Financial technical assistance programme launched

By Neo Kolane

The Central Bank of Lesotho (CBL) and the World Bank in collaboration with the European Union (EU) today launched the Financial Sector Technical Assistance (FSTA) programme at Lehakoe Recreational Cultural Centre.

FSTA is a technical assistance programme aimed at bridging some gaps that have been identified during the implementation of the first financial sector development strategy (FSDS), 2013-2016.

According to a statement issued yesterday by CBL, the joint initiative focuses on three main areas including development of FSDS II and undertaking a diagnostic on electronic payment acceptance/merchant payments.

The programme also provides complementary support to credit infrastructure provided through competitiveness and financial inclusion.

“The successful implementation of the above-mentioned activities will strengthen the financial sector to be more effective, efficient and resilient to both internal and external shocks thus achieving financial inclusion and stability.

“Those are the very essence of sustainable growth and development,” the statement noted.

The EU has also invested M6 million to support the CBL to improve its financial strategies, updating policies, enhancing electronic payments, and strengthening credit reporting.