The Bank of Namibia (BoN) yesterday confirmed that a certificate of authorisation to establish a banking institution in Namibia has been granted to Letshego Bank Namibia Limited, effective from July 21. In a statement, BoN’s spokesperson, Ndangi Katoma, notified the public that Letshego Bank Namibia Limited is now permitted to engage in banking activities with any person in Namibia, especially soliciting deposits from the general public.
“The Bank of Namibia congratulates the shareholders and executive management team of Letshego Bank Namibia Limited and extends best wishes to them on their future endeavours in the banking sector,” read Katoma’s statement.
Letshego Holdings, a micro-lending giant originating from neighbouring Botswana, has reiterated its plans of becoming a truly inclusive financial services group on the continent. At a recent function Letshego Botswana CEO, Frederick Mmelesi, said the group’s focus is clearly aligned at assisting low to middle income earners who have been excluded by the financial system for years especially in Africa’s rural areas.
BoN granted a provisional licence to Letshego Bank Namibia Limited, which expired on July 20, 2016. It was reported that Letshego’s provisional banking licence was initially extended last year.
Last month Letshego announced that it is rebranding in an effort to increase the scope of its interests in the financial sector, with the company chief executive officer Esther Kali saying that “there are significant developments in the Namibian market that we as a business recognise and passionately want to support.” Part of the new direction would be aligning financial resources to poverty eradication and ensuring the provision of and access to basic necessities such as clean drinking water and health care for all Namibians.
Its manager for corporate affairs, Mythri Sambasivan-George said at the time that the refreshed brand, with its newly articulated promise of “Let’s improve life”, comes at a time when the group has entered a transformation phase with a number of positive digital developments taking place that will sustainably impact many lives in Africa.