RSL, BAL forge historic partnership to boost national

economy

BOKANG MOSHOESHOE

MASERU – In a move set to reshape Lesotho’s financial and economic landscape, Revenue Services Lesotho (RSL) and the Bankers Association of Lesotho (BAL) have formalized a landmark Memorandum of Cooperation (MOC).

The agreement establishes a strategic partnership between the national tax authority and the body representing the country’s banking sector.

The MOC was signed by RSL Commissioner General, ‘Mathabo Mokoko, and BAL Chairman, Nkau Matete, who is also Managing Director of Nedbank Lesotho. The ceremony was attended by top banking executives, including Mokhachane Mopeli of Lesotho Post Bank, Delekazi Mokebe of FNB Lesotho, and Samuel Seboka of Standard Lesotho Bank.

Central to the agreement is enhanced institutional cooperation aimed at fostering seamless collaboration in areas of national interest. Both entities emphasized the need for alignment between revenue collection and financial services to promote efficiency, transparency, and resilience.

Mokoko stated, “This Memorandum marks a turning point in how our institutions work together. It’s about strengthening compliance, driving innovation, and building resilience in Lesotho’s financial system.”

Key objectives of the MOC include improving cooperation on revenue collection and financial services, tackling shared regulatory challenges, advancing digital transformation – including data security and fintech – and supporting tax compliance through banking channels.

Matete noted that the partnership reflects a shared recognition of the intertwined roles of taxation and banking in economic growth. Closer collaboration aims to streamline processes and help Lesotho adapt to regional and global developments.

Digital transformation is a core focus, with both parties committed to aligning digital innovations with tax systems, enhancing cybersecurity, and promoting financial inclusion.

The partnership is expected to support Lesotho’s ongoing reforms in governance, economic growth, and regional financial integration by modernizing and transparently integrating tax and banking systems.

The event was hailed as a milestone for Lesotho’s financial future. Both parties pledged to translate the agreement into actionable programs and tangible benefits for the Basotho people.

As Commissioner General Mokoko emphasized, “Success will be measured not by the signing of this document, but by the results we deliver for the people of Lesotho.”