisation of this stature, along with an infectious, pure

// LESOTHO IS STILL DEEPLY ENTRENCHED IN ITS CULTURE, WHICH MEANS THAT WE REALLY HAVE TO LOOK AT HOW WE CREATE VALUE AND REACH CUSTOMERS // enthusiasm for the company and sector as a whole.

“I am a career banker,” Nicolaisen states, “having joined Standard Bank just as I was finishing my initial degree.

I immediately loved banking and, as I always say, I truly think that banking found me - it was the perfect match for my personality and love of structure and discipline, which are some of the core principles in becoming successful in the industry.”

“As I furthered my studies the bank then took me on a journey to some unbelievable places, through remotest South Africa, until I ultimately found myself in Gauteng having spanned the whole country and multiple units within the bank. Banking is such a multi-faceted business that you have incredible exposure to different people and aspects of the industry,” Nicolaisen says of the rich vein of experience this has allowed him to accrue.

“When this opportunity came about I went through the recruitment process and, ultimately and luckily, was deemed the right successor by the Board,” Nicolaisen explains. “It has always been on my bucket list to get exposure in other geographical areas than South Africa alone, and one thing I always tell people both within and outside of the Standard Bank Group is how many awesome opportunities are there waiting to be seized, to allow you to live out these dreams.”

Continues on page 8

4 / www.enterprise-africa.net

ECONET TELECOM LESOTHO

Pioneering Digital Solutions For Sustained Growth The past year-and-a-half significantly affected the business community, not only through the abrupt disruption of services, but particularly regarding growth and expansion plans that were in the pipeline. Econet Telecom Lesotho however has learned to pivot, and fast.

Econet Business Head of Department, ‘Mathato Nthontho said despite the world coming to an abrupt halt, they’ve managed to increase revenues.

“On the onset of the pandemic, we sped up digitization of our entire operations as a telecommunications provider including the support we provide to other businesses” said Nthontho She mentioned that the uptake of Direct Internet Access products and PABX solutions increased as more companies embraced the new normal and started running operations from the homes of the employees.

“There was an imminent necessity to have dedicated lines for uninterrupted connectivity, especially during peak hours when there is high traffic on the network” she added The company managed to roll out new products such as e-learning packages to support schools, teachers and students learning remotely. “This particular product has been well received as it was important for us to provide a solution that was accessible for all Basotho, affordable and fit-to-task” she stated “ Due to the resounding success, they’ve since extended its availability Nthontho happily mentioned that rebranding of their corporate sales department to Econet Business is one of the successful milestones they’ve reached this year. “This initiative is aimed at re-introducing the division to Lesotho’s business market, as well as rolling out new digital products for improved service delivery” promised Nthontho She further explained that they set up experiential booths in two (2) malls for a duration of two (2) weeks after the actual launch date as an effort to present scenarios for Econet customers to see, touch and check to appreciate all the digital gadgets that will work in tandem with existing data products and wifi packages. These include the Google Home

Hub; a virtual voice-controlled assistant to automate those tedious tasks like closing the curtains, turning on the lights, television, central heating, and even the surveillance camera software. “These are simply connected through an app on the customer’s phone using our high speed data or fibre package to make life a lot more convenient” she admired Econet Business digitized access to consultants for business enquiries with the launch of a dedicated Microsoft Teams and Zoom link that can be accessed from the company’s website www.etl.co.ls.

She explained that the service allows key account managers to assist clients effectively without having to schedule an inperson consultation, that would otherwise involve travelling time & cost. “At the click of a button, a client can reach their account manager” she cheered.

Another milestone has been the refurbishment of the existing system; the Self Service portal. This is an allinclusive account management portal for customers to carry out various functions such as sharing data with other Econet subscribers or across multiple devices, viewing account balances or purchasing voice and data bundles.

Nthontho explained that their focal point moving forward is to be the leading provider for digital solutions in Lesotho.

“You’ll notice this in the distinctive way we’ve changed communication with our customers” she said Additional channels introduced include a live chat function on our website is an alternative to dialing our contact center 100 and dedicated WhatsApp text line +266 66 100 100. “We are doing all these to encourage and create a supportive system for Basotho to embrace the digital experience” explained Nthontho She concluded that they have a lot of exciting new projects in the pipeline to make life a lot more convenient for their patrons.

“As the world adapts to the new normal, we too will continue introducing new products and migrating services to virtual” she added.

THE RIGHT FIT FOR YOUR UNIFORM NEEDS They serve as brand touchpoints that create lasting impressions on customers and boost staff brand ambassadorship. And yet, uniforms can feel like an unnecessary expense – and at times, a headache. Hloba Clothing can help.

Hloba has a reliable track record of building lasting relationships with trust and honesty at the foundation. Our clients are our main focus as we partner with them to build custom processes and solutions that meet their specific needs. We understand that different businesses require different kinds of support. And our responsive approaches to our clients’ needs ensure that we align ourselves with their vision and enhance their strengths.

SERVICES: • Design and planning of a wide range of garments and accessories • Diverse manufacturing capabilities based in KwaZulu-Natal, South Africa • Community employment through our subsidiary company • Uniform fittings for the right fit • Warehousing with local and international distribution capabilities • Easy-to-use online ordering portal • BBBEE Level 2 compliance Contact us and find out how we can tailor our uniform services to your needs.

E: info@hloba.co.za | T: +27 31 700 5550 3c Westgate Industrial Park, Stockville Road, Marianhill, KwaZulu-Natal, South Africa

A MEMBER OF THE

H L O B A . C O . Z A

INDUSTRY FOCUS: FINANCE

CEO Anton Nicolaisen

© Standard Bank

Continued from page 4 Amid the challenges and conundrums of the ongoing tumult, the customer is at the forefront of the new CEO’s concerns. “The current environment is truly tough from a human point of view, especially as the third wave continues to punish us hard. The exciting part is the opportunities that this presents, specifically for Lesotho.”

// WE WANT TO MAXIMISE OUR USE OF THE DIGITAL APPROACH AND SEE OUR PLATFORMS AS A KEY WAY TO REACH CUSTOMERS ESPECIALLY IN THE RURAL AREAS // 8 / www.enterprise-africa.net

“Looking at how as a country to become more economical and sustainable, addressing unemployment and financial inclusion - these are key things which hold a lot of promise, and we are relishing the chance to be part of this next phase upon which the country is embarking.”

REACHING REMOTE CUSTOMERS The move to Lesotho gives Nicolaisen a unique ability to assess and compare the two modes of operation, drawing some surprising conclusions along the way. “As might be the expectation, in the South African context there are certainly some things which are further ahead,” Nicolaisen says, “but actually, I came into Lesotho and found that other aspects of the business are moving forward much more quickly.”

“I have learnt never to assume that one will automatically be better than the other, because there were some very distinct advancements that the Lesotho team had made that were brilliant.”

Lesotho presents some uniquely

enticing opportunities and dynamics in terms of revolutionising customer experience, Nicolaisen goes on. “It is a country where the majority of the population is still in rural areas. Lesotho is still very deeply entrenched in its culture, which means that we really have to look at how we create value, in terms of financial inclusion, reaching these customers and allowing them to transact financially in the way they wish to do so.”

“I am a big believer in identifying the customer need and then finding the solution for it - not the other way around.”

“There are some definite improvements that we have earmarked in responding to these areas we have identified in terms of customer reach,” Nicolaisen goes on. “We are launching initiatives to give us greater mobility, for example the ‘bank on wheels’ that we are already deploying through the country - a fully functional branch, and a first of its kind.”

“We are also starting to model how our physical representation will

STANDARD LESOTHO BANK

look versus the virtual. We have tilted a little towards the virtual space, using platforms to reach our customers, as opposed to a channel approach.”

PRIORITISING DIGITAL PROGRESS “We want to really maximise our use of the digital approach, and we see our platforms as a key way to reach customers especially in the rural areas,” Nicolaisen reveals of the digital push SLB will sustain. The launch in March 2020 of data-free access on its Standard Bank app and internet banking exemplified this, allowing clients who are Vodacom subscribers to access both platforms at no cost.

“We are extremely delighted to introduce this development during such a critical time when we are facing the COVID-19 global outbreak. This new offering comes at a time when we are encouraging clients to reduce instances of going into branches and ATMs,” said Selloane Tsike, Head of Personal and Business Banking, urging others to join the more than 70% of clients who enjoy

data-free online banking access to the bank’s services at their convenience.

“We want to give our customers easy solutions which they can access not only through a smartphone app, but also through USSD to create an experience for that customer that makes them feel part of the financial system,” Nicolaisen stresses. This combination of platforms, both app-based and those using USSD, combined with high teledensity in Lesotho, will help drive the next digital push for SLB. “We have a new product ready to go which we will hopefully launch this year,” Nicolaisen details. “In this tough business environment it is critical to prioritise and make sure that the customer reaps value from the new initiative. They must actively want to use that solution in order to reap the benefit from a business point of view.”

“This is certainly the case with the platform that we are set to launch, and will spur the constant development of our smart app to keep improving functionality and facility.”

Nicolaisen is the first to admit that there is still some way to go in overcoming old habits. “The preference of the majority of the population is still physical interaction rather than digital,” he recognises.“ However, this gives us real scope to evolve, as long as it is done carefully enough that we bring our customers with us on that journey. Interacting with both the physical and the virtual is going to be key to our success.”

“We want to be a digital, platformbased bank,” Nicolaisen offers in closing.

“We want inclusivity and we want our customers to use our platform. In Lesotho, our aim is to reach each and every citizen in the country in some way.”

“We have made significant strides already on this journey, and we will not stop until we are a truly digital business.”

WWW.STANDARDBANK.COM

www.enterprise-africa.net / 9

CMB Media Group does not accept responsibility for omissions or errors. The points of view expressed in articles by attributing writers and/ or in advertisements included in this magazine do not necessarily represent those of the publisher.

Any resemblance to real persons, living or dead is purely coincidental. Whilst every effort is made to ensure the accuracy of the information contained within this magazine, no legal responsibility will be accepted by the publishers for loss arising from use of information published. All rights reserved.

No part of this publication may be reproduced or stored in a retrievable system or transmitted in any form or by any means without the prior written consent of the publisher. © CMB Media Group Ltd 2021

THE BUSINESS MAGAZINE FOR AFRICA’S INDUSTRY LEADERS

AFRICA

Published by CMB Media Group Chris Bolderstone – General Manager chris@cmb-media.co.uk Kiln House, Fuel Studios, Pottergate, Norwich NR2 1DX T. +44 (0) 1603 855 161 E. info@cmb-media.co.uk www.cmb-media.co.uk

September 2021

www.enterprise-africa.net

Five-Star Strategies Allow The Capital to Seize Opportunities Exclusive interview with The Capital Hotel Group CEO Marc Wachsberger

ALSO IN THIS ISSUE:

Light Fibre Infrastructure / AstraZeneca / Masterparts / AWCA

AS FEAT UR ED IN

ENTERPRISE AFRICA

O CTO BER 2021