Menu

Letshego Holdings, a Gaborone, Botswana-based microfinance holding company, has rebranded FBN Microfinance Bank (FBN MFB) to Letshego MFB, according to a statement on Friday.

The FBN MFB’s rebranding comes after its 100 percent acquisition by Letshego Holdings from former parent company, FBN Holdings, in January this year.

"The news of the acquisition early this year is coming to life now as we see Letshego MFB take shape in a bold, purposeful new look and feel, joining a family of brands that has a clear vision and strategy for inclusive finance,” said Chris Low, the Group Managing Director of Letshego Holdings.

“This is another affirmation of our commitment to the people of Nigeria . . . Innovation underpins our financial inclusion agenda, and it is innovation, partnerships and access to capital that we leverage to ensure we help deliver an enhanced customer experience to improve life.”

Founded in 2009, FBN MFB is one of seven microfinance banks in Nigeria to be awarded a national microfinance banking license. The bank has 28 branches and over 300 employees as well as over 80,000 depositors and 10,000 micro and small borrowers.

"We are excited for the many opportunities that lie ahead and the plans we have for a truly inclusive Letshego MFB,” said John Ologe, Letshego MFB’s CEO. “Amongst some of the investments and advancements made by the bank are greater accessibility of products for customers as well as improvement in turnaround time on lending products. As the latest entrant into the Letshego family, we are committed to growth, diversity and improving life.”

Established in 1998, Letshego Holdings has operations across ten countries, supporting 300,000 borrowers and 100,000 depositors in Botswana, Nigeria, Kenya, Lesotho, Mozambique, Namibia, Rwanda, Swaziland, Tanzania, and Uganda.

Letshego is the largest indigenous company on the Botswana Stock Exchange by market capitalization (about $634 million as at December 31, 2015) and profitability (about $104 million pre-tax profit in 2015). The company is among the top 40 companies by market capitalization in sub-Saharan Africa (excluding South Africa), according to Letshego Holdings.