Letshego Holdings Namibia leads the charge on inclusive finance
Letshego Holdings Namibia (LHN) is 79 percent owned by Letshego Holdings Limited (LHL), a Botswana Stock Exchange (BSE) listed entity.
16 April 2021 | Business
LHN focuses on offering financially inclusive solutions to underserved low- to middle-income earners across both the public and private sectors, as well as supporting micro and small entrepreneurs (MSE) through its deduction at source model and other access channels.
To enable the new operating model that will support and deliver the financial inclusion and diversification strategy, Letshego applied for, and was awarded, a full and unrestricted banking licence in July 2016. In 2017, Letshego Holdings Limited successfully floated their IPO on the Namibia Stock Exchange (NSX) through a nationwide campaign called ‘Ekwafu Letu’ that offered a rare opportunity for customers, staff and previously disadvantaged Namibians to own shares on the NSX.
LHN is made up of two entities, Letshego Bank Namibia (LBN) and Letshego Microfinance Bank. LHN enjoys an expanded customer reach through strategic partnerships, innovative technology and digital delivery channels.
“We now have a branch network of 16 branches across the country, of which four offer fully fledged banking services to further increase access for members of the public, businesses and institutions, including the government and non-governmental sectors. Our customers now enjoy the full suite of Letshego’s financial solutions that include, savings, transactional banking and financial support tailored to meet their broad and dynamic needs,” it says.
LHN has of over 154 employees and provides loans to over 60 000 customers.
“Our ambition is to become the country’s leading inclusive finance group. We believe that driving an inclusive finance agenda can be a catalyst to achieving broad-based economic development and poverty eradication and therefore financial inclusion forms an integral part of our strategy. We have combined a strong focus on customer experience, which, in turn, delivers simple, appropriate and accessible solutions to our customers.
“In striving to create a financially inclusive society and improve life for its customers and the financially underserved in Namibia, we have partnered with the Financial Literacy Initiative (FLI) to roll out our financial education programmes over a two-year period. This helps our customers to make more prudent and informed financial decisions throughout their lives. Financial literacy lies at the core of responsible and ethical lending practices, as it informs customers on responsible financial practices and selecting appropriate products financial solutions that best suit their needs.
“Letshego Holdings Namibia’s focus on emerging digital technologies to provide simple and accessible financial solutions and has enhanced our delivery of value-adding financial solutions. In 2019, we launched the LetsGo solution that enables customers to easily access and transfer their funds through their mobile phone (USSD and WiCode) and debit card. These services are offered at the Windhoek, Katutura, Swakopmund and Rundu branches, where our customers can also make cash withdrawals, deposits or request for statements.
“Letshego continues to lead the charge in developing financial solutions that are responsive and appropriately solve customer needs, whilst also rewarding its customers for productive financial behaviour. At Letshego, we believe that people from all occupations should be able to access financing for improving their livelihoods, while in turn, actively participating in the economy through financing productive endeavours.
“Bearing testament to this, Letshego launched the ‘Improving Life’ campaign, a customer engagement campaign that rewards productive loan use behaviour by its customers. The campaign has run for three years and has proven to be a great success, where customers continue to give resounding testimonies of how Letshego has assisted them in improving their livelihoods through productive lending.”