“best new commemorative bank note”
By: Kamohelo Ntsebeng
Maseru
On March 20th 2024, the Central Bank of Lesotho (CBL) along with licensed mobile money providers, hosts the launch of the National Payment Switch. Know LeSwitch, it is a payment system that allows users to transact funds between different mobile money providers’ wallets at another provider’s agent.
In 2006 CBL invested and launched Lesotho wire, a real time operational finance system that connect Lesotho to other international systems. In 2011, an additional automated clearing house was launched, further enabling reliable remote transfers for interbank payments.
LeSwitch symbolizes a beacon of innovation and progress in Lesotho’s quest to achieve united nation development goals and recognize the transformative power of technology in bridging the gap between the banked and the unbanked and towards ensuring financial inclusion for every individual regardless of their financial bracket.
“By leveraging cutting edge technology we aim to down barriers of financial access and opening doors for opportunity that were once in use,” says First Deputy Governor of the Central Bank Of Lesotho Lehlomela Mohapi.
Why you should Choose LeSwitch
Today all domestic payments are and can be altered and processed from within the country.
It is also a catalyst for change and a dynamic systems, where mobile money issuers and banks converge to create innovative solutions that empower businesses and individuals alike.
It enables various transactions with mobile money and banks, representing a unified force enabling similar inter probabilities between payments, systems and channels.
Through LeSwitch, transactions are issued swiftly and securely thus enhancing efficiency above board.
Governor of the Lesotho Central Bank Dr Maluke Letete recountas the waiting period until the launch, expressing the bank’s pride and fulfilment since attaining this goal.
He relays the difference to clarify that during earlier periods, Lesotho’s money was really not secured since it was sent through other people, “so it is delighting to see that as Basotho we are improving,” thereby reminding audiences the purpose of the gathering, which was to celebrate this milestone.
CBL boasts two more celebrations owing exceptional performances leading the year 2024. Following the late 2023 cyber-attacks, Lesotho through CBL decided to capacitate its financial security in conjunction with recreating the new 300 maloti banknote.
This comes as the country celebrates 200 years of independence, as a 2nd award to Lesotho through CBL this year. The first award was an international project management award and now, during the 3rd month of 2024, Lesotho clocks in a 2nd international award.
On March 22nd, CBL and key stakeholders gathered to commend and congratulate the bank, as Lesotho, for having won an international award for ‘the best new bank note’ and ‘best new commemorative bank note.’ The international recognition spans across three (3) continents of the world namely; Europe, Middle East and Africa. This owes to three (3) main points of observation and quality detected in the bank note;
- 75% of the bank note is cotton sourced in Africa
- The ink used is free of mineral oils
- The entire banknote has zero plastic content
This means that Lesotho has observed climate change minimization practices in manufacturing and effecting the existence of the note. It also symbolizes repatriation of profits in that the cotton sourced as an ingredient in this process allows for more speculation of money within Africa, similarly other continents are bound to source from Africa, thus partaking in the stabilization of Africa’s economy at large. Beyond this, Lesotho is recognized as one the most cautious countries towards climate change compliancy in the practice of clean energy.
The banknote’s artwork is reflective of National Unison, one major tourist attraction trait as it upholds the foundation of the Basotho culture. This is accentuated by the placement of the traditional blanket – serving as signature to Basotho’s culture and pride in local heritage.
CBL continues to play an active leading role as it represents Lesotho to its global spaces of influence. The bank note was issued on July 17th 2023, to celebrate the 60th birthday of King Letsie III.