Letshego Holdings Limited, Africa’s leading financial inclusive finance group, has acquired a 100 per cent stake in afb Ghana Plc, a payroll lending company.
Letshego, a Botswana company with market capitalisation of $500 million with presence in eleven African companies, plans leverage on the afb Ghana’s wide presence and expertise to provide inclusive financial services for the underserved in the country.
Announcing the acquisition in Accra, the Group Chief Operating Officer (COO) of Letshego Holding Limited, Ms Duduetsang Olsen-Namanyane said her outfit had met with all the regulatory requirements and the Securities and Exchange Commission had approved the acquisition.
She said Letshego Holdings Limited comes to Ghana with more than twenty years’ experience in providing cutting-edge financial solutions to meet the financial needs of the customers in the countries the company was operating.
The COO said, the company listed on the Botswana Stock Exchange has presence in eleven African countries, namely Botswana, Ghana, Kenya, Lesotho, Mozambique, Namibia, Nigeria, Rwanda, Swaziland, Tanzania and Uganda.
Ms Olsen-Namanyane said the objective of Letshego Holdings Limited was to bring diversified financial services to meet the financial needs of Ghanaians.
She said Letshego would not only focus on the formal sector workers, but the informal sector and provide them with access to simple, appropriate and accessible financial solutions.
Ms Olsen-Namanyane said Letshego would focus on agri-business, education, health, and the housing sectors and developed tailor-made financial products for those sectors.
The COO said Letshego would also give priority to skills development to build the capacity of staff of the company to be able deliver exceptional services to customers.
Asked what motivated Letshego to acquire AFB Ghana, Ms Olsen Namanyane said afb Ghana’s vision, service delivery, and growth strategy were in line with that of Letshego Holdings Limited.
The Board Chairman of AFB Ghana, Blaise Mankwa said the acquisition of Letshego Group would empower afb Ghana to deliver growth and good returns for shareholders of the company.
“We will look to ensure we are capacitated to provide access to needs-driven financial solutions anytime, anywhere, without compromising a zero-tolerance approach to non-compliance, and upholding high standards of governance and risk management,” he said.
The Managing Director of afb Ghana, Arnold Parker said his outfit which was established seven years ago, as payroll lender currently has 26 branches across the country with more than 50,000 customers.
He said the company over the years had supported many public sector workers to acquire land and put up their own houses.
Mr Parker said he was excited, Letshego Holdings Limited, strong financial inclusion company had taken over afb Ghana to align the operations of the two companies to deliver on providing financial services to the underserved in Ghana.
He said the vision of Letshego was to become a leading financial inclusion company in Africa and the best financial company in Ghana in the next five years.
Mr Parker said the company would continue to develop innovative products to meet the needs of customers, saying his outfit had developed a savings product with an interest rate above inflation rate.