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Letshego Financial Services is looking to expand into the tourism sector as part of its efforts to develop solutions relevant to each country it operates in. Letshego Financial Services Botswana (LFSB) Chief Executive, Fred Mmelesi, said on Monday that their aim is to expand services to allow greater access to major income generating sectors in the economy, including in the tourism sector.
He said they found out that people working in the tourism sector are not typically well served by financial institutions. “Our aim therefore is to be the solution to this disparity of sector support. We seek to empower Batswana in these tourist areas to be able to seize the business opportunities that are available,” Mmelesi said. Mmelesi said the company’s strategy is clear – to be the continent’s leading financial inclusive group. To them, he said, financial inclusion requires the provision of simple, appropriate and affordable financial solutions to those who have historically been under-served or excluded from the mainstream financial sector.
Letshego, according to Mmelesi, has a needs-based approach to how its serves its customers and that include applying innovation in everything the company does. Having been extending credit to government employees, Mmelesi said they have since started providing consumer lending through deduction at source to non-government employees and have already entered into agreement with some private employers. “Such growth will give more customers across Botswana and Africa the access to relevant financial solutions that they can use towards improving their lives and household incomes.” The group is also looking to roll out low cost housing to all sectors of the economy across its 10 country footprint and the product is now being rolled out to all sectors of the economy. To avoid financial over-commitment by customers, Letshego says it has invested half a million Pula in the financial literacy programme to fight high indebtedness, especially among civil servants and blue collar workers.
The money is invested towards public education and is being rolled out in partnership with the Directorate of Public Service Management (DPSM) and has covered several places countrywide.
Early this week and as part of Improving Life Campaign, Letshego launched a campaign called “Tlhoma Tante” which will see existing customers writing a story on how they have used loans acquired through the company to improve their lives while new customers will narrate how they intend to use theirs to improve lives. The winning prize for this campaign is a catering business which will consist of a tent and everything associated with the business such as chairs and cutlery.