Botswana financial services group Letshego Holdings Limited has acquired afb Ghana Plc after it had met all regulatory requirements and received approval from the Securities and Exchange Commission and the Bank of Ghana.
The acquisition of afb adds to Letshego’s expansion in West Africa after it took over FBN Microfinance Bank in 2015.
afb Ghana currently offers innovative credit products to over 60,000 customers across its network of more than 25 branches and customer access points.
Managing Director of afb Ghana, Mr Arnold Parker said the Ghanaian team was happy to be joining the Letshego Group and had begun work on a number of synergies between the two operations.
“We are excited to be joining the Letshego Group, and I have no doubt that we will benefit from this vision and strategic focus,” he said.
Mr Parker said there were plans to rebrand later in the year.
“We officially announced the final and complete takeover of afb by Letshego holdings of Botswana. We have received all the regulatory approval, so in effect we are now a fully-fledged subsidiary of the Letshego group,”
“We are going to be afb for the rest of this year. Towards the end of the year into next year we intend to rebrand to become Letshego Ghana,” he said.
Letshego and the afb team have now shared their intent to deliver more broad-based solutions during 2017 and going forward, primarily over a mobile delivery and access platform in order to enhance access, affordability and drive the progressive development of customer needs-based solutions.
On her part, the Group Chief Operations Officer, Ms Duduetsang Olsen-Namanyane said with Letshego’s support, afb would continue advocating financial inclusion, driving innovation, and mobilising financial empowerment programmes in underserved communities.
She said the Group’s strategic intent was to be Africa’s leading inclusive finance group based on the model of providing the financially under-served with simple, appropriate and accessible solutions.
“We are clear that this cuts across the formal, informal and Micro and Small Entrepreneurial sectors of the society. We look forward to working with the Ghana Board as well as Arnold and his highly engaged team. Together, we seek to empower our people, our customers, communities and to improve their lives,” Ms Olsen-Namanyane said.
Meanwhile, Mr Blaise Mankwa has been appointed the Board Chairman of afb Ghana Plc.
Commenting on the appointment, Mr Mankwa said he was pleased to be joining the board of a dynamic company being empowered by the Letshego Group to embrace financial inclusion while delivering growth and returns for its shareholders.
“The board and I will support Letshego and the afb team to engage our regulators and stakeholders. We will look to ensure we are capacitated to provide access to needs driven financial solutions anytime, anywhere, without compromising a zero-tolerance approach to non-compliance -, and upholding high standards of governance and risk management,” he added.
Letshego Holdings Limited was incorporated in 1998. It is listed on the Botswana Stock Exchange since 2002.
It is one of Botswana’s largest indigenous groups, with a market capitalisation of approximately $500 million, placing it in the top 40 listed sub-Sahara African companies and an agenda focused on inclusive finance.
