• Mining sector endures worst recessionMay 27, 2025
    Mining shows zero confidence on better business conditions Weaker global demand of rough diamonds trouble the sector Other sectors optimistic about improved conditions in 2025   BAKANG TIRO RelatedPosts Mining sector endures worst recession Who is the PSP PROTECTING?… Read more: Mining sector endures worst recession
  • Who is the PSP PROTECTING?May 27, 2025
    “She is protecting those facing corruption probe, hence removing DCEC intelligence head”- claim The DCEC recently confirmed that it was investigating some senior govt officials   DITIRO MOTLHABANE RelatedPosts Mining sector endures worst recession Who is the PSP PROTECTING?… Read more: Who is the PSP PROTECTING?
  • TIKI MEDIA * Head Branding SolutionsMay 26, 2025
    RelatedPosts TIKI MEDIA * Head Branding Solutions WILDERNESS AIR * Quality Assurance Manger MINISTRY OF COMMUNICATIONS AND INNOVATION * Deputy Director – Department of Shared Digital Services * Director – Research and Knowledge Business
  • WILDERNESS AIR * Quality Assurance MangerMay 26, 2025
    RelatedPosts TIKI MEDIA * Head Branding Solutions WILDERNESS AIR * Quality Assurance Manger MINISTRY OF COMMUNICATIONS AND INNOVATION * Deputy Director – Department of Shared Digital Services * Director – Research and Knowledge Business
  • MINISTRY OF COMMUNICATIONS AND INNOVATION * Deputy Director – Department of Shared Digital Services * Director – Research and Knowledge BusinessMay 26, 2025
    RelatedPosts TIKI MEDIA * Head Branding Solutions WILDERNESS AIR * Quality Assurance Manger MINISTRY OF COMMUNICATIONS AND INNOVATION * Deputy Director – Department of Shared Digital Services * Director – Research and Knowledge Business
  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders
  • Login
  • Register
Sunday, June 1, 2025
-6 °c
Columbus
6 ° Sat
13 ° Sun
15 ° Mon
16 ° Tue
The Patriot On Sunday
Advertisement
  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders
No Result
View All Result
Cart / $0.00

No products in the cart.

  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders
No Result
View All Result
The Patriot On Sunday
No Result
View All Result
Home Business

Letshego withstands volatility

patriot by patriot
March 11, 2021
in Business
245
0
Letshego Group CEO Andrew Okai

Letshego Group CEO Andrew Okai

491
SHARES
1.4k
VIEWS
ShareShareShare

Defeat Covid-19 odds, posts PBT P1 billion

Assets grows by 12% in 2020 reaching P12.2 billionGroup CEO Okai applauds strategic plan for resilience

RelatedPosts

Mining sector endures worst recession

VP applauds the Northern Trade Fair

ALC’s STRATEGIC investment

BAKANG TIRO

editors@thepatriot.co.bw

Home grown Pan African micro lender, Letshego Holdings Limited has posted record impressive results for the year ended 31st December 2020 with its customer deposits revenue growing by 56% despite the Covid-19 pandemic.

The group, which operates in 11 markets in Africa, delivered profit before tax in excess of P1 billion during the year

This significant achievement bridged the net year-on-year decrease from 20% in H1, to a single digit of 9% in H2, with the company’s total assets growing by 12% to P12 billion (P10.9 billionn 2019).

“Performance was underpinned by 12% growth in net customer advances and asset quality improved with an overall reduced Loan Loss Ratio (LLR) of 0.3% (FY 2019: 1.7%). Business resilience was further demonstrated by a reduction in Non-Performing Loans to 5.3% (FY 2019*: 6.9%),” said Letshego.

The Group CEO Andrew Okai said the results show resilience of the business in the difficult trading environment clouded by economic uncertainty and strain as a result of Covid-19 squall. He noted that the return to growth dubbed 6-2-5 plan was critical in enhancing business growth.

Briefing journalists in a virtual roundtable discussion, buoyant Okai said digitalisation forms the core part of diversifying the group’s funding base, adding that it was well achieved during plan 6. 

He said plan 6 of strategic transformation, which was undertaken in the first six months of the year, included digital adoption as well as new appointments to fill vacant positions.

Oozing with confidence, Okai said the underlined growth in the overall business performance was underpinned by effective implementation of the plans, saying a lot will be achieved.

“The Covid-19 pandemic affected key aspects of our business however we made the deliberate decisions to preserve and ensure that our customers continue to be served. The business model has shown a lot of resilience as there was no retrenchment of our staff too,” said jubilant Okai.

Letshego CEO, who marked first year in office this month, buttressed the importance of business diversifying its revenue streams to reduce overdependence on the Deduction at Source (DAS).

According to him, post the pandemic not all sectors of the economy will recover well, noting that it is anticipated that most of economies are likely to follow a K shape recovery from the W.

“This scenario is whereby the sectors of economy will not be recovering at the same time in various countries due to uncertainty posed by the pandemic on the economies. As the business we are cautious of the difficulties that lie ahead in our markets hence we need to be diverse,” he stressed.

He pointed out that at the moment the economies in their markets are decelerating due to the pandemic burden but is upbeat that with vaccine rollout there is a hope for recovery in 2021.

Letshego Group Chief Financial Officer (CFO) Gwen Muteiwa said the business has done quite well given the volatile circumstances in the markets owing to Covid-19.

She noted that the DAS continues to be a key segment of the business as 39% increase of new customers were realised during the year, insisting that the business will guard against losing clients.

“There has been a challenge in some of the currencies in the markets that we operate in. The currency in Mozambique and Uganda weakened while Pula remained resilient,” Muteiwa declared. The Profit after Tax (PAT) of P631 million was 13 % down year-on-year (FY 2019: P726 million).

Related

Tags: Letshego Holdings Limited

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Previous Post

VACANCY: Hardpro (PTY) Ltd

Next Post

WILDERNESS SAFARIS NOMINATED IN TRAVEL + LEISURE’S 2021 WORLD’S BEST AWARDS

Related Posts

Mining sector endures worst recession
Business

Mining sector endures worst recession

May 27, 2025
VP applauds the Northern Trade Fair
Business

VP applauds the Northern Trade Fair

May 26, 2025
ALC’s STRATEGIC investment
Business

ALC’s STRATEGIC investment

May 19, 2025
Stanbic boosts green economy
Business

Stanbic boosts green economy

May 12, 2025
STRONG, FOCUSED FORCE OF NATURE
Business

STRONG, FOCUSED FORCE OF NATURE

May 7, 2025
Modernising the exchange
Business

Modernising the exchange

May 7, 2025
Next Post
WILDERNESS SAFARIS NOMINATED IN TRAVEL + LEISURE’S 2021 WORLD’S BEST AWARDS

WILDERNESS SAFARIS NOMINATED IN TRAVEL + LEISURE’S 2021 WORLD’S BEST AWARDS

Please login to join discussion
  • Mining sector endures worst recessionMay 27, 2025
    Mining shows zero confidence on better business conditions Weaker global demand of rough diamonds trouble the sector Other sectors optimistic about improved conditions in 2025   BAKANG TIRO RelatedPosts Mining sector endures worst recession Who is the PSP PROTECTING?… Read more: Mining sector endures worst recession
  • Who is the PSP PROTECTING?May 27, 2025
    “She is protecting those facing corruption probe, hence removing DCEC intelligence head”- claim The DCEC recently confirmed that it was investigating some senior govt officials   DITIRO MOTLHABANE RelatedPosts Mining sector endures worst recession Who is the PSP PROTECTING?… Read more: Who is the PSP PROTECTING?
  • TIKI MEDIA * Head Branding SolutionsMay 26, 2025
    RelatedPosts TIKI MEDIA * Head Branding Solutions WILDERNESS AIR * Quality Assurance Manger MINISTRY OF COMMUNICATIONS AND INNOVATION * Deputy Director – Department of Shared Digital Services * Director – Research and Knowledge Business
  • WILDERNESS AIR * Quality Assurance MangerMay 26, 2025
    RelatedPosts TIKI MEDIA * Head Branding Solutions WILDERNESS AIR * Quality Assurance Manger MINISTRY OF COMMUNICATIONS AND INNOVATION * Deputy Director – Department of Shared Digital Services * Director – Research and Knowledge Business
  • MINISTRY OF COMMUNICATIONS AND INNOVATION * Deputy Director – Department of Shared Digital Services * Director – Research and Knowledge BusinessMay 26, 2025
    RelatedPosts TIKI MEDIA * Head Branding Solutions WILDERNESS AIR * Quality Assurance Manger MINISTRY OF COMMUNICATIONS AND INNOVATION * Deputy Director – Department of Shared Digital Services * Director – Research and Knowledge Business
The Patriot On Sunday

© 2024 Copyright The Patriot On Sunday - Inspired by Search Mart.

Navigate Site

  • About Us
  • Advertise
  • Disclaimer
  • Contact Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders

© 2024 Copyright The Patriot On Sunday - Inspired by Search Mart.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?