FBN Holdings Plc has parted with one of its investments, FBN Microfinance Bank to Botswana financial company, Letshego Holdings Limited.
The foreign based company reportedly acquired 100 percent of the microfinance bank, giving it full ownership of the venture.
Letshego is the first consumer lending company established to provide unsecured loans to formally employed clients.
With this acquisition, the company has launched itself into the Nigerian and West-African business market.
The Group Managing Director, Letshego, Mr. Chris Low while commenting on the new deal said, “As the leading indigenous BSE-company by market capitalisation and profitability, it is an exciting time for us at Letshego. This opportunity to enter the Nigerian market coincides with the expansion of our range of financially inclusive products and services”.
“We believe Nigeria’s growth prospects in our targeted low-and-middle income, and MSE, customer segments have significant upside potential, and that, by bringing our skills to this market, we can further financial inclusion and improve lives across Nigeria. We look forward to being able to further improve lives across the continent through this development.”
Letshego offers a wide experience in payroll deduction lending in the public and private sector, as well as lending to micro and small enterprises.