Friday, June 21, 2024

Letshego seeks to rebrand foreign subsidiaries

Pan African micro lender, Letshego Holdings, said Friday that as part of a “transformation phase” it will rename some of its foreign based businesses during the year 2016. Apart from Botswana, Swaziland and Namibia, Letshego Holdings has businesses in Tanzania, Mozambique, Uganda and lately Nigeria.

The Botswana Stock Exchange (BSE) quoted micro lender says some of its businesses which include banks in eastern and western Africa which have been operating under different names will be renamed to “Letshego”.

Group Head of Corporate Affairs, Mythri Sambasivan-George said Friday that Letshego will also unveil its refreshed brand look and logo throughout the continent.

A Botswana-born brand that today stands as the largest indigenous company on the BSE by market capitalisation and profitability, Letshego said Friday that it will refresh its brand and roll it out in its 10 country footprint to build a leading financial services brand in the continent.

“We believe that this is an opportune time to refresh our brand as Letshego marks 18 years of existence this year, having made strides in diversifying across our footprint. Also, launching the refreshed brand accompanies our focus on delivering simple, appropriate and affordable solutions, with access anytime, anywhere. Together, the Letshego team is working to build a leading African financial services brand”.

Chris Low, Letshego Group Managing Director said Friday, “Eighteen years after opening its doors, Letshego is evolving into a leading African financial services group. Across the continent, we have had the privilege of being a part of the fabric of people’s lives; helping them build businesses to support their families, working to drive productive use of loans in growing economies, and driving financial inclusion in even the most remote of areas.”

The brand refresh comes at a time when the group has also reported that it’s Profit before Tax (PBT) for the year ended 31 December 2015 surpassed the 1 billion Pula mark. The group’s financial statements shows that its PBT for the period under review was P1.1 billion, reflecting a 5 percent increase on the prior period.

During the period, total revenues exceeded P2 billion, whilst P2.37 billion was disbursed in new loans. The company’s interest income rose by 10 percent to P1.7 billion, Fee and commission income increased by 14 percent to P257 million, while return on equity and return on assets were at 19 percent and 10 percent respectively. At the same time, Letshego saw a 14 percent rise in loans and advances. 


Read this week's paper