Letshego Holdings receives Namibian banking licence

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The company, which was the first consumer lending firm to be established in Botswana, holds a provisional banking licence as it is subject to the fulfilment of certain conditions within a six month period before any new operations can commence.

“Letshego Group’s strategic intent is to become a leading African financial services group. It will achieve this transformation through broadening the range of products and services that it provides to meet its customer needs,” said the company in a statement.

(WATCH VIDEO: Video: Letshego Holdings shows potential future growth)

The group added that the licence, its third one across its ten country footprint in Southern and Eastern Africa, is a key milestone in its transformational journey and assist in meeting its commitment to improving lives and the financial inclusion of Namibia.

(READ MORE: Namibia on track with 2014-2018 development strategy)

For the year ended 3 January 2014, Letshego’s advances grew by 33 per cent to 500 million US dollars while profit before tax for the period stood at 97 million US dollars.

“For the future, Letshego’s strategic priorities are to transform its business through becoming a deposit taking financial institution in a number of markets and expansion into geographies with high growth prospects,” said the company.