Letshego fires group CEO, suspends company secretary

On Wednesday Letshego Group Board Chairperson Enos Banda issued a statement noting that the move was due to an irreparable breakdown in trust and confidence between the two parties. Okai joined Letshego in January 2020 from Standard Chartered Bank where he was operating as global chief operating officer. Okai was brought in as a substantive CEO to lead the rebuilding of executive management and guide a new strategy.

During his tenure, Letshego was able to shrug off the effects of COVID-19 and in the six months to June 2021, grew its balance sheet by 25% to P13.34 billion and pretax profits by 20% to P544.1 million. Much of Letshego’s performance has been linked to an aggressive digitisation strategy with the Letsgo App rolled out in 10 of the 11 countries the microlender is present. Following the suspension, Letshego has appointed its Chief Operations Officer Aupa Monyatsi as the Group CEO and Executive Director for an interim period. “While the Board considers a permanent appointment, Aupa Monyatsi has been appointed with immediate effect as the Group CEO and Executive Director for an interim period.