Letshego Granted Full Commercial Banking Licence in Namibia
Letshego Holdings Limited has secured a full commercial banking licence for Letshego Bank Namibia, marking the Company’s fifth deposit-taking licence across sub-Saharan Africa
Letshego Holdings Limited, the inclusive finance focused Group with consumer, micro-lending and deposit-taking subsidiaries across sub-Saharan Africa, has secured a full commercial banking licence for Letshego Bank Namibia, enabling it to offer more comprehensive financial services in Namibia.
Letshego has held a presence in Namibia for more than fourteen years through its micro-lending institution, Letshego Financial Services Namibia. The Company has been dedicated to embracing financial inclusion through helping more than 55,000 customers, including the rural and under-served populations, in Namibia with meeting their housing, health, education and business needs. Through this, Letshego aims to drive socio-economic development across its African footprint.
The approval to commence banking operations for Letshego Namibia, granted by the Bank of Namibia, will allow the Company to expand its range of simple, appropriate and affordable solutions. Further, its deposit-taking capability will enable Letshego Namibia to broaden its inclusive finance agenda to target the under-banked and under-served in the informal sector using service delivery platforms that allow access anytime, anywhere.
Letshego’s strategic intent is to become Africa’s leading inclusive finance Group by offering customers simple, appropriate and affordable solutions. Letshego Namibia has assisted customers to fund educations, construct and own homes, and expand micro and small businesses. The full banking licence will accelerate the Group’s inclusive finance strategy in Namibia.
Chris Low, Group CEO, Letshego, said: “This is an exciting moment for Letshego and confirms our commitment to deepening financial inclusion across the continent. We are dedicated to providing accessible financial services to those that are under-served by traditional banks - obtaining a banking licence in Namibia means we can expand our services to those that need it most, helping bring to life the aspirations of the Namibian public.”
Ester Kali, CEO, Letshego Bank Namibia, said: “Our strategy will continue to focus on leading the development and provision of inclusive finance that encompasses broad based financial services. We actively look to align with the Government’s agenda for sustainable socio-economic development and to this end, we are committed to supporting the National Harambee Prosperity Plan.”
Letshego Namibia serves more than 50 percent of the Namibian civil service who will now benefit from its deposit-taking, and broader, services. Further it supports the National Harambee Prosperity Plan, which states ‘the most effective way to address poverty is through wealth creation’ and actively ensures its business strategy and mandate positively aligns with this.
“Customers will, in the near future, be able to open a ‘LetsGo’ account with which they can experience greater financial empowerment and dignity,” said Natasha Winkler, Head of Financial Inclusion, Letshego Bank Namibia.
Letshego Bank Namibia is a subsidiary of Letshego Holdings Limited (LHL), the largest indigenous Company on the Botswana Stock Exchange by market capitalisation and profitability. LHL is ranked within sub-Saharan Africa’s top 40 companies (excluding RSA), with a market capitalisation of more than N$7 billion.