LETSHEGO SEEKS BANKING LICENCE IN BOTSWANA

Article By: Gilbert Manenye

BSE-listed Letshego Africa Holdings has applied for a banking licence in Botswana as the financial services group moves to expand its deposits, payments and transactional banking business.

Group CEO Reinette van der Merwe disclosed the application at the company’s interim results presentation yesterday, saying the move forms part of efforts to grow locally funded lending and deepen its financial services offering.

The move comes as Letshego Botswana’s profit after tax was unchanged at P104 million in the six months to June, with tight liquidity and elevated funding costs constraining lending and margins.

Namibia remained Letshego’s best-performing market, with profit rising 12% to P208 million. Mozambique made P153 million despite a 14% decline, while Eswatini’s profit rose 42% to P27 million.