Letshego Holdings Limited concludes acquisition of afb Ghana Plc

Letshego Holdings Limited (“Letshego”), Africa’s leading inclusive finance group providing consumer lending, microfinance and deposit-taking services to improve life, has concluded the 100% acquisition of afb Ghana Plc.

Key developments to be introduced to the Ghanaian market were presented before stakeholders including the Ghanaian media in press conference held in Accra.

Details of the transaction were shared with the media and public in early 2017, when Bank of Ghana gave their approval; the acquisition has subsequently been approved by the Ghana Securities and Exchange Commission (SEC).

The welcoming of afb Ghana into the Letshego Group is envisioned to provide an enhanced customer experience for the Ghanaian people, who will be offered simple, appropriate and accessible financial solutions to improve their lives.

Announcing this transaction to the Ghanaian market in early 2017, Letshego shared that its diversified solutions encourage communities to financially empower themselves in a variety of sectors including agri-business, education, housing and healthcare. Letshego and the afb team have now further 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.

In order to deliver this inclusive finance agenda in Ghana, the leadership shared their philosophy of ensuring delivery of their strategic intent by starting with their people. To this end, afb Ghana Plc’s newest board member and Chairman, Mr. Blaise Mankwa, was recognised and welcomed into the company’s governance structures. Welcoming the media, and commenting on his appointment, Mr. Mankwa said “I am pleased to accept the appointment as Chairman of the Board of afb Ghana Plc. Clearly, this is 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.”

With Letshego’s support, afb will continue advocating for financial inclusion policy enhancements, driving innovation, and mobilising financial empowerment programmes in underserved communities. Representing the Letshego Group was Ms. Duduetsang Olsen-Namanyane, Group Chief Operating Officer (COO), who also represents Letshego’s interest on the afb Ghana Plc board.

“We are pleased to welcome Blaise onto the afb Ghana board. We have begun collaborating with the afb Ghana team and including them in the Letshego family. Our strategic intent to be Africa’s leading inclusive finance group is 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 (MSE) sectors of the society. We look forward to working with our Ghana Board as well as Arnold and his highly engaged team. Together, we seek to empower our people, our customers, and communities and to improve their lives.” said the Group Chief Operations Officer (COO), Duduetsang Olsen-Namanyane.

Arnold Parker, afb Ghana Managing Director also added, “As our Group COO, Dudu, has shared, we already are part of the Letshego family. We have begun work on a number of synergies between the two operations. For example, on the back of our established and successful payroll lending operations, we are developing a mobile micro-loan solution that we will share more about in due course. In addition, with our deposit-taking capability, another priority is to mobilise savings for the financially under-served in this market. Our nation, and our economy, are brimming with potential that we look forward to helping realise.”