SLB diversifies into agric financing

By Neo Kolane

Standard Lesotho Bank (SLB) hosted what was arguably the biggest car and home expo in Lesotho at Maseru Mall this past weekend.

The annual SLB Car and Home expo is a grand showcase of the latest innovations in automotive and home-related industries.

SLB has been hosting the show at the end of the year for over 10 years to present to Basotho the latest trends and offers in secured lending and assets, demonstrating its commitment to growing Lesotho and her people

The expo serves as a pivotal platform created by the bank, aiming to bridge the gap between diverse automotive and housing options as well as the community.

The event opened with a convoy of top-end vehicles and plant machinery on display.

The bank’s communications and sponsorships manager, Manyathela Kheleli, said the expo came about after they realised that prospective Basotho vehicle buyers go to either Bethlehem or Bloemfontein in the Free State, South Africa just to enquire about prices. 

Kheleli said this presented an opportunity for the bank to finance vehicles, and South African dealers have since joined their local counterparts in taking part in the expo. 

“We invited our clients and every Mosotho with a keen interest in cars to come to the expo to see what’s on the market.

“When our clients or other individuals have interacted with the dealers and a deal has been clinched, they come into the bank, where we help with the financing of those cars through our loan facility – the vehicle and asset financing product,” he noted.

Khaleli indicated that the event has grown phenomenally over the years, and this year they have included the agriculture sector which is a critical component of the country’s economy.

This enables Basotho to buy tractors and go to the fields to plough, hence the yellow plant machinery and tractors seen at the expo.

“The bank aims to foster greater accessibility to cutting-edge machinery, crucial for driving the country’s agricultural growth. This is because SLB recognises the important role agriculture plays in the nation’s development.

“We do not only finance private vehicles, but also commercial and agricultural machinery,” Kheleli explained.

He said when it comes to property, the bank brought to the expo developers, valuers, engineering companies and hardware firms.

He also pointed out that as of 2023, Standard Lesotho Bank’s loan book in the property market is in access of M2 billion.

“This shows the strength of the bank when it comes to financing,” he enthused.

He further observed that there is significant eagerness on the part of Basotho as demonstrated by the demand to bring more companies.