Sun set to go down on Letshego's heyday

However, the future does not look as bright for the micro lender due to a recent decision by the government to cease facilitating deduction of loans at source.For the interim period ended 31 July 2011, the BSE-listed company, which now operates in seven African countries, saw net advances grow by a heavy 40 percent to P2.6 billion while profits after tax rose 36 percent to P210 million.

At P1.72 billion, Botswana contributed 66 percent to the P2.6 loan book, signifying the weight of the local market to the group's bottom line, while Namibia contributed P409 million and Mozambique P53 million. Says a statement accompanying the results:"The group's interest-earning assets remain the largest component of total assets at 97 percent of P2.94 billion, and comprise P2.6 billion in net customer loans, and P242.8 million in cash and cash equivalents and short-term investments.