Letshego shelves plans to open bank in Botswana

Wednesday, April 30, 2014

Low addressing the media in Gaborone yesterday. PIC KEBOFHE MATHE

Botswana’s largest consumer lending company Letshego will not be re-applying for a banking licence in Botswana anytime soon. The micro lender says it has opted to build capability from other African markets it operates its business, before re-applying for the banking licence in Botswana.

In 2012, Bank of Botswana declined Letshego’s banking licence application for reasons, which the microlender says, were not explained.

Letshego has already acquired banking licences in Mozambique, a deposit-taking licence in Rwanda, and is in the process of acquiring a banking licence in Namibia.

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