By Nse Anthony Uko
Abuja – (SundiataPost) Letshego Holdings Limited said it will strive to deliver on its mandate to ensure simple, appropriate and affordable financial solutions across Nigeria following Letshego’s acquisition of FBN Microfinance Bank (FBN MFB) from its parent, FBN Holdings plc.
Now known as Letshego MFB, the new brand which was presented to key stakeholders in the weekend in Lagos aligns the Nigeria operations brand with that of other nine Letshego operations across sub-Saharan Africa. This Africa-wide brand is being reinforced with equally aligned strategic imperatives as Letshego Group aims to become Africa’s leading inclusive finance group.
The bank, established in 2009, is one of seven microfinance banks in Nigeria to have been awarded a national microfinance banking licence. It has over 20 branches across Lagos, Abuja and Oyo, and over 300 team members, with a focus on core lending, savings and transactional financial services to micro and small entrepreneurs (MSEs).
With over 80,000 savers and over 10,000 MSE borrowing customers, the contribution towards realising Letshego group’s financial inclusion vision remains strong. The agenda to benefit the people of Nigeria remains a key imperative for the business, as Letshego reaffirms its focus on improving lives through simple, appropriate and affordable solutions.
Mr Chris Low, group managing director, Letshego Holdings Limited, said “The news of the acquisition early this year is coming to life now as we see Letshego MFB take shape in a bold, purposeful new look and feel, joining a family of brands that has a clear vision and strategy for inclusive finance.
“This is another affirmation of our commitment to the people of Nigeria – we will continue to make every effort to ensure we deliver relevant, value adding and responsible financial solutions. Innovation underpins our financial inclusion agenda, and it is innovation, partnerships and access to capita that we leverage to ensure we help deliver an enhanced customer experience to improve life.
“Doing so remains our goal and, indeed, our passion. Our new brand promise “Let’s improve life,” is embodied in everything that we do,” he said. In Nigeria, and building upon the infrastructure, access and heritage of the bank, Letshego offers the full spectrum of financial solutions covering savings, borrowings, payments and micro-insurance, with a focus on agriculture, education and health sectors.
Mr Tom Kocsis, Letshego Holdings Limited Group head of East Africa and Microfinance said “The growth prospects in our targeted formally employed, low-and-middle income, and MSE customer segments in Nigeria bring a wealth of potential. Our growing investment in supporting the people of Nigeria, and championing strong socio-economic development through inclusive finance, is a means for us to futher improve lives.”
CEO of Letshego MFB, Mr John Ologe, “We are excited for the many opportunities that lie ahead and the plans we have for a truly inclusive Letshego MFB. Amongst some of the investments and advancements made by the bank are greater accessibility of products for customers as well as improvement in turnaround time on lending products.”