Metro (Lesotho)

Phuthalich­aba focuses on more revenue streams

…Society reaches greatest milestone in M1million savings

- NEO SENOKO business@maserumetr­

- Phuthalich­aba Savings and Credit Corporativ­e Society Ltd, a local credit cooperativ­e has decided to put effort on creating more investment opportunit­ies to increase revenue streams while at the same time moving towards aligning with good corporate governance in its second financial year in operation. Dubbed “The Engine of Economic Growth”, Phuthalich­aba was founded in 2019 and aims to contribute towards GDP growth through expansion of exports base and creating jobs among other things.

The society is under the incubation of the National University of Lesotho (NUL) innovation hub.

In its second financial year, Phuthalich­aba has been able to reach one of the greatest milestones, reaching M1million in savings.

The Chief Executive Officer (CEO) of Phuthalich­aba, Tebello Tjapela told Metro in an interview on Wednesday that the M1million achievemen­t is commendabl­e, adding however, that there is still more work to be done, particular­ly in line with good corporate governance and increased revenue streams.

“In the first year, the objective was to structure and build strong foundation and internal controls. And now that we have passed the first stage, the focus is going to be on trying to align with the guidelines of good corporate governance. As a financial institutio­n, we highly believe in good corporate governance and we are going to make sure that we also achieve greatly in that regard going forward,” he said.

Mr Tjapela added that the institutio­n will further focus on creating more investment opportunit­ies in order to increase revenue streams.

This, he said will pave way for members to start receiving dividends within a short period of time among other things.

“Currently we have three companies that we have establishe­d. They include the Phuthalich­aba Investment Pty Ltd, the Phuthalich­aba Financial Services as well as the Lebelo Pty Ltd. The latter, however is only 70 percent owned by us with the remaining 30 percent owned by a company called Syntax Pty Ltd. The other two companies are fully owned by Phuthalich­aba,” the CEO further.

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