Letshego Financial Services of Botswana (LFSB) hit the sensational P 1 billion lending markÔÇöa preserve for the banking sector ÔÇô while it tries to consolidate its position in the local market.
The country’s leading micro-lending outfit, which was founded in 1998 with a view of catering the unbanked market, has issued loans to the tune of P 1 billion since its inceptionÔÇöa move signaling the fact that it is living up to the expectation.
“The company commenced trading in September 1998 with only one branch in Gaborone offering a maximum loan amount of P5, 000 over a maximum term of six months. Subsequent to that, Francistown, Palapye and Maun branches were opened in response to customers’ needs,” the Chief Executive Officer of Letshego Financial Service of Botswana, Frederick Mmelesi, said.
The move was followed by a number of forays that saw its opening offices major centres around the country including Ghantsi, Jwaneng, Lobatse, Selibe Phikwe and Letlhakane.
“This growth not only made Letshego a force to be reckoned with, but it was also a testimony to the exceptional service delivery that characterises the brand.
“As the competitive landscape intensifies, innovation becomes a place of solace, as it rescues an organisation from obliteration by giants,” he said.
He said the commercial banks recoiled with somehow very innovative strategies, some of which included unsecured loans and group loans scheme that are fashionable nowadays.
However, Letshego also responded to the challenges by rolling out new products and being more customer focused in a bid to stay ahead of competition.
“There is no doubt that our success to date is due to our multifaceted approach which encompasses: understanding our customers’ with a focus on personalised first-class service, continuous improvement of internal efficiencies and product differentiation and competitive pricing,” he said.
He said while they were making money, the company also contributed to the upliftment of the underprivileged leaving a “memorable footprint” of Letshego in the history of Botswana.
He said the use of Information Technology has played a greater part in positioning the company against its peers in the market but that was bolstered by the human capital that it invested in.
“A successful enterprise requires a tremendous amount of horsepower, which is brought about by a highly motivated team,” Mmelesi said.