Standard Lesotho Bank launches Money Transfer with Shoprite

In yet another ground breaking development, Shoprite Lesotho and Standard Lesotho Bank have partnered together to introduce the Money Transfer services to benefit Basotho countrywide. This new offering is a value added service that allows customers to send and receive money at all Shoprite and U-Save stores within the borders of Lesotho. The money transfers are done in-store at Money Market kiosks at Shoprite Supermarkets countrywide.

A money transfer transaction occurs when one customer (the sender) transfers money to another customer (the receiver), through the Money Transfer service. The sender initiates the transaction by paying money to the Shoprite Cashier in store who will in turn provide the sender with a reference number and a secret Personal Identity Number (PIN).  The sender then communicates both the Money Transfer reference number and the PIN to the receiver.
Proof of identity and contact details of both the Sender and the Receiver will be required to expedite the transactions and foreigners with valid identification are also welcome to use this service.

With the Money Transfer number and PIN, the Receiver is then able to redeem the money from the Cashier at their nearest Shoprite Supermarket.  Each customer is allowed to transact up to a daily maximum amount of M5,000 per day and a total monthly limit of M25,000.

The Chief executive of Standard Lesotho Bank, Mr. Mpho Vumbukani commended  this partnership , which he says is an important value add as it will bring convenience that will also address challenges of the unbanked and underbanked sections of Lesotho’s population.  “As a leading bank and Shoprite Lesotho’s banker, we strive to enable innovations that benefit our people. We are particularly glad that Shoprite, which is a retail giant in its own right will bring convenience to its customers and that we were well-poised to enable them to deliver this mass-market product.” He said.

The Shoprite Money Transfer is a collaboration between Shoprite and Standard Lesotho Bank and the first of its kind in Lesotho. It has been pioneered by both partners in other countries such as Zambia, Namibia, and Swaziland with Lesotho being the fourth country to launch this initiative.

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