The national payment system in Lesotho, 2000–2016

Lira Peter Sekantsi and Motheo Ernest Lechesa
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Lira Peter Sekantsi: Department of Payments and Settlements, Central Bank of Lesotho, Lesotho

Journal of Payments Strategy & Systems, 2018, vol. 12, issue 1, 74-88

Abstract: Prior to 2000, the payment, clearing and settlement system in Lesotho relied upon manual processes. To address this, a programme to modernise the system and provide better support for the circulation of funds in the economy was initiated. The initiative, which ran between 2000 and 2015, revolutionised the country’s payment, clearing and settlement system. Lesotho now boasts an efficient and safe payment, clearing and settlement system that supports monetary policy and fosters financial stability and financial inclusion, along with other economic benefits. The work, however, is not over. Due to the changing needs and emerging challenges within the country, the modernisation of the payment, clearing and settlement system is an ongoing process. Furthermore, it is necessary for the system to align with regional and international standards in order to facilitate international trade and investment. Likewise, it is essential to keep the legal and regulatory framework up to date in order to respond to the rapid changes in financial technology and innovation, as well as to avoid regulatory arbitrage.

Keywords: Lesotho; payment; clearing and settlement systems; mobile money; remittances (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2018
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