Letshego reaches 52 000 borrowers
Microfinance company, Letshego Namibia has now reached over 52 000 borrowers and 116 depositors through its strategic programs which kicked off in 2017.
Letshego’s consumer lending through a deduction at source model remains the bank’s core business and it continues to be a leader in the market, executive director and chief executive officer, Ester Kali said.
“We currently retain the dominant market share for micro-loans in Namibia through our deduction at source solution. This enables us to advance our inclusive Namibian agenda nationwide by providing access to those who are financially underserved.”
“Another highlight in the year under review was Letshego Namibia’s successful listing on the NSX on 28 September 2017, a significant milestone in laying our foundation and building our legacy in Namibia,” she said.
Kali also said that Letshego is growing its franchise by diversifying into deposit-taking capabilities and has raised over N$90 million worth of deposits.
“Letshego remains committed to providing services that are holistic across financial needs and with various stakeholders in the supply chain – covering savings, borrowings, payments and investment at a micro-level.”
“We adopted a first-of-its-kind approach to launching a financially inclusive Initial Public Offer (IPO) in the country by offering shares to ordinary Namibians. This was an empowerment opportunity for Namibia and was called ‘Ekwafo Letu’, meaning ‘our support’,” she said.
A standardised governance and compliance framework has been implemented to ensure that Letshego Namibia is aligned to international best practices, allowing it to provide a more comprehensive set of customer solutions, Kali explained.
“Our organisation’s reliable and scalable system ensures customer satisfaction for all our customers and provides a central source of information into customer insights. We continue to invest in our information technology platforms to increase our customer experience, access and enhance the management of operational risks and financial reporting.”
“Letshego will begin to pave the way towards building a leading inclusive finance group in Namibia. We look forward to witnessing the positive impacts we will have on our communities, initiatives for skills improvement, employee wellness and enhanced communication channels, all of which ensure alignment and – ultimately – business sustainability,” she said.