A customer of FNB Lesotho was recently quoted M20 per page for bank statements, a fee that has raised eyebrows given the Central Bank of Lesotho's 2022 cap of M10 per page for printed statements. The customer had requested 36 months of statements, which would amount to 432 to 504 pages, resulting in a bill of up to M10,080. This significant expense highlights the high cost of banking in Lesotho.
The Central Bank of Lesotho had introduced pricing directives in March 2022, capping printed bank statements at M10 per page. The directives, which took effect on April 1, 2022, were set to run for 24 months. It is unclear whether the cap was renewed after its expiration. FNB Lesotho's current pricing guide on its website lists separate lines for emailed, app, stamped, and posted statements, but the exact fees are not readily available.
In comparison to neighboring countries, Lesotho's banking fees appear to be high. Nedbank Lesotho's Savvy Plus bundle costs M170 per month, while Standard Lesotho Bank's Achiever Banking package costs M121.80 per month. Across the border in South Africa, Capitec charges R7.50 per month for its main account, and Standard Bank South Africa offers a MyMo account with no monthly fee.
FNB Lesotho's pricing is also out of sync with its parent company's pricing in South Africa. In 2017, FNB South Africa dropped its per-page charge for branch-printed statements, replacing it with a flat R25 per statement. From July 1, 2026, FNB South Africa began charging business customers R25 per month for emailed statements.
The high cost of bank statements in Lesotho is not limited to FNB. A 2018 Central Bank of Lesotho research bulletin found that Lesotho was the most expensive country in the FNB group for banking fees. In contrast, large UK banks such as Lloyds Bank and Wells Fargo in the US offer fee-free basic current accounts and free statements.
The Lesotho Tribune has sent questions to FNB Lesotho about its statement pricing, but a response has not been received. The bank's pricing structure has significant implications for customers, particularly those who rely on bank statements for financial management or auditing purposes.
The issue of high banking costs in Lesotho highlights the need for greater transparency and competition in the banking sector. As the Central Bank of Lesotho continues to monitor banking fees, customers are advised to review their banking packages and explore cheaper alternatives. The Lesotho Tribune will continue to provide updates on this story as more information becomes available.
Key points
- FNB Lesotho's bank statement fees are double the central bank's old cap of M10 per page.
- The high cost of banking in Lesotho is a concern for customers and may impact financial inclusion.
- Banking fees in Lesotho are higher compared to neighboring countries and international standards.
