Letshego sells shares in Namibia
Staff Writer | Wednesday August 16, 2017 16:08
LHN is the Namibian subsidiary of Letshego Holdings Limited Group (LHL), headquartered in Gaborone and publicly listed on the Botswana Stock Exchange since 2002.
Letshego said its purpose is to provide simple, appropriate and accessible solutions to the financially under-served and excluded in a sustainable manner, including, but not limited to, government employees. In line with this, the planned IPO will include people who are typically financially excluded, and are a key part of Letshego’s financial inclusion strategy.
Letshego Namibia Holdings CEO, Ester Kali, said: “We believe that to be totally financially inclusive, we should offer Namibians the opportunity to be part of our growth. Through the planned IPO, partners, customers and wider stakeholders of Letshego have an opportunity to own shares in this business they have come to know so well. As we grow, so shall ordinary Namibians’ wealth. We believe this is what empowerment is all about, as Letshego is now becoming our Letshego.”
The planned LHN IPO will be the first of its kind on the Namibian Stock Exchange, as the public offer will prioritise educating members of the general public, giving preference to Namibian residents. This is with a primary focus on Previously Disadvantaged Namibians (PDNs).
“We will be calling our planned IPO “Ekwafo Letu” which means “Our Support”. This is in recognition of what Letshego, at its core, stands for: to provide support. Support to those who are typically under-served by traditional financial institutions. Our Letshego story is about empowerment, via the solutions we provide, and now via Ekwafo Letu,” said Kali.
LHN continues to engage all key stakeholders and regulatory authorities ahead of this historic IPO. More information will be made available to the public in due course.
Letshego Namibia opened its doors in 2002 as Edu Loan Namibia. In 2008, LHL acquired 100% of the company, soon after it re-branded to Letshego Financial Services Namibia.
In due course, Letshego Namibia sold 15% of its share capital to a citizen investment unit. In 2016, Letshego was awarded a deposit taking licence by the Bank of Namibia. Letshego Bank Namibia will commence offering broad-based, financially inclusive solutions to government employees, low and middle income earners, and micro and small entrepreneurs.
Together, Letshego Bank Namibia and Letshego Micro-Financial Services Namibia are subsidiaries of LHN.