Monday, May 17, 2021

Letshego’s ‘LetsGo’ platform goes on trial

Local financer – Letshego Holdings Limited says it is accelerating its digital transformation through the launch of a new app-led ‘LetsGo’ digital platform in key markets – Botswana and Nigeria. 

The company highlighted in notes accompanying its financial results for the year ended 31 December 2020 that with phase one of its roadmap successfully concluded by the end of December 2020, the BSE quoted micro lender is now transiting to the next phase.

“The first phase of building the platform was concluded in February and is already in a controlled pilot stage in Botswana and Nigeria where a sample group of existing customers are applying for loan offerings via the new ‘LetsGo’ digital platform”, reads part of the financials notes.

The company says ‘LetsGo’ is an integral catalyst to achieving a vision to be a world-class financial services organisation. Letshego has operations in eleven countries across Southern, East and West Africa (Botswana, Ghana, Kenya, Lesotho, Mozambique, Namibia, Nigeria, Rwanda, Swaziland, Tanzania and Uganda).  

Letshego says by fast tracking the digitalisation of the company’s systems and channels, customer access was not only maintained, but enhanced during the financial period under review.

The end results, Letshego says has been an improvement in the Group’s business performance in the second half of the year compared to the first half.

The company recorded a Profit After Tax (PAT) of P631 million which is 13 percent lower year on year (FY 2019*: P726 million). Another downward movement was recorded on the Net Interest Income which stood at P1.861 billion by close of books compared to 2019’s P2.051billion. The company’s total assets however increased by 12 percent to P12.2 billion (FY 2019*: P10.9billion) while Net Advances to customers increased by 12 percent to P10.2billion (FY 2019*: P9.1billion). Meanwhile still in 2019 International ratings agency, Moody’s, affirmed Letshego Holdings Limited’s credit rating at Ba3 with Outlook Stable. 

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