Letshego Holdings Limited said it has been granted a commercial banking licence in Namibia—a move that enables Letshego Bank Namibia to start rolling out comprehensive financial services in that market. This follows the granting of a provisional banking licence in July 2014.
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, 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.
“This is an exciting moment for Letshego and confirms our commitment to deepening financial inclusion across the continent,” Chris Low, Group CEO, Letshego, said. “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,” he added.
The Botswana domiciled consumer lender has had a presence in Namibia for over 14 years through its micro-lending institution, Letshego Financial Services Namibia. Letshego Namibia has been dedicated to embracing financial inclusion through helping over 55,000 customers, including the rural and under-served populations, in Namibia with meeting their housing, health, education and business needs.
Letshego Bank Namibia CEO, Ester Kali said their 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.”