Letshego awaits decision on banking license

Presenting Letshego's 2012 year-end on Friday, Group Managing Director, Jan Claassen, said commercial banks offered competitive rates making it difficult for Letshego to survive in the market. He explained that the group's local operations would be more competitive with a banking licence. "We submitted an application for a banking licence to the Bank of Botswana and we are still waiting for the response," he told journalists at a briefing.

According to its results, Letshego's interest expenses rose 66 percent to P108.8 million as the pan-African micro-lender borrowed to fund its loan book.  The Botswana Stock Exchange-listed group has frequently decried the dilemma that its funding comes from competitors such as banks, thus limiting its margins.