…cashback rewards sets new standard in Lesotho
MASERU, Lesotho – Imagine being rewarded with cash for loyally servicing your loan. Seems like stuff for fantasies but that is what Standard Lesotho Bank is doing.
The country’s biggest bank has just started disbursing cashback rewards, a move that is redefining customer appreciation and indeed setting a new standard for loyalty recognition.
Cashback funded by bank’s Personal Loan Protection Policy
The cashback rewards are being funded by the bank’s Personal Loan Protection Policy (PLPP) – a product that provides cover should a client fail to meet their loan obligation, whether through disability, retrenchment, or death.
According to the bank, up to 3 500 loyal clients who have earned cashback on their PLPP premiums are sharing a staggering M11 million in cash for consistently meeting their loan instalment obligations since January 2018 – a first for the banking industry in Lesotho.
Cashback to be disbursed till mid-January
“The disbursement of the M11 million started on 27 December 2023 and will continue until mid-January 2024 and thereafter, cashback will be awarded to clients who would have reached their five-year Unsecured Personal anniversary,” the bank said in a statement this week.
“Standard Lesotho Bank is not just a financial institution, but a partner for growth for Basotho, and our commitment to putting customers first is now manifest in this benefit that celebrates their financial responsibility and discipline.”
Cashback demonstrates the value that bank places on its clients
Standard Lesotho Bank’s Head: Personal and Private Banking, Rethabile Motsoahae, said the bank’s clients were the institution’s heartbeat and the M11 million rewards were a demonstration of the “extraordinary value” they placed on the relationships.
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“Our customers are the heartbeat of Standard Lesotho Bank, and this initiative reflects our unwavering commitment to recognising their loyalty and dedication. We believe in going beyond traditional banking, and making banking ever more rewarding for clients, and this M11 million in rewards is but one of the ways we demonstrate the extraordinary value we place on the relationships we’ve built by finding ways to add value to our customers’ lives. This milestone is a celebration of our customers’ financial journey, and we are immensely grateful to be a part of it,” Motsoahae said.
