Letshego fires group CEO
Letshego has ended its contract with its Group Chief Executive, Andrew Okai, only twenty- six months after his appointment to the company’s helm. “Letshego has terminated with immediate effect the employment of Mr. Andrew Fening Okai as Group Chief Executive and Executive Director of the Group Board due to an irreparable breakdown in trust and confidence between the two parties,” said a statement issued by the company to stakeholders this week. Though the company has remained tight lipped on the developments surrounding Okai’s dismissal, Letshego is not new to such fights. In 2019, Letshego also suffered an abrupt resignation of former boss, Smit Crouse. In addition, Letshego has suspended the Company Secretary Matshidiso Kimwaga, pending a disciplinary process. “The Company will announce the appointment of an interim Company Secretary pending the outcome of the disciplinary process of the suspended Company Secretary.” In the interim, Aupa Monyatsi, the company’s current Chief Operations Officer has been appointed with immediate effect as the Group CEO. Monyatsi and his executive team are expected to continue to drive the company strategy. On his appointment, Okai had intentions to drive growth for the retail financial service organisation through technology. “We will absolutely drive ourselves, as an organisation towards being a very strong technology user and applier,” Okai said. Early this year, Okai announced that the company’s digital adoption is being spurred, with greater volumes of loan applications being received via digital channels, citing that the highest adoption rates are Nigeria, Namibia and Botswana. The development comes on the backdrop of launching LetsGo Digital Mall in 10 markets in the first half of 2021, triggering an increase in loan applications submitted via digital channels, as Letshego’s regional subsidiaries are focusing campaigns on registering both existing and potential customers on the Mall. Okai said the number of existing and new customers registering on the LetsGo Digital Mall - is gaining pace, and currently exceeds 300,000, having closed the reporting period at end of December 2021 with Enterprise Active Customers ( EAC) at 93,184.