Letshego Microfinance Bank, a subsidiary of Letshego Holdings Limited has reiterated commitment to inclusive finance agenda, by increasing access to affordable financial solutions to customers.
Letshego Holdings Limited, the Botswana based inclusive financial service provider, entered Nigeria in 2016, through its acquisition of FBN Microfinance, leveraging on the group’s regional experience in delivering financial solutions to under-served communities across 11 African markets.
The large chunk of Nigeria’s population of 180 million is unbanked, especially those in the rural area where financial institutions are far from home.
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The results of EFiNA access to financial services in Nigeria 2016 survey revealed that 36.90 million (38.30 percent of the adult’s population) have access to a bank account. This represents an increase of 3.0 million adults, from 33.90 million in 2014.
The report added that in 2016, the formally included segment increased from 45.40 million adults in 2014 from 46.90 million adults in 2016.
“This represents an increase of 1.50 million adults who have access to Deposit Money Banks, Micro Finance Banks, Mobile Money Insurance and Pensions,” said the report.
The bank has been honoured with the ‘Excellence in Microfinance Banking’ award at the New Age Banking Summit 2017 held in Lagos recently. The Africa-born inclusive finance group’s Nigerian subsidiary was recognized for its commitment to growth, transformation, and the provision of simple, appropriate and affordable financial solutions.
Letshego Microfinance Bank Nigeria representatives; Benjamin Muketha (CEO), Richard Tyotule (Head Financial Inclusion), Keneilwe Matseke (Head Consumer Solutions) and Emmanuel Michael (Head Human Resources) received the award on behalf of Letshego Nigeria.
The New Age Banking Summit with the theme “Enhancing Banking Digitisation” brought together industry experts, regulators and thought leaders to discuss the key challenges and trends of banking in the digital era. The keynote speakers focused on various aspects of financial digitisation ranging from mobile banking applications to future banking trends and technologies and innovative customer centric digital platforms.
According to the organisers, “the digital banking landscape in Nigeria is expected to transform the country into Africa’s fintech hub. The recent upsurge in digital banking has catapulted the predominantly cash driven country to wider financial inclusion.
Letshego’s Head of Financial Inclusion, Richard Tyotule said, “Letshego Nigeria remains committed to its inclusive finance agenda, by increasing access to affordable financial solutions to those members of the community who traditionally do not have access to financial solutions.
In this way, we aim to extend the reach of financial benefits to more individuals across the country, ultimately improving lives and communities on a collective basis.”
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Letshego Microfinance Bank Nigeria continues to expand its offerings to the broader Nigerian market giving access to affordable financial solutions enhanced by Letshego’s multi-channel, digital network.
Letshego Nigeria provides innovative borrowing and savings solutions to small entrepreneurs to finance their stock, assets and cash flow needs. In the last 12 months, the company has launched tailored financial solutions in education, affordable housing as well as small scale agri-business sectors.
HOPE MOSES-ASHIKE
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