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Letshego posts impressive results

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Letshego posts impressive results
IMPRESSED: Low

Profit before tax was P1, 003 million, a 6% increase from 2016 – Total revenues exceeded P2.5 billion; a 15% increase -Group reports positive full-year results for 2017

The Letshego Group has reported an impressive performance for the year 2017 with Profit before tax (PBT) standing at P1, 003 million and total revenues increasing by 15 % to stand at P2.5 billion.

These figures were revealed by Letshego Group Managing Director, Chris Low at the Group’s presentation of its performance for the year ended 31st December 2017.

Low said the Group’s Inclusive Finance revenues have been bolstered by good growth in key markets, as well as early returns from the group’s latest acquisition in Ghana.

“The acquisition of Afb Ghana in January 2017 contributed to the Group’s loan book and extended Letshego’s footprint in West Africa,” Low said.

He noted that total borrowing customers increased from 300,000 to 412,000 while savings customers closed at 152,000 – up from 106,000 in the prior period. He also said customers were serviced through 307 customer access points, an increase of 13% on 2016.

“P2.7 billion (2016: P2.5 billion) was disbursed in new or top up loans,” he said, before further stating that the Group employed 1,905 ful ltime employees compared to the 1, 620 in 2016, a 285 increase.

The staff was complemented by an additional 1, 287 commission based employees whose number stood at 1, 162 in 2016.

In 2018, Letshego Group celebrates its 20th anniversary with its roots firmly planted in Botswana and now a growing market share across Southern, East and West Africa as it trades in countries such as Namibia and Ghana.

Although the Group boasts a number of key markets now generating positive growth as result of the Group’s targeted investment and diversification strategy, Low expressed worry that there is still a lot to be done as only 30% of Africa’s population has access to adequate financial services.

“Letshego’s driving ambition to increase sustainable financial inclusion provides vast potential. We remain committed to expanding our offering, investing in our systems and talent, and forging strategic partnerships to progress our long-term agenda,” he promised.