Letshego Tanzania’s new CEO aims to pick the business

BG reporter
Monday, 15 October 2018
Letshego Bank CEO, Thabit Ndilahomba Letshego Bank CEO, Thabit Ndilahomba

Thabit Ndilahomba, Letshego Bank Tanzania’s recently appointed CEO, is committed to extending Letshego’s reach and enhancing value proposition for customers, staff and other valued stakeholders in Tanzania.  In line with Letshego Group’s regional strategy, Letshego Tanzania offers simple and accessible financial solutions that focus on the needs of individuals, as well as micro and small entrepreneurs.

Formerly the Chief Financial Officer of the bank, Thabit brings to his new role a valuable understanding and appreciation for the financial dynamics and performance of the business as a whole.  Letshego’s Group CEO, Smit Crouse, commented on the recent appointment, affirming, “Thabit’s local experience gained from multiple growth sectors in Tanzania, as well as his financial skills and background, position him well in delivering Letshego’s strategic ambition for Tanzania. 

Letshego remains committed to Tanzania while progressing in its ambition towards providing solutions that create opportunity and flexibility for both individuals and small businesses, across Tanzania.”Prior to joining Letshego, Thabit worked for FINCA Microfinance Bank where he held various senior positions including Chief Finance Officer and Chief Accountant. 

Thabit’s career also includes a tenure with the RENCO Group, where he was Chief Accountant and Chief Financial Analyst.  Thabit commenced his career as a Tax Assessor at the Tanzania Revenue Authority. Since taking up his role at the helm, Thabit Ndilahomba announced Letshego’s recent strategic partnership with Airtel Tanzania and Jumo, a savings option entitled ‘Timiza Akiba’. 

This innovative savings solution aims to promote a local savings culture by enabling customers to save money in their mobile wallets, incentivising committed customers with rewards and interest, even on low account balances. “I am excited about the opportunities that my new role presents in delivering a strategy that not only enhances Letshego’s brand and reputation in Tanzania, but also stands to bring further value and benefits to one of our most important stakeholders, our customers,” said Ndilahomba. 

Letshego in Tanzania has more than 240 employees, offering credit, savings and transactional solutions to individuals as well as small and micro entrepreneurs, with a special focus on affordable housing, education and health sectors. JSE-listed Sanlam has been given permission to buy a majority stake in Catalyst Fund Managers, a Cape Town-based company that manages listed property investments for institutional and retail clients.

Sanlam said in September the deal would help its investments unit to diversify and strengthen its asset management capabilities. It did not disclose the value of the acquisition.“It provides Sanlam Investments with the opportunity to partner with a credible and well-respected business which has a compelling product offering,” Sanlam said at the time.

The Competition Commission said on Tuesday it had approved the deal without conditions, meaning that Sanlam Investment Holdings can go ahead with its acquisition of a 69 percent  stake in Catalyst. The commission said the deal was unlikely to reduce competition or the number of jobs in the industry. Founded in 2001, Catalyst originally focused on managing SA-listed property portfolios. In 2007, it started managing global portfolios.

“Catalyst Fund Managers executive management and staff support the change in shareholding,” said Michael Arbuthnot, CEO of Catalyst.Sanlam Investments CEO Nersan Naidoo said Catalyst would “provide our clients with a compelling asset class as we search for alternative sources of performance”.

The local listed real estate market has struggled so far in 2018, with the SA listed property index falling more than a quarter so far in 2018. Sanlam Investment Management said it would also acquire a 100 percent   stake in an Irish business, CIG Fund Management Company, “to complement the Sanlam group’s international investment management platform, Sanlam Asset Management Ireland”, Sanlam said.

Sanlam Asset Management Ireland manages funds domiciled in Ireland. That transaction is subject to certain conditions, including Irish regulatory approvals.  [Business Day]  

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