Boliba Savings and Credit operates as a fully registered and compliant Savings and Credit Cooperative in the Kingdom of Lesotho. We are committed to upholding the highest standards of cooperative governance, transparency, and member protection in accordance with Lesotho law.

Legal Status and Registration

• Registered under the Cooperative Societies Act No. 6 of 2000 (Registration Number 1544)
• Operating as the trading arm of Boliba Multi-Purpose Cooperative
• Fully licensed and recognized by the relevant authorities in Lesotho

Cooperative Principles We Uphold

We operate in line with the internationally recognized cooperative principles:

• Voluntary and Open Membership
• Democratic Member Control (One member, one vote)
• Member Economic Participation
• Autonomy and Independence
• Education, Training and Information
• Cooperation among Cooperatives
• Concern for Community

Governance and Management Structure

• Board of Directors: Elected by members at the Annual General Meeting
• Executive Management: Responsible for day-to-day operations
• Supervisory Committee: Oversees compliance and internal controls
• All governance structures comply fully with the Cooperative Societies Act

Member Rights and Responsibilities

As a member of Boliba Savings and Credit, you have the right to:

• Participate and vote in Annual General Meetings
• Elect and be elected to the Board of Directors
• Access transparent financial reports and statements
• Receive patronage refunds and dividends (when declared)
• Access all financial products and services
• Receive education and training on financial matters

Regulatory Compliance and Oversight

We maintain full compliance with:

• Cooperative Societies Act No. 6 of 2000
• All relevant financial and anti-money laundering regulations
• Annual audit requirements
• Regular submission of returns to the Registrar of Cooperatives
• Strong risk management and capital adequacy standards

Financial Transparency

• Annual audited financial statements are presented to members
• Clear policies on interest rates, fees, and charges
• Proper record-keeping and accounting standards
• Protection of member savings and shares

Dispute Resolution

Any disputes between the cooperative and its members shall be resolved in accordance with the Cooperative Societies Act and the cooperative’s Constitution. Members have the right to appeal to the Board and, where necessary, to the Registrar of Cooperatives.

Boliba Savings and Credit is proud to operate as a genuine, member-owned cooperative that contributes to financial inclusion, economic empowerment, and poverty reduction in Lesotho — all while maintaining the highest standards of legal compliance and good governance.

Last Updated: June 2026