Letshego enters Nigerian market

Spreading wings: Letshego now operates in ten African countries
Spreading wings: Letshego now operates in ten African countries

Leading local micro-lender, Letshego Holdings has moved to acquire 100 percent stake in another commercial bank in Nigeria, FBN Microfinance Bank, a month after acquiring another bank in Tanzania.

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.

Editor's Comment
Micro-procurement maze demands urgent reform

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...

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