The well-known asset management and investment company, STANLIB Lesotho, has donated a whopping M101, 000. 00 to the National University of Lesotho (NUL) Innovation Hub to assist the Made in Lesotho Cooperative – MILCO! Milco is the first of its kind chainstore that will sell ONLY made in Lesotho products.
This hefty donation comes just at the right time when MILCO members are individually raising funds every month for building up the first POP-UP store at Sefika Shopping Complex.
Speaking on behalf of STANLIB Lesotho, Mr. Bokang Mokoma said STANLIB aspires to become an asset manager whose relevance can only be judged by its impactful assistance to communities in Lesotho. He said they were happy to partner with institutions such as the NUL Innovation hub which were trying to curb high unemployment rate in Lesotho.
Made-in-Lesotho Cooperative – MILCO, is a chain store that will sell ONLY Lesotho made products/services in all districts of Lesotho and it is registered with the Ministry of Small Business, Cooperatives and Marketing. It bears the registration number A010318.
The first store will be established at Sefika Shopping Complex, in Maseru and later on in other districts in the country. Eventually it will be introduced outside Lesotho. MILCO will be a three in one store (1) A physical store, (2) An Online Store and (3) A Wholesaler.
1. HOW CAN I JOIN MILCO?
a) First, 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
PLEASE MAKE SURE YOU WRITE YOUR FULL NAMES AS YOUR REFERENCE
In the M100, M50 is your registration fee. Another M50 is your minimum share capital. After paying this amount, you can send your Proof of Payment to milcoinnohub@gmail.com or through whatsapp to 5376 4766
b) You will then get a form which you will fill and return. 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). You must buy at least one share each month.
c) MILCO is setting up a website that will make online registration simple.
2. WHO CAN JOIN?
a) You must be a citizen of Lesotho over the age of 15 living in either Lesotho or any country in the world, (Lesotho’s Cooperative Act allows only Citizens to be members). Even babies can join MILCO through their parents as long as they have valid IDs.
b) You must have a bank account in any of the Banks registered in Lesotho. Your contribution will be withdrawn from your account on a monthly basis. Bank charges for such withdrawals are involved e.g. (M15.79, for Standard Bank users). We are engaging mobile money platforms for those who prefer to use this option.
c) WHY CONTINUOUS BUYING OF SHARES?
MILCO will establish medium scale stores all over the country and beyond. Continuous buying of shares will ensure there is enough capital for expansion.
3. HOW WILL MILCO OPERATE?
It will:
a) Concentrate all Lesotho products and services into one place in each district of Lesotho and in other countries.
b) Give Lesotho products and services the attention they deserve until they gain prominence by protecting them from external competition inside MILCO.
c) Slowly professionalize, not only the products and services, but how they are produced and sold. Basotho producers will go beyond the hustling phase (boitšokoli).
d) Provide (whenever possible) producers with a means of transport of their products from their place of production to MILCO space.
e) Be a vehicle to export Lesotho products to the outside world. MILCO in Johannesburg means Lesotho products in Johannesburg.
4. HOW WILL MEMBERS BENEFIT?
a) Members also become shareholders. The amount of shareholding you contribute will relate to the amount of dividends you will get once MILCO starts making profits.
b) For the first time, you will have a chance to sell your products or services in a store that sells ONLY Lesotho products in store owned by you (This means your product competes with local products ONLY)
4. WHY IS MILCO DIFFERENT?
a) It will not just be about selling Lesotho products and services. We are going to make Lesotho products and services cool to consumers.
b) Technology will be our life-blood. We have plans to use technology to the maximum.
c) As part of the NUL Innovation Hub, we will always be driven by innovation. We will always strive to come up with better ways of doing things at all times. Wait for the excitement!
5. CAN I REGISTER MY PRODUCTS WITH MILCO?
Yes! Check the details here:https://www.facebook.com/847853251970285/posts/4445331165555791/. Remember, you don’t need to have your products sold by MILCO to be a member and you don’t need to be a member to have your products sold by MILCO.
6. REMINDER!
You can now advertise your LOCAL Business on this page with MILCO… https://www.facebook.com/847853251970285/posts/4958617164227186/
Yes, for the first time, you will see that, indeed, Lesotho can have its own amazing products and services when you see them all in one place and you see ONLY them!
