MASERU-
Basotho financial consumers are being urged to familiarize themselves with their rights when dealing with service providers across the country. This call was made by Dr. Masenyetse, Executive Assistant to the Governor of the Central Bank of Lesotho (CBL), during a workshop held at Lehakoe on February 6, 2026.
Dr. Masenyetse emphasized the importance of consumers understanding their rights, which are clearly outlined in various Acts of Parliament. These laws not only outline the rights of consumers but also their responsibilities. When consumers are well-informed, they are better equipped to make wise financial decisions and protect themselves from unfair or abusive practices by banks, insurers, and other financial institutions.
“Consumer protection is everyone’s right,” Dr. Masenyetse said. “It belongs to regulators like the CBL, to the service providers themselves, and to the consumers. Too often, lack of knowledge leaves ordinary people open to exploitation and mistreatment.”
The Central Bank is actively strengthening its market conduct supervision framework to ensure that financial institutions deal with customers in a fair and transparent manner. Workshops like the one held at Lehakoe play a vital role in building the skills and understanding of all stakeholders, enabling them to comply fully with the rules.
Dr. Masenyetse noted that consumers who know their rights are more likely to hold providers accountable, file complaints when things go wrong, and contribute to a stable and trustworthy financial system that benefits the whole nation.
Mr. Moses Musantu of the World Bank reinforced the message, stating that consumer protection is crucial for building trust between ordinary people and financial service providers. “Strong protection measures boost confidence in the system, leading to higher participation and real progress in financial inclusion across Lesotho,” he said.
Effective frameworks prevent misconduct, reduce disputes, and help financial markets run efficiently and fairly for everyone. Mr. Musantu urged regulators to stay alert and take proactive steps to monitor market behavior and prioritize consumers.
He called for closer teamwork among regulators, policymakers, and development partners to design smart policies, implement them properly, and enforce them without fail. Mr. Musantu also highlighted the need for ongoing public education campaigns to inform people about their rights and the channels available to seek help or complain when needed.
The workshop was attended by various stakeholders, including financial institutions, regulators, and consumers. It provided a platform for discussing the importance of consumer protection and financial literacy in Lesotho.
The CBL is committed to promoting financial inclusion and protecting consumers. Through initiatives like this workshop, the bank aims to empower Basotho to make informed financial decisions and contribute to a stable and trustworthy financial system.
As Lesotho continues to develop its financial sector, it is essential that consumers are aware of their rights and responsibilities. By working together, regulators, service providers, and consumers can build a financial system that benefits everyone.
