Letshego Africa Holdings group CEO, Aupa Monyatsi, has resigned his position and is serving a three-month notice period, the pan-African microlender told investors this morning.
Letshego’s board said Monyatsi was resigning to “pursue an external opportunity”.
“The board and staff of Letshego would like to thank Monyatsi for his leadership and contribution. “He has set a strong foundation that we will continue to build on,” the board said in a statement.
Monyatsi’s notice period will end on April 14, 2025.
The outgoing CEO was appointed to the position in July 2022, after serving as the group Chief Operations Officer from March 2020.
Monyatsi took over the reins at Letshego after a period of turbulence in which his predecessor, Andrew Okai, had been dismissed with immediate effect.
The microlender battled through shareholder conflicts over its pan-African expansion strategy, while investors pressed for more value as the share price came under pressure.
BIHL, Letshego’s single biggest shareholder, rode out the decline in the share price over the years, but increasingly made public its displeasure with below trend returns at the microlender.
After years of disappointing results, Letshego returned to profitability in the half year to June 2024, posting after tax profits of P17.8 million.
At the time, Monyatsi said the micro lender would intensify efforts to protect its core business of deduct at source loans while also exploring new pockets of opportunity in the mobile loan market.
Letshego is due to release its results for the full year ended December 31 in the next two months, under the Botswana Stock Exchange listing rules.
