Lephola Savings and Credit Cooperative Society is a legally registered cooperative per the Cooperative Societies Act No 78 of 2000 of Lesotho. Lephola was established in November 2013 and was able to run it’s full operations in July 2014. The founding members were 30 Basotho both men and women, who were in a society – well known as “stokvel”. This informal arrangement evolved to a more formalised institution and more members were invited to register. Hitherto, Lephola has grown to be a registered, formalised 68 member cooperative. These members (are termed A Class members), have voting rights at the Annual General Meeting and all have equal rights in the organisation.
Post registration, Lephola then opened doors for the public to become non-voting members; these are members who have varying financial needs such as savings, loans, and who need to build their financial portfolio through investments. They came in as voluntary members who transact on daily basis. They are termed C Class members. Lephola Savings and Credit Society has clientd/customers from all corners of live ranging from; civil servants, factory workers, street vendors, educational institutions, retailers, wholesalers and contractors. It therefore brings about a total of 5000+ transacting members, or clients.
Lephola is regulated by the commissioner of cooperatives to ensure sound governance structures, processes and administration. There have also been consultations with the Central Bank of Lesotho to bring Lephola to the threshold where it can be regulated also by the Central Bank.
The governance structure entails the Annual General Meeting (which Class A members vote in) at the apex of the governance. The AGM elects the Board of Directors, who then supervises the day to day management that is headed by the Managing Director. As such, there are 8 Board Members and 13 employees.
Motsoasele J.Schief excecutive officer
I welcome Lephola Website. Lephola is a legally registered co-operative that provides all banking services and has a major role to play in addressing the challenges that act as a barrier to economic growth in Lesotho.