Fi­nan­cial ser­vice firms link up

The Star Early Edition - - COMPANIES -

GABORONE-LISTED pan-African fi­nan­cial ser­vices provider Letshego Hold­ings said on Fri­day it had bought Afb, a fi­nan­cial ser­vices firm that pro­vided in­no­va­tive credit prod­ucts to con­sumers in Ghana, its sec­ond West African ac­qui­si­tion. A state­ment from the group with con­sumer lend­ing, mi­cro­fi­nance and de­posit-tak­ing sub­sidiaries across south­ern, East and West Africa, said Afb had a prof­itable busi­ness model fo­cused on gov­ern­ment de­duc­tion-at-source lend­ing. Afb, a li­censed non-bank fi­nan­cial in­sti­tu­tion, of­fered credit prod­ucts to more than 60 000 cus­tomers via a net­work of more than 25 branch and cus­tomer ac­cess points. Its prod­ucts in­clude de­duc­tion-at-source and di­rect loans to salaried em­ploy­ees, and SmartCash loans to in­for­mal and mar­ket traders. Afb also of­fers credit life in­sur­ance on se­lected prod­ucts, and is a li­censed de­posit-tak­ing in­sti­tu­tion. Letshego said it would look to lever­age the de­posit-tak­ing ca­pa­bil­ity to en­hance its fi­nan­cial in­clu­sion agenda in Ghana. This deal comes af­ter the ac­qui­si­tion of Letshego Nige­ria MFB (for­merly FBN Mi­cro­fi­nance Bank) in 2015. Letshego now has op­er­a­tions in 11 sub-Sa­ha­ran coun­tries and raises its cus­tomer base to over 480 000 peo­ple. Letshego said Afb’s de­liv­ery of re­spon­si­ble lend­ing ser­vices by lev­er­ag­ing tech­nol­ogy to drive ac­cess, sim­plic­ity and cus­tomer sat­is­fac­tion aligned with its in­clu­sive fi­nance agenda.

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