Letshego Ghana Savings and Loans PLC (“Letshego Ghana”), a subsidiary of the regional inclusive finance group, Letshego Africa (“Letshego Group”), has announced impressive financial results for the first half of 2024.
Despite facing significant macroeconomic headwinds, the company has demonstrated robust growth and resilience, reinforcing its commitment to delivering value to its stakeholders.
Letshego Ghana is successfully executing its strategic plan, achieving notable milestones in product diversification, customer delivery, digitalisation, and ecosystem collaborations.
The company transitioned its portfolio mix to a balance between Deduction-at-Source (DAS) and Mobile Lending, driving a 218% year-on-year increase in operating income.
The company also achieved enhanced customer experience by reducing its loan origination turnaround time from 24 hours to 12 hours through automation and digitalising loan settlements and refund requests.
Nii Amankra Tetteh, Chief Executive Officer of Letshego Ghana, stated, “Our performance in the first half-year is a testament to the resilience and adaptability of our business model. We have successfully navigated a challenging macroeconomic environment while delivering strong financial results and making significant strides in our strategic initiatives. We are committed to continuing this trajectory, driving innovation, and delivering value to our customers, shareholders, and the broader community.”
Letshego Ghana remains committed to world-class environmental, social, and governance (ESG) practices. The company has made significant progress in developing a comprehensive sustainability framework that integrates ESG principles, providing multiple benefits to its operations, stakeholders, and communities. Noteworthy feats include winning the award for Best Non-Bank Financial Institution (NBFI) in the Promotion of Financial Inclusion and achieving a significant growth of the Qwikloan non-urban customer segment of 114% year-on-year.
Looking ahead, Letshego Ghana is focused on increasing its execution capability to deliver on key strategic priorities. The company is accelerating efforts in capital efficiency, digitisation, and product expansion. Key initiatives include further improving the cost-to-income ratio, investing in platform capabilities, technology, and new products, as well as deepening collaborations with existing partners while exploring new opportunities.
About Letshego Ghana Savings and Loans PLC
Formerly afb Ghana, Letshego Ghana Savings and Loans PLC is a licensed financial services provider in Ghana, providing loans to individuals across both the public and private sectors, as well as supporting Micro and Small Entrepreneurs. Since the conclusion of the successful acquisition by Letshego Holdings Ltd in January 2017, Letshego Ghana Savings and Loans qualifies as a wholly owned subsidiary of the Letshego Africa – an inclusive finance group with more than 20 years experience in Africa, and a current footprint of 11 Sub Saharan Markets.
Letshego Ghana Savings and Loans first opened its doors in September 2010 and has since grown to a staff compliment of over 100 employees, spread across 16 outlets, enjoying an
expanded customer reach through strategic partnerships, innovative technology and enhanced digital channels.
About Letshego Africa (“Letshego Group”)
The Letshego Group is a proudly African multinational organisation, headquartered and listed in Botswana and focused on delivering inclusive finance solutions to underserved populations across 11 Sub Saharan Markets. With a staff compliment of over 3,000 – including both direct and indirect sales agents – and more than four hundred thousand customers, Letshego is synonymous with leveraging innovation and technology to improve the lives of individuals who have limited access to traditional financial services. In 2018, Letshego celebrates 20 years of supporting regional communities, with strong progress towards the Group’s ambition to be Africa’s leading inclusive finance organisation.
