Government wants to ensure the sustainability of financial institutions managing public funds and investments. It is in this regard that it is advising Boliba Savings and Credit to get a banking licence and for the MKM Burial Society to register some of its services under the insurance act.

Speaking on the finance vote in the National Assembly on March 8, Minister of Finance and Development Planning, Dr. Timothy Thahane said government encourages Basotho to form into societies that would help them as problems come up in their day to day lives, being able to invest and also raise loans.

The institutions had however to be registered and regulated under the banks and institutions regulations.

The Minister also announced  that government had spent over M800 million to compensate investors in the former Lesotho and Agricultural Banks when these had to shut down.

09 March 2006