Letshego Holdings Limited, the Africa-focused micro-lender has been granted a full commercial banking license for its subsidiary in Namibia, the company said in an emailed statement on Thursday afternoon. Before the application was given the thumps up this week, Letshego Namibia was operating with a provisional banking license that it was granted two years ago July 2014.
The approval now means, Letshego Namibia will now offer comprehensive financial services in the country. In Namibia, Letshego will now go pound for pound with other established banks such as Bank Windhoek and Standard Bank. Chris Low, the group Chief Executive of the latest development, which further cements its position as a truly diversified financial, services group.
“This is an exciting moment for Letshego and confirms our commitment to deepening financial inclusion across the continent. We are dedicated to providing accessible financial services to those that are under-served by traditional banks - obtaining a banking license in Namibia means we can expand our services to those that need it most, helping bring to life the aspirations of the Namibian public,” he said. Even Letshego Namibia Chief Executive cannot hold her excitement. “Our strategy will continue to focus on leading the development and provision of inclusive finance that encompasses broad based financial services,” said Ester Kali.
Letshego Namibia serves over 50 percent of the Namibian civil service who will now benefit from its deposit-taking, and broader, services. Further it supports the National Harambee Prosperity Plan, which states ‘the most effective way to address poverty is through wealth creation’ and actively ensures its business strategy and mandate positively aligns with this.