Letshego Ghana Savings and Loans, a subsidiary of regional inclusive finance group, Letshego Holdings Limited, has recorded a positive growth and strong results for the first half of this year despite general challenging economic conditions.
Speaking at the Ghana Stock Exchange’s annual facts behind the figures session, Letshego Ghana Savings and Loans’ Chief Executive Officer, Nii Amankra Tetteh, said despite the economic head winds in exchange and reference rates, Letshego Ghana demonstrated sound business fundamentals and upside potential following growth in profits and efficiencies gained in cost management and tax.
He said, “Economic challenges are part of doing business in Africa, and we remain steadfast in adopting international standards in risk management to mitigate all business risks as far as possible.”
Mr Tetteh said aligned with the regional inclusive finance Group’s execution of its Transformation Strategy via a clearly set out “6-2-5 execution roadmap”, the company was gaining momentum in enhancing customer delivery, diversifying its products offering and improving turn-around times and operational efficiencies with the automation and digitalisation of systems and platforms.
Maintaining business resilience and adhering to its strict governance framework to mitigate operational and environmental risks, he said, Letshego Ghana was gaining traction towards becoming a digital-first and future-fit organisation, investing in the empowerment of its people to achieve sustainable shareholder returns.
Letshego Ghana’s net impairment release of GH₵ 6.3 million for the half-year period, he explained, reiterated the brand’s commitment to not just focusing on sales, but adopting a holistic approach to continuously improve and support performance.
“Our customers come first, and we look forward to expanding our product offering further to give our customers more options, more choices and most importantly, more access to productive capital and solutions to support their families and their businesses,” he said.
A GH₵50 million capital injection from shareholders bolstered Letshego Ghana’s capital and financial position, increasing shareholder funds by 33 per cent year-on-year to GH₵160 million.
“In the second half, Letshego Ghana looks forward to deepening its focus on deduction at source lending and mobile loans,” he said.
The subsidiary is also raising its standards in Environmental and Social Governance (ESG), with Letshego Ghana progressing with its project to operationalise global Environmental and Social Management Standards (ESMS) by updating all policies, procedures and tools to include international standards in ESG.
The long term project includes customised training of ESG Champions across all business functions, enhancement of policies and practices and implementation and automation of effective ESG data tracking to support future reporting standards.
“ESG is no longer a nice to have for international brands, but a global standard in operating and delivering sustainable value to all stakeholders. In bringing our people, policies and practices up to speed with global practices in Environmental and Social Governance, Letshego Ghana can demonstrate our commitment to playing a meaningful role in building a better society, resilient economy and productive community,” Mr Tetteh said.
Letshego Ghana Savings and Loans PLC is a licensed financial services provider, providing loans to individuals across the public and private sectors, as well as supporting Micro and Small Entrepreneurs.
BY KINGSLEY ASARE
