- We are here to ‘Improve Life’ says CEO
- Acquires Firstbank Microfinance Bank
Months after acquiring 100% stake in Firstbank of Nigeria Microfinance Bank (FBN MFB) from its parent, FBN Holdings Plc; Letshego Holdings Limited Friday began full commercial operations in the country.
Letshego a Botswana company, is a holding company with consumer and micro lending subsidiaries across nine countries in Southern and East Africa including Botswana, Kenya, Lesotho, Mozambique, Namibia, Rwanda, Swaziland, Tanzania and Uganda.
The Microfinance bank plans to have over 20 branches across Lagos, Oyo States and the FCT (Abuja) within first year of its operation with dedication to core lending savings and transnational financial services to micro and small entrepreneurs (MSEs) in the country.
The Group Managing Director of Letshego Holdings Limited, Mr. Chris Low who spoke alongside Mr. John Ologe, Letshego’s Chief Executive Officer, during the unveiling of the brand in Lagos said they are in Nigerians to ‘Let’s Improve Life’, adding that the agenda to benefit the people of Nigeria remains key imperative for the business.
The bank, established in 2009, is one of the seven Microfinance banks in Nigeria to have been awarded a national microfinance banking licence (NMFBL).
“The news of the acquisition FMB early this year is coming to life now as we see Letshego MFB take shape in a bold, purposeful new look and feel, joining a family of brands that has a clear vision and strategy for inclusive finance.
“This is another affirmation of our commitment to the people of Nigeria- we will continue to make every effort to ensure we deliver relevant, value adding and responsible financial solutions,” Low said.
He added that innovation underpins the MFB’s financial inclusion agenda, “and it is innovation, partnerships and access to capita that we leverage to ensure we help deliver an enhanced customer experience to improve life. Doing so remains our goal and, indeed, our passion. Our new brand promise ‘Let’s Improve Life’, is embodied in everything that we do”.
The GMD also reiterated that in Nigeria, and building upon the infrastructure, access and heritage of the bank, Letshego offers full spectrum of financial solutions. “This covers savings, borrowing, payments, microf-insurance, with a focus on agriculture, education and health sectors.
Also speaking, Mr. Tom Kocsis, group head of East Africa and Microfinance, Letshego Holdings Limited, said that in spite of the economic situation in the country, “This is tremendous time for Letshego to thrive. As we commemorate this milestone, we remain cognisant of the our commitment to delivery of broad-based financial solutions through diversification of customer segments, products and access channels. This growth prospects in our targeted formally employed, low-and-middle income, MSE customer segments in Nigeria bring a wealth of potential.
“Our growing investment in supporting the people of Nigeria, and championing strong socio-economic development through inclusive finance, is a means for us to further improve lives. Born in Botswana, with a pan-African strategy and footprint, we remain passionate about ensuring we live true to the very meaning of ‘Letshego, which translates from Setswana to ‘Support’”.
According to Mr. John Ologe, Letshego’s CEO, expansion has been a critical growth focus for Letshego together with the areas of Micro-finance, savings and payment savings.
“In addition, using channels that allow access anytime, anywhere has been an area of strategic focus for Letshego in recent years. The re-branded Letshego FBN is envisioned to offer a well-diversified, full-service solution set, and to grow into a trusted financial services brand for the people of Nigeria.
“We are excited for the many opportunities that lie ahead and the plans we have for a truly inclusive Letshego MFB. Amongst some of the investments and advancements made by the bank are greater accessibility of products for customers as well as improvement in turnaround time on lending products. Supporting this is the greater investment into the capability of the team serving our current and future customers, as well as deeper access to necessary growth-capital. As the latest entrant into the Letshego family, we are committed to growth, diversity and improving life,” Ologe said.
