Bank licence contender withdraws application

While the identity of the applicant has been cloaked in official secrecy, observers have read the move as a blow to the country’s aspirations to establish a citizen-owned or homegrown bank.

The two known institutions that have publicly declared their intent to pursue a banking licence are citizen-controlled BBS Limited and homegrown pan-African microlender, Letshego Holdings. This week, representatives from both entities washed their hands of the matter.