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LETSHEGO HOLDINGS CEO: Andrew Fening Okai

Business

Letshego delivers double digit growth

Pan-African financial institution, Letshego Holdings Limited has recently announced that it has achieved double digit performance growth for 2021.

The group, which operates in 11 African countries including Botswana where it was established, registered a 11 percent growth in profits for the year 2021 to P1.1 billion and profit after tax going up by 16 percent to P730 million during the same period.

Letshego’s performance during the year was largely driven by 17 percent growth in net customer in advances, totaling P11.9 billion.

Within its lending value stream, Letshego says it achieved double digit growth in its Deduction at Source portfolio of 14 percent to P10.5 billion.

The group says profitability in Deduction at Source remains positive, buoyed by digital and system enhancements.

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The year saw slower growth in the Micro & Small Entrepreneur portfolio increasing in value by 7 percent to P859 million from P806 million last year.

The Mass Mobile Loans portfolio on the other hand is reported to have enjoyed stronger performance, with growth more than doubling in value to P568 million from P231 million.

Group Chief Executive Officer, Andrew Fening Okai said looking forward, from a macroeconomic perspective, Sub-Saharan Africa is expected to continue on an economic recovery trajectory in 2022.

“However, the pace of economic recovery will be slower in the near term as recurring pandemic waves disrupt domestic activity, supply chain bottlenecks continue, and debt burden increase,” he noted.

He further noted that rising geopolitical tensions globally also pose material downside risks to the global economic prospects generally, with pronounced impact on commodity dependent Sub Saharan economies.

“Inflation pressure, prevailing since 2020 is expected to continue through to the first half of 2022. We expect Governments to review monetary policies to stem inflation,” said Okai.

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Okai said policy rates are expected to rise in 2022, with currencies under pressure in the near term.

“The Group remains alert to the fluidity of the macroeconomic environment and continues to effect forward looking management actions,” he said.

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