CBL launches LeSwitch to simplify transactions
RETHABILE MOHONO
MASERU – The Central Bank of Lesotho (CBL) has taken another bold step toward modernising the country’s financial landscape with the official launch of the LeSwitch Card Stream. Building on the success of its Instant Payments Stream introduced earlier this year, this latest innovation promises to revolutionise how Basotho access their money and perform everyday transactions.
The new Card Stream offers enhanced convenience, allowing cardholders across the country to seamlessly withdraw cash and access funds from any ATM, regardless of their bank. This exciting development is poised to simplify the way citizens interact with their banks and digital finance systems.
Speaking on behalf of the Bankers Association of Lesotho (BAL), Samuel Koatla highlighted the significance of this advancement. “The LeSwitch initiative is setting the pace for a modern, integrated financial system. Its latest phase promises to make accessing money simpler and faster than ever before,” he said. The introduction of the Instant Payments Stream earlier this year was a game-changer for both individuals and businesses. It allowed instant transfers across fintech platforms, dramatically reducing the time it takes to move funds within the country.
However, the Card Stream takes things a step further by making ATM withdrawals universal. Basotho can now access their money from any ATM in the country, regardless of whether they hold an account at the specific bank. This marks a significant leap toward creating a comprehensive national payment infrastructure that serves everyone.
One of the standout features of the LeSwitch Card Stream is its universal access, particularly beneficial for consumers in remote areas who may have previously struggled to find ATMs or incurred high transaction fees from ATMs of other banks. With domestic ATM transactions now processed locally, transaction costs are set to decrease, benefiting both banks and their customers through reduced fees.
The convenience of withdrawing cash without worrying about which bank’s ATM to use is a game-changer for many Basotho, especially those living in regions where banking services were once limited. But LeSwitch does not just prioritise convenience — it also emphasises security. The CBL has invested significant resources to ensure that transactions are processed quickly and safely.
Users can have peace of mind knowing that their money is secure, with state-of-the-art systems in place to prevent fraud and unauthorised transactions. Economically, the implications of this new Card Stream are vast. By making financial services more accessible, particularly through digital means, the initiative is expected to encourage more Basotho to engage with the formal financial system.
This could lead to increased participation in digital transactions and pave the way for a more cashless society, ultimately promoting economic growth. For many Basotho, this could represent their first real opportunity to take part in a modern banking system, breaking down long-standing barriers to financial inclusion.
Looking ahead, Mothetsi Sekoati, speaking on behalf of CBL, said this is only the beginning. While the current focus is on ATM transactions, future plans include expanding the service to cover retail payments, point-of-sale terminals, and online transactions.
These developments are expected to streamline business operations and open new doors for e-commerce in Lesotho, further boosting the economy and modernising everyday commerce.
It is important to note that LeSwitch is not intended to replace global card systems like Visa or MasterCard for international payments. Instead, it offers a domestic alternative that enhances digital payment options within Lesotho, giving citizens more choices on how they manage their finances.
