I-flex solutions (Reuters: IFLX.BO & IFLX.NS), a leading provider of technology solutions to the global financial services industry, today announced that Lesotho PostBank (LPB) had become the second post office bank in Southern Africa to choose its award winning flagship core banking product suite, FLEXCUBE, to automate its retail banking operations.
The South African Post Office Bank (SAPOB), one of the largest banking entities in the region, was the first post office bank in the region live on FLEXCUBE. The LPB win also marks i-flex's entry into Lesotho, a country land-locked in South Africa.
All across the globe, the postal sector has moved beyond its traditional role of being just a delivery mechanism for mail. Post offices are capitalizing on their inherent advantages of large networks of offices and customers and their sizeable deposits. They are moving from being a cost centre to being either a profit centre and/or instruments of rural transformation. To meet the dual imperatives for growth and efficiency post offices are opting for the most advanced banking solutions such as FLEXCUBE.
LPB is a start-up bank set up by the government of Lesotho to meet the banking needs of a large, previously un-banked section of the population. The bank is growing rapidly and has aggressive expansion plans to reach as many rural customers as it can across Lesotho. With the FLEXCUBE retail banking solution, LPB plans to introduce a number of innovative products to aid its growth plans. Time Quantum, i-flex's local implementation partner, will implement the solution at LPB.
Commenting on the win, R. Ravisankar, CEO, International Operations and Business Development, i-flex solutions said, "Postal banking is undergoing a quiet revolution that seeks to make banking services available to a large, rural customer base. We have in the past, successfully deployed a similar FLEXCUBE solution at South African Post Office Bank. With our understanding of the Postal Banking business, FLEXCUBE's robust architecture and demonstrated capability to handle large transaction volumes, we will directly support Lesotho PostBank's goal to serve a previously untouched segment of the market."
"At LPB, our objective is to offer better banking options and affordable services to everyone and especially the poor across all the rural areas of Lesotho. We plan to expand our network and introduce new banking products to ensure that the rural poor have easy access to banking services. i-flex's prior experience of having provided IT solutions to a Postal Bank has given us the confidence that they will ably aid our objective to balance profitability and social benefit to promote economic development", said Mpho Vumbukani, CEO, Lesotho PostBank.