Letshego Holdings Limited has penetrated 11 provinces in Mozambique, which, according to the company, has been faster than the penetration of larger institutions. The company said in a press statement last week that in under five years of providing financial services, over 50,000 customers have been reached and supported to date. It said this, alongside the broader Group strategy, has the business well-poised to make further strides in improving lives.
The statement indicated that Letshego continues to export its financial inclusion agenda to a number of countries in the continent, with the obligation towards pioneering financial inclusion initiatives through strategic partnerships with organisations fast becoming evident in each of the nine markets Letshego operates in. “With a strong reputation for successfully driving accessible, simple and appropriate financial services on home soil, Botswana’s largest indigenous BSE (Botswana Stock Exchange) listed company by profit and market capitalisation, Letshego Holdings Limited, continues to export this agenda to the rest of Africa,” it said.
The statement further noted that the Company pledged a continued commitment towards working with key public and private partners in order to drive greater financial inclusion before stakeholders of Letshego earlier this year in Gaborone. “Letshego continues to prove similar dedication in the rest of Africa, with the firm belief that financial inclusion across the continent is fundamental to Africa’s success. Across Africa, it is estimated that over 70 per cent of the population over 15 years of age have no access to formal financial services, while approximately 70 per cent of this same demographic have mobile phones, clearly signifying one of many innovative avenues to bring services to people,” the statement said.
Mozambique is considered a key region in the financial inclusion agenda “given the conducive macro and micro economic factors.” It is also believed that the Mozambican government and the regulator in the country are committed to creating an enabling environment and embracing financial inclusion and innovation. The Boards of Letshego Holdings and that of Letshego Mozambique, as well as Group executives are set to host stakeholders next week where Letshego is expected to echo its promise to building a leading African financial services Group in partnership with Governments and the people.
“Once we obtain appropriate deposit-taking licences we can offer our customers ‘any channel, anywhere’ solutions to their financial needs, using the latest technology, these will be affordable, simple and appropriate to their needs. In many ways, inclusiveness is simply providing better access, at affordable cost, and allowing a consumer options, including better awareness and skills. Letshego’s own growth to date has mirrored these aspects,” the Group’s Managing Director, Chris Low was quoted as having said.