Letshego enters Nigerian market
Thursday, December 10, 2015
Spreading wings: Letshego now operates in ten African countries
The move is part of their strategy to expand into Africa.
FBN Microfinance Bank Limited is a deposit taking financial institution that specialises in micro-finance. It operates a branch network of 28 customer access points and has a staff complement of over 300, a depositor base of 80,000 customers and a loan customer base of over 10,000.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...