COMPANY PROFILE
2014
Standard Lesotho Bank
+266 2221 2221 | www.standardlesothobank.co.ls
company profile
Setting high standards Editorial: Harriet Pattison Production: Emily Woodhall
Standard Lesotho Bank is not only providing innovative solutions for large and small businesses, contributing to the local community and developing its staff, but it is also staying ahead of the game in an industry engulfed in technological advancements with a vision to be the leading financial services provider in Lesotho‌
With total assets of R1,694 billion (USD 162 billion), Standard Bank Group is one of South Africa’s largest financial services groups operating globally in over 20 countries in Africa. Standard Lesotho Bank, as it was renamed in 2006, came about from a consolidation in 1999 of what used to be Standard Bank in Lesotho and the former government owned, Lesotho Bank.
A NATIONAL FOOTPRINT With headquarters in Maseru, Standard Lesotho Bank has an impressive footprint operating in all ten districts of Lesotho. Offering numerous services
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for customers, from personal and business banking to corporate and investment banking, IndustrySA speaks to Chief Executive, Mpho Vumbukani to ask about the success of this important company. “We are the leading bank with 60% market share in Lesotho and this is on the back of our broad service offering and the distribution network. What is wider than the other banks throughout the ten districts of Lesotho is not only the branch network but the distribution network in terms of electronic channels, ATMs and other channels; so that distribution network itself has given us the opportunity to have the leadership role in the market.
Standard Lesotho Bank
“We have good support of the clients whom we serve throughout this network, both in the personal and business banking space and the corporate and investment banking space” Vumbukani explains. Joining Standard Lesotho Bank in January 2011, Vumbukani worked briefly with the previous Managing Director and was fortunate to work with other franchises in the group before undertaking his current role. “Since then I have been running the business, being able to provide the leadership for our results and grow the business to where it is and defend the market share, even growing it in some instances” he explains.
TECHNOLOGICAL EVOLUTION In a world where technology is continually changing, updating and evolving, many companies are having to follow suit, not only to keep up with increasing industry competition but to ensure they are keeping up with consumer demands and expectations too. “We are looking into the future and the future is around how we connect to clients digitally. Mobile banking and how we digitally connect with the client becomes very key, so it is part of our strategy as we move forward to make sure we broaden our distribution network, not only from the physical infrastructure but also digitally, making sure we have virtual presence in the mobile space and in other
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company profile
“ENGINEERING A SUSTAINABLE DEVELOPMENT” S5 CONSTRUCTION CONSULTANTS {CIVIL AND STRUCTURAL ENGINEERS}
Services Provided: • Structural and Civil Engineering Designs and Site Supervision • Roads and Storm Water Designs and Supervision • Sewer and Water Reticulation Design and Supervision • Project Management 1st Floor, Room 3, Mapoteng Complex, Main South 1 Lithabaneng Maseru. P.O. Box 15600, Maseru 100 Contact: Mr. L. Letsoela Tel: +266 28315610 Fax: +27 86518809 Email: lletsoela@gmail.com
www.sierraletsoela.co.ls areas” says Vumbukani. Of course, with change and technological evolution comes challenges and increasing security issues. Despite the ease and convenience of mobile banking, it is the highly confidential information and potential risks which perhaps may worry many customers, making it even more vital for companies to ensure they remain vigilant and wary. “As we provide more convenience to clients through electronic channels, which comes with the risk element and as we try to do good there are some people who are trying to impact us negatively in terms of fraud and cybercrime. We have invested heavily in security to ensure that as we drive this journey of transformation to electronic channels and as we become more relevant in the digital world, our systems must be robust. We have fraud awareness campaigns both internally for staff and externally for clients where we advise our customers on tips of what to do whether with internet banking, ATMs or mobile banking; so there is a lot of investment both on the people side with our staff and our clients, and also on the IT side to make sure security is robust enough to maintain the integrity of our banking system” explains Vumbukani.
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As more and more companies try and combat the huge technological market, competition is inevitably going to rise which Vumbukani acknowledges: “I must highlight that there is stiff competition, which is not only coming from the banking sector but from the mobile network operators as well, particularly in the payments space. ”
A HELPING HAND Innovative solutions and opportunities aside, Standard Lesotho Bank has also spent time ensuring services are efficient and rewarding for customers. Entrepreneurship is big business in Southern Africa, so good business banking is an essential requirement for many. “We offer the full menu of services you would expect to find in business banking. For instance, we assist clients in the commercial property space, we assist medium to large enterprises, and we assist our clients in trade finance with letters of credit and also in other areas with overdrafts for working capital or business term loans. “We have actually been very innovative and introduced a product called SME quick loans, which we introduced to provide working capital to the small and medium enterprises on the back of having
“We are looking into the future, the future is around how we connect to clients digitally” analysed their cash flow and in terms of its relevance to the market, it was very effective. However, there were a couple of challenges so we improved the product to what we now call SME Trader Loans. “We were actually noting that for the working capital and type of loans we were providing, they were ideally suited for traders - traders who would buy stock and sell and then be able to repay their short term loans over six months to a year, so that’s the recent innovation we introduced for the SME market. With medium to large enterprises that’s where most clients would be coming for business loans and overdrafts and we have been able to provide those products.”
Standard Lesotho Bank
Corporate and Investment Banking
SECURING THE COUNTRY’S FUTURE BY TURNING WATER INTO WHITE GOLD In the vast continent of Africa where water is a scarce commodity, The Lesotho Highlands Water Project has turned Lesotho’s abundant water supply into the country’s most valued natural resource; one that has aided in the development of infrastructure, community development programmes and hydroelectric power. Standard Lesotho Bank wishes to congratulate the Lesotho Highlands Development Authority on the launch of Phase II of the LHWP with the start of preparations for the construction of Polihali Dam at Tlokoeng in Mokhotlong. For more information contact Standard Lesotho Bank Corporate and Investment Banking on +266 2221 3636/7 Or www.standardbank.com/cib
Moving Forward is a trademark of The Standard Bank of South Africa Limited.
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company profile
COMMUNITY FOCUSED As with so many businesses, employees are the essential aspect and especially for such a ‘community focused’ company which demands excellent customer service. Standard Lesotho Bank is no exception
“In our business, people are the key differentiators because we are in the service industry…” as Vumbukani explains: “We have been fortunate to have quality people who have been driving our business to grow. In our business, people are the key differentiators because we are in the service industry, so all that we do involves connecting to clients.”
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To ensure the company’s level of service is prioritised and maintained, Vumbukani explains that management development programs have been put in place: “We have introduced an enduring performance management system, talent management programs and invested a lot into leadership and development to ensure we advance the capabilities of our people. Coupled with the competitiveness we are providing as a bank, this has enabled us to not only retain but to attract the best talent in the market” says Vumbukani. “Of course, being in a competitive market, some people have left to competition and some have left to the mobile operators. The numbers in percentage terms are not that dramatic, but there has been that movement. On the other hand, we have been able to get some of the best talent from the market ourselves which has strengthened the team; so we are very much focused on attraction, retention and development of our people as we have noticed that people are the key differentiators in this business.” Not content with just providing an efficient and enjoyable banking experience, Standard Lesotho Bank is also heavily involved with the community, regularly
Standard Lesotho Bank investing in local projects and charities. Last year the bank invested M2 million directly to the Basotho through various sponsorships and events including funding the long-term refurbishment of the Scott Hospital in Morija and providing a year’s supply of groceries to the SOS children’s village in Maseru. However, funding didn’t stop there with support for the stock farmers through Lesotho Wool and Mohair Growers Association, rewarding academic excellence with prize money and awards to 16 of the best students at various institutions of higher education, including the National University of Lesotho.
A CUSTOMER CENTRIC FUTURE Looking forward to a bright future, Vumbukani explains the vision of this innovative company rests with its customer centric model, its people and of course, with technology advancements. Standard Lesotho Bank recently launched in the Personal Banking space a new Customer Value Proposition which includes the bundled pricing offer to clients, effectively repositioning its competitiveness in the market. In addition, the bank introduced a Customer Loyalty and Lifestyle programme called Blue Sky, which is a unique offering in the market and deeply
changes the landscape of customer service. In the Corporate and Investment Banking space, the bank has launched a Client Engagement Model with a view to embed its client centricity. “Our vision has been to be the leading financial services provider in Lesotho and our people have been at the centre of our strategy, providing services relevant to our customers. We have noted that as a business we have to transform to be relevant for the future – part of our success has been to leverage the existing infrastructure but also invest wisely on technologies and systems that will enable us to be relevant for the future. “This is why we have been reflecting on digitally connecting to clients in the future. Over the years we have been able to provide relevant products to the market, and this has effectively ensured that we grow our revenues, to a point that our return on equity to the shareholders is above 40% which is unheard of in banking these days” he says. “As there is more urbanisation and there’s more access to technology, clients require more from us as a bank and we have to be able to provide this and build a bank that will be relevant for the future” Vumbukani concludes.
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SECURITY UNLIMITED (PTY) LTD PERFECT PEACE OF MIND
Head Office: Site 51A, Lioli Road, Industrial Area - Tel No: (+266) 2231 7909 - Fax No: (+266) 2231 0383
Since 1982 we have provided security guard services to Diplomatic Missions and Donor Organisations, Financial Institutions and “Blue Chip” companies in Maseru. We currently employ over 800 staff. The Founding family is still managing the 100% Basotho owned Company
PMR AWARD: Security Unlimited were awarded the “DIAMOND ARROW” AWARD for the past 5 years. Recognising our position as the unchallenged market leader in Lesotho (L to R) Arrie van Wyk(Director), Rika Makamane(Systems Manager), Puleng McCarthy(Owner), Mary Roux(Admin Manager) and Bryan McCarthy (Owner, MD)
In 1991, to meet the growing demand we expanded into the field of electronic security, offering alarms/panic systems and rapid response services. In 1999 we added Access Control and CCTV Systems. We have over 750 satisfied Subscribers to our 24 hour Remote Monitoring and Rapid Response service.
WE OFFER:
Guard Services | Alarm Systems | Alarm Monitoring | Rapid Response | Access Control | CCTV Systems
MISSION STATEMENT We are committed to the highest level of professional excellence in the provision of cost effective security solutions and services for our clients. We believe in the importance of the development of our staff to their full potential through training, and shall continue to combine the latest technology with the highest calibre of staff and professional management to maintain and strengthen our position as the unchallenged market leaders in Lesotho.
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