Providing convenient banking services for rural consumers.
Letshego Holdings Limited is a financial institution established in 1998, with operations in Botswana, Mozambique, Namibia, Swaziland, Tanzania, Uganda, Lesotho, Kenya, Rwanda and Nigeria. Banking or deposit taking has been established in Mozambique. The group has 350,000 customers and has a loan book of approximately USD 600 million. Letshego has been in the Mozambique market for 5 years.
Letshego’s ‘LetsGo Blue Box’ is an agency banking concept that will allow rural consumers in Mozambique to open an entry level basic formal bank account, with the option to deposit or receive money from other banks and mobile wallets, withdraw money, transact, save, register for micro-insurance and eventually, in phase 2, apply for loans. Customers will also be able to save using the ‘LetsSave’ mobile wallet, and transact using the ‘LetsPay’ mobile transaction service. The Blue Box is solar powered to support biometric registration and transaction authentication.
FRP support will be used to expand the current offering – specifically through mapping rural customers, developing appropriate solutions, procuring banking toolkits (the ‘blue boxes’), designing and delivering a financial education programme, providing/procuring technical assistance for delivery and product marketing.