The Central Bank of Lesotho, in collaboration with Fintech, has introduced LESWITCH, a groundbreaking initiative aimed at modernizing the country’s payment systems. This innovative platform enables seamless transactions between various mobile money accounts, including Mpesa, Ecocash, My Wallet, C-Pay, and Khetsi, allowing users to withdraw or send money to other wallets directly from their phones.
According to CBL Governor Dr. Maluke Letete, LESWITCH is a game-changer in the financial landscape of Lesotho. He emphasized that while some initial challenges are expected with the new system, its implementation marks a significant milestone in the country’s journey towards modernizing its payment infrastructure.
Dr. Letete highlighted the previous challenges faced by the Central Bank, noting that Lesotho had previously depended on South African systems due to the absence of a National Payment System. This reliance on South Africa’s laws and policies for electronic payments has now shifted with the introduction of LESWITCH, allowing Lesotho to have its own innovative means of payment.
Lesole Polilane, representing Fintech, praised the initiative as a crucial step towards financial empowerment and inclusion. He emphasized that LESWITCH harnesses the transformative power of technology to bridge the gap between the banked and unbanked populations, ensuring that everyone, regardless of their socioeconomic status, has access to the financial tools and services necessary for their prosperity.
The launch of LESWITCH signifies a significant advancement in Lesotho’s financial sector, promising greater convenience and accessibility for mobile money users across the country.
