BOTSWANA’S LETSHEGO HOLDINGS ACQUIRES GHANAIAN CONSUMER FINANCE BUSINESS

| April 18, 2017

ACCRA, The Botswana-based financial services group, Letshego Holdings Limited, has acquired afb Ghana plc, a consumer finance business, after meeting all regulatory requirements and receiving approval from the Securities and Exchange Commission (SEC) and the Bank of Ghana.

The acquisition of afb adds to Letshego's expansion in West Africa after it took over FBN Microfinance Bank in 2015. afb Ghana currently offers innovative credit products to more than 60,000 customers across its network of more than 25 branches and customer access points in Ghana.

The Managing Director of afb Ghana, Arnold Parker, said the Ghanaian team was happy to be joining the Letshego Group and had begun work on a number of synergies between the two operations. "We are excited to be joining the Letshego Group, and I have no doubt that we will benefit from this vision and strategic focus," he said.

Parker said there were plans to rebrand afb later in the year. "We officially announced the final and complete takeover of afb by Letshego holdings of Botswana. We have received all the regulatory approval, so in effect we are now a fully-fledged subsidiary of the Letshego Group. We are going to be afb for the rest of this year. Towards the end of the year into next year we intend to rebrand to become Letshego Ghana," he added.

Letshego and the afb team have shared their intention to deliver more broad-based solutions during 2017 and going forward, primarily over a mobile delivery and access platform, in order to enhance access, affordability and drive the progressive development of customer needs-based solutions.

Group Chief Operations Officer Duduetsang Olsen-Namanyane said with Letshego's support, afb would continue advocating financial inclusion, driving innovation, and mobilising financial empowerment programmes in under-served communities.

She said the Group's strategy was to be Africa's leading inclusive finance group based on the model of providing the financially under-served with simple, appropriate and accessible solutions.

Source: NAM NEWS NETWORK

Category: General

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