The answer to the long asked question “RE QALA NENG?” (WHEN DO WE START?) is here: “RE SE RE QALILE!!” (WE HAVE STARTED). People are joining MILCO like it’s their new year’s resolution. MILCO will be a Chain Store that sells ONLY Made In Lesotho Products and Services. It is incubated under the National University of Lesotho (NUL) Innovation Hub. MILCO will be a three in one store: A typical Physical Store, an Online Store as well as a Wholesaler.
FREQUENTLY ASKED QUESTIONS ABOUT MILCO
1. Q: Are there any products at all produced by Basotho, aren’t you restricting yourselves by selling ONLY Made In Lesotho products and services?
A: Basotho have joined the PRODUCTION club. They just don’t have a platform and that’s what MILCO is all about: Give Lesotho products the platform they deserve. In fact, at the rate at which Basotho are producing, we should have many of the products we need in the next few years, made right here in Lesotho.
2. Q: Who can become a member?
A: Anyone, as long as you are a Lesotho Citizen above 15 years of age. However, parents can even register their children as long as they (children) have national IDs.
3. Q; Do I necessarily have to have a bank account at Standard Lesotho Bank in order to become a member at MILCO?
A: NO! All you need is a bank account in any bank legally registered in Lesotho!
4. Q: Where are your offices? Upon payment where can I find your Offices to collect a membership form?
A: Our offices are at NUL Innovation Hub in Roma, but you do not need to travel to Roma to collect a form. A form will be sent to you through WhatsApp or email upon your payment.
5. Q: Which products and services will MILCO focus on?
A: MILCO will focus on every product and service made in Lesotho! It just has to be of acceptable quality. So, you may as well start producing! Produce ANYTHING!
6. Q: After how long can I expect to get my dividends?
A: This question will be answered by the committees to be elected by members. Such committees will set goals and make projections as necessary. However, it is important to understand that MILCO is a long-term investment that will establish itself in all ten districts of Lesotho and beyond and it will focus more on growth in the early stages.
7. Q: Why do we necessarily have to pay a minimum of M50.00 per month?
A: M50 buys you one share. It’s a compulsory minimum you can pay per month. You can buy as many shares as you want per month. E.g. M300 will buy you 6 shares each month. Establishing a business of this nature requires lots of money- so much money that if we had to put a single figure and use a once off payment, MILCO would only belong to millionaires, but because MILCO belongs to Basotho-every Mosotho regardless of their financial muscle, that is why we have a minimum share of M50.00 on a monthly basis.
8. Q: Why a monthly contribution?
A: For the reasons put in 7. It allows you to keep paying in affordable amounts. Paying a lump-sum would be too much for most people.
9. Q: Is this monthly investment a new thing?
A: Nope! We invest in insurances, funeral plans etc, all the time. It’s just that we are not used to the idea of making monthly instalments in building retail stores.
10. Q: But Can I still pay a lump-sum?
A: If that lump-sum is contributed once a year. However, we prefer monthly payment because they allow debit order.
11. Q: For how long do I keep contributing?
A: There will be a minimum period set by the committees. However, there will be no limit for those who want to continue increasing their shares.
12. Q: Can I just be a member of MILCO even if I don’t supply it?
A: You don’t need to be a member to supply, you don’t need to supply to be a member. We worry about getting and selling good products, not who made them, as long as they were made in Lesotho.
13. Q: So, how does one become a member?
A: One becomes a member by following these simple steps:
Step1: Pay M100 to the following bank account:
Account Holder: Made In Lesotho Retail Cooperative Society Ltd
Bank Name: Standard Lesotho Bank
Account Number: 9080008250096
Branch: Roma Branch
In that M100, M50 is your registration fee. Another M50 is your minimum share capital. After this, click here to register.
Step 2: Send your proof of payment along with your ID through WhatsApp to 5376 4766 OR email to milcoinnohub@gmail.com. (You don’t need to travel to our offices for this: We save you time and money)
Step 3: You will then receive your form through Whatsapp or email (depends on what you prefer), Fill in the blank spaces with required information and send back through whatsapp or email. In that form, you will show how much you need to have your bank account charged on a monthly basis. Each charge contributes to your increasing shares. For instance, M50 buys you one share each month (M100, two shares, M150, three shares, M500, ten shares and so on, each month).
