The new appointed CEO of Pan African micro-lender Letshego, Andrew Okayi, has hit the ground running with the aim of taking the company to greater heights.
Okai maintains that the business remains resilient and focused for major growth across all its segments. He shared his roadmap with journalists in Gaborone on Thursday in a round table discussion.
He boosts of vast banking sector experience having worked as the Global Chief Operating Officer for Standard Chartered Group’s retail division, and the bank’s CEO for Zambia too.
Oozing with confidence, he declared that there is no reason for him to fail to position Letshego group as leading world class retail financial services provider as it one of his targets to achieve as a CEO.
“The core focus strategy of the business will not change during my reign as CEO. What will change is how the strategy will be executed. There is resilience for the business to expand further,” he said.
He reaffirmed the company’s commitment to create a diversified funding base so as to continue meeting the group’s purposing of putting the customers at the forefront.
The business model of the group, he said, is working very well; hence it will enable them to identify new opportunities through reviewing the markets that they operate in currently.
Asked about what he brings to table, CEO said he comes with a new outline a diversified source of revenue streams away from a heavy reliance on the Deduction At Source (DAS) product.
The DAS has stood out as the largest contributing segment to Letshego’s revenues with Okai admitting there is need for diversification.
The group announced during the Half Year results for year ended June 2019 that DAS remains core segment of the business with its retail depositing constituting one third of total deposits.
According to Okai, the future is important for Letshego because ingredients are available in terms of the staff quality that the group possesses. He added that innovation will also be an area of focus.
“Stiff competition is an emerging factor that we take note of. We are striving to make sure that we have a well-diversified funding base that will unlock more opportunities for profits. More innovative products will come up,” said the delighted Okai.
The CEO, however, believes that Letshego is still competitive enough to withstand pressure in the market, citing the company’s strong balance sheet.
Balance sheet optimisation, he said, remains the priority area of focus of the group’s capital position as it is crucial in ensuring that the shareholders get dividends.
He said Letshego will play a role in the development and empowerment of people as it will avail support for education and youth initiatives and work to improve lives locally.
He is also keen on exposing Batswana who are employed by the group to several training programmes so as to position them for top leadership vacancies that arise across the region. “I have discovered that there is lot of quality staff that needs more exposure,” Okai buttressed.