When we first launched mobile and Internet Banking in 2014 we said we are introducing #Nthotsebohlale, and now we are proud to announce that we are offering you EVEN More #Nthotsebohlale because we are truly pushing the boundaries when it comes to digital banking. Standard Lesotho Bank has made bold statements to say the future of banking is right on our fingertips. These new products are testament to our dream towards building the Bank of the future, where we strive to make banking convenient, cheap and suitable for the customers of the next generation. Our desire is to create virtual banks and introduce self-service banking that is intended to drive customers out of the banking halls to our state of the art devices and use of their own devices such as smart phones and tablets.
We have a nationwide coverage of 96 ATMs within the country. Gone are the days when ATMs only provide cash withdrawal services. We have a number of other services but thanks to our digital journey, I am proud to announce that our ATMs now have two new capabilities. The first is cardless service that that offer Instant Money and cardless deposits are in the pipeline.
With instant money, our customers are able to send money to their beneficiaries even when they do not have a bank account. They can just transfer money by purchasing a voucher on our mobile banking platform that they can redeem at any ATM. The Instant Money capability is available on all our 96 ATMs.
ATM Express Depositor
The other new capability on our ATMs is to offer Real-Time Cash Deposit in your account which we call the ATM Express Depositor. This is a functionality that allows you to deposit cash on the ATM Machine and gives you value instantly. We started this with own deposits and we will soon introduce deposits to third parties. This functionality is available 24/7 on 27 ATMs that have been strategically commissioned throughout the country.
In our journey of digitization we have also introduced a Smart App for Standard Lesotho Bank customers. The Standard Lesotho Bank app can be downloaded on Appstore and Playstore for iOS and Android devices by searching for Standard Bank/Stanbic Bank. The app allows customers to link all their accounts across the Standard Bank Group including the Credit Card. It also enables our customers to perform selected banking transactions on their mobile devices via a user-friendly, safe and reliable application.
For businesses, we have introduced to the market, a special internet banking platform for our business banking clients called Enterprise Online. In the past, we had Business Online that catered for large corporates and our small to medium business could not use it as it was more expensive. With Enterprise Online, businesses of any kind can now enjoy a new platform tailored for their needs. This facility comes with capabilities to make bulk payments of up to 2000 beneficiaries at a time. It even allows for a maker checker (segregated) duties at our customer’s companies so that they are able to have control and oversight in the management of their accounts. Enterprise Online also has other functionalities common in internet banking such as checking statements and making local and CMA payments to name but a few.
Bulk Cash Deposit Machines
For businesses that are cash intensive such as retail shops, we are proud to announce that we have introduced Bulk Cash Deposit Machines. Currently we have installed these Machines at Pioneer Mall, City branch and Maputsoe branch. Just like the Express Depositor for individuals, these machines are meant for businesses to deposit large sums of cash without teller assistance, and like any other digital platform, they work 24/7. Once deposited, the money reflects on customers account in real time, which brings convenience and saves time so that our customers spend more time at their businesses than at our banking halls.