Lesotho savings and credit joins the ICA

ICA welcomes Boliba Multipurpose Co-operative (BMC) from Lesotho as a Member.

BMC is a primary co-operative society that was formed by 10 people who had been made redundant from the Lesotho Bank and became their employees. When Lesotho Bank closed, 40 businesses joined BMC for loans. They formed a microfinance business called Boliba Savings and Credit (BSC).

They have three different classes of membership, only one which can vote. Class A can vote and have fully paid their membership share. Class B members are in probation and have paid 40-99% of their membership share. They are not eligible for the Board of Management, have limited voting rights, and are eligible for appointment to sub-committees as ex-officio members. Class C members have paid less than 40% of their membership share and have limited voting rights, but are not eligible for the Board of Management or sub-committees.

 In 2009, the organisation had 89 individual members. They currently have 29,422 individual members. They have 83 employees, 45 of which are women. In 2010 their assets were LSL 77 million (around CHF 9 million), LSL 7 million in equity (around 835,000), and they had around LSL 40 million in loans (around CHF 4.6 million).

 For more information: www.boliba.co.ls