Saturday 17 April 2021
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Welcoming Letshego Bank Namibia

Bank of Namibia has granted a certificate of authorisation to establish a banking institution in Namibia to Letshego Bank Namibia Limited effective from 21 July 2016.  Letshego Bank Namibia Limited is now permitted to engage in banking activities with any person in Namibia, especially soliciting deposits from the general public.  Letshego Financial Services Namibia (LFSN) opened its doors in 2002 as Edu Loan Namibia. In August 2008, Letshego Holdings Limited (LHL) acquired a 100 percent of the company, soon after which the company re-branded to Letshego Financial Services Namibia. LHL is the holding company of a pan-African financial services group that is headquartered in Gaborone, Botswana. LHL was incorporated in 1998, was listed on the Botswana Stock Exchange in 2002 and today has a market capitalisation of approximately N$7 billion or just over US$650 million as at end of October 2014 (when the Group’s 2014 interim results were published). LFSN is one of ten subsidiaries owned by LHL that offer consumer and micro lending services across East and Southern Africa – Botswana, Lesotho, Kenya, Namibia, Namibia, Rwanda, South Sudan, Swaziland, Tanzania and Uganda. LHL owns a majority stake in all its subsidiaries while promoting the inclusion of local minority stakeholders. As a member of the Letshego group, LFSN has rapidly and steadily grown into a serious contender for leading financial services provider. The company now contributes over 20 percent to Group assets and profits, being second only to the founding operations in Botswana. The company has managed to bring down service deliver from application of a loan to disbursement to less than 24 hours, and has penetrated all major areas of Namibia’s diverse geography, working through a dedicated sales and support function team across the country. The Bank of Namibia granted a provisional licence to Letshego Bank Namibia Limited for authorisation to establish a banking institution in Namibia in 2014. During the provisional authorisation period, Letshego Bank Namibia Limited was allowed to engage in formal banking activities, especially soliciting deposits until such time that the Bank of Namibia issued a certificate of authorisation.

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