Colm Petterson, the finance director at Letshego Holdings Limited, told of its undying love┬áfor the much populated western African region.
Speaking at the presentation for the audited results to January 31, 2011 he said the company is actively considering opening offices in West Africa.
“West Africa is still an option. We will do a bit of┬ámore work. I do not know, we might open in Ghana or Nigeria,” he said, adding that Zimbabwe is also an option depending on the timing.
Letshego is a pan African financial solution company and currently operates in┬áseven┬ácountries with Botswana being its headquarters.
The┬ácompany, whose main shareholders include the monied Botswana Insurance Fund Management (Bifm), among others,┬áannounced some outstanding results for┬áthe year.┬á Loans to customers shot up 37 percent to P 2.3 billion while┬áimpairment slow-down by 22 percent to P 38.9 million┬ádespite the┬ádifficult economic climate during the period.
Earnings per share was up 22 percent to 25.8 thebe while cost to income ratio was down 3.3 percent to 19.1 percent, reflecting┬áefficient way of making money.
He said the results showed improvements in markets outside Botswana and now contributes┬á24 percent┬átowards the profits of the company.
“We had good growth in most of the countries, but there was a slow-down in Swaziland and Uganda during the period under consideration.
Further, Letshego said it was working on the upgrading of its IT in a bid to roll-out some new products that will include the┬áintroduction of credit cards. However, it is not yet clear what form of┬ácredit cards the company is planning to introduce.
Some of the┬ádevelopments that the┬ácompany is working on include the┬árolling out of an insurance cover similar to the one in Namibia. The┬áplan is expected to be┬áintroduced in Mozambique and will be taken to other markets later.
The countries are: Botswana,┬áMozambique, Namibia, Swaziland, Tanzania, Uganda and Zambia.