Letshego
Letshego is a Botswana-based pan-African inclusive-finance group providing microfinance, consumer lending, banking, and related financial services.
Last updated August 31, 2026
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Overview
Letshego Holdings Limited is a Botswana-based financial-services group focused on inclusive finance, with headquarters in Gaborone and shares traded on the Botswana Stock Exchange. The name Letshego is a Setswana word meaning “support,” reflecting the group’s emphasis on expanding access to relatively simple and affordable financial products for underserved consumers and small businesses. The business began in Gaborone in 1998 as Micro Provident Botswana Limited. Its original activity was the provision of unsecured loans to people in formal employment. This payroll- and employment-linked lending model gave the company a defined initial customer base and became the foundation for its later expansion into broader retail finance. Letshego completed an initial public offering and listed on the Botswana Stock Exchange in 2002. Capital raised through the listing supported the company’s move beyond Botswana and helped establish a regional operating platform. Between 2005 and 2007, Letshego entered Uganda, Eswatini, Tanzania, and Zambia through greenfield investments. In August 2008, it made its first foreign acquisition by purchasing a majority interest in Eduloan, a Namibian microfinance institution. That year, the group adopted Letshego as its official brand name. Expansion continued with the establishment of operations in Mozambique in 2009 and entry into Lesotho in 2011. A major step in the group’s geographic development was its acquisition of a majority stake in Micro Africa Limited, a Kenya-based microfinance company with businesses in Kenya, Uganda, Rwanda, and South Sudan. Letshego announced its intention to acquire 62.52 percent of Micro Africa in 2011, completed the transaction on 1 June 2012, and took full control in 2013. The transaction added new markets and strengthened Letshego’s existing Ugandan presence. The group later exited its Zambian operations in December 2013. In January 2016, Letshego completed the acquisition of all shares in FBN Microfinance Bank of Nigeria, extending its presence into one of Africa’s largest consumer markets. The group’s operating model has combined subsidiaries, banking entities, microfinance businesses, and direct-sales channels. Its offerings have included unsecured personal loans, salary- and payroll-linked lending, microfinance, savings and deposit products through banking subsidiaries, and other retail financial services. The group has also had exposure to education finance through the Eduloan business and has maintained a presence in digital and agent-enabled distribution as the African financial-services market has evolved. According to the supplied reference material, Letshego described itself as serving more than 6.6 million consumers across an 11-country African footprint and employing more than 3,000 people, including direct sales agents, as of the end of 2022. The same material reported total assets of BWP 16.909 billion and shareholders’ equity of BWP 5.658 billion at December 2022. Those figures are time-specific rather than current estimates. The reference also stated that the group’s December 2022 market capitalization exceeded USD 1 billion. Letshego remains an indigenous Botswana-listed financial group whose brand proposition is built around access, affordability, and practical financial support.
History
Letshego Holdings was incorporated on 4 March 1998 as Micro Provident Botswana Limited in Gaborone. The company initially specialized in unsecured loans for formally employed customers. This focus provided a relatively clear risk and distribution model and established the business as a consumer-credit provider in Botswana. The company became publicly traded in 2002 through an initial public offering on the Botswana Stock Exchange. The listing provided capital for regional development and marked the beginning of Letshego’s transformation from a Botswana lending company into a wider African financial-services group. From 2005 to 2007, it established operations in Uganda, Eswatini, Tanzania, and Zambia through greenfield investments. In August 2008, Letshego made its first international acquisition by purchasing a majority stake in Eduloan, a Namibian microfinance institution. During the same year, the group adopted Letshego as its official corporate brand. The new name, derived from a Setswana word associated with support, accompanied the group’s broader inclusive-finance identity. Letshego added Mozambique in 2009 and began operations in Lesotho in 2011. The group’s most important regional transaction during the next phase was its investment in Micro Africa Limited. Micro Africa was based in Kenya and had subsidiaries or operations connected with Kenya, Uganda, Rwanda, and South Sudan. Letshego announced a planned acquisition of 62.52 percent in 2011 and completed it on 1 June 2012. The transaction increased the number of countries in which the group operated and complemented its existing Ugandan business. Letshego subsequently acquired full control of Micro Africa in 2013. Also in 2013, Letshego disposed of its Zambian financial-services subsidiary. The exit demonstrated that geographic expansion was accompanied by portfolio reshaping rather than a simple policy of retaining every market entered. In January 2016, Letshego completed the acquisition of 100 percent of FBN Microfinance Bank Limited in Nigeria. This transaction gave the group a wholly owned platform in Nigeria and broadened its exposure to banking and microfinance in a major African economy. Over time, the group developed a portfolio of operating companies and banking entities in Botswana, Kenya, Rwanda, Lesotho, Mozambique, Namibia, Eswatini, Tanzania, Uganda, and Nigeria, with the supplied reference material also identifying Ghana-related financial-services exposure. Its businesses have included consumer lending, microfinance, education finance, savings and deposits through banking subsidiaries, and related retail financial services. Distribution has relied on branches, direct sales agents, employer or payroll relationships, and increasingly digital channels. The supplied reference material describes Letshego as having more than 25 years of operating history and serving over 6.6 million consumers across an 11-country footprint as of December 2022. It also reports more than 3,000 employees, including direct sales agents. At December 2022, the group reported total assets of BWP 16.909 billion and shareholders’ equity of BWP 5.658 billion; the same source reported market capitalization above USD 1 billion at that time. Letshego’s continuing identity is that of a Botswana-founded, Botswana-listed pan-African inclusive-finance group seeking to make everyday financial products more available to consumers who may be underserved by conventional banks.
- 2022
Reported scale of the pan-African group
[1]Reference material reported more than 6.6 million consumers, over 3,000 employees, and total assets of BWP 16.909 billion at December 2022.
- 2016
Acquisition of FBN Microfinance Bank
[1]Letshego completed the acquisition of 100 percent of FBN Microfinance Bank Limited in Nigeria.
- 2013
Micro Africa becomes wholly controlled
[1]Letshego took full control of Micro Africa Limited and also divested from Letshego Financial Services Zambia.
- 2012
Micro Africa majority acquisition completed
[1]The group completed the purchase of a 62.52 percent stake in Micro Africa on 1 June 2012.
- 2011
Entry into Lesotho and Micro Africa proposal
[1]Letshego commenced operations in Lesotho and announced plans to acquire a majority stake in Micro Africa Limited.
- 2009
Entry into Mozambique
[1]The group established a subsidiary in Mozambique as its African expansion continued.
- 2008
First foreign acquisition and brand adoption
[1]Letshego acquired a majority stake in Namibia’s Eduloan and adopted Letshego as its official brand name.
- 2005
Regional greenfield expansion begins
[1]Letshego began establishing operations outside Botswana, entering Uganda, Eswatini, Tanzania, and Zambia during the 2005–2007 period.
- 2002
Botswana Stock Exchange listing
[1]The company completed an initial public offering and listed on the Botswana Stock Exchange, using the resulting capital to support regional expansion.
- 1998
Incorporation as Micro Provident Botswana
[1]Micro Provident Botswana Limited was incorporated on 4 March 1998 in Gaborone to provide unsecured loans to formally employed customers.
Products and positioning
A pan-African inclusive-finance provider positioned around improving lives through accessible, straightforward, and affordable financial solutions for consumers and other underserved customers.
Consumer lending · 1998
Unsecured personal loans
Unsecured personal credit was the original core of the business. Letshego developed around lending to formally employed customers, commonly using employment or payroll relationships as part of distribution and repayment administration. The product family represents the group’s basic proposition of making relatively straightforward credit available without requiring traditional secured collateral.
Microfinance
Microfinance services
Letshego’s microfinance businesses serve customers who may have limited access to conventional bank lending. Through subsidiaries and acquired operations, the group has offered small-scale credit and related financial services across multiple African markets, using local operating companies and direct distribution channels.
Retail banking
Banking and deposit products
Selected Letshego subsidiaries operate as banks or microfinance banks, enabling the group to provide products beyond lending. These operations can include savings, deposits, payments, and other retail banking services, although the exact product range varies by country and regulated entity.
Specialized lending · 2008
Education finance
Education finance is associated with the Eduloan business acquired in Namibia in 2008. It addresses borrowing needs linked to education expenses and forms part of Letshego’s broader approach to specialized, purpose-related and employment-linked financial solutions.
Financial distribution
Digital and agent-assisted finance
The group has used direct sales agents and other assisted distribution methods to reach customers across its markets. Its inclusive-finance model also includes digital service capabilities, intended to make applications, account access, and loan servicing more convenient than branch-only delivery.
Brand decisions
2016
Acquisition of FBN Microfinance BankM&ABackground
Letshego sought a platform for entering Nigeria and extending its microfinance model into a large national market.
Action taken
The group completed the acquisition of 100 percent of FBN Microfinance Bank Limited.
Aftermath
Letshego obtained a wholly owned Nigerian microfinance banking operation.
2013
Exit from ZambiaStrategyBackground
The group reviewed its country portfolio after a period of rapid geographic expansion.
Action taken
Letshego divested from Letshego Financial Services Zambia on 1 December 2013.
Aftermath
The disposal reduced the group’s country footprint while it continued investing in other African markets.
2012
Acquisition of Micro AfricaM&ABackground
Letshego wanted to accelerate entry into East African markets and increase the scale of its existing Ugandan operations.
Action taken
The group completed the acquisition of a 62.52 percent stake in Micro Africa Limited on 1 June 2012.
Aftermath
Letshego gained access to operations in Kenya, Rwanda, and South Sudan and later took full control of Micro Africa in 2013.
2008
Acquisition of EduloanM&ABackground
Letshego sought to establish an international operating base and broaden its financial-services footprint.
Action taken
The group acquired a majority stake in Namibia-based microfinance institution Eduloan.
Aftermath
The transaction became Letshego’s first foreign acquisition and added education-finance capabilities to its portfolio.
2002
Public listing to fund regional growthStrategyBackground
After beginning as a Botswana consumer lender, the company needed capital to support expansion beyond its home market.
Action taken
Letshego completed an initial public offering and listed on the Botswana Stock Exchange.
Aftermath
The listing provided a platform for subsequent greenfield investments and acquisitions across African markets.
Recent events
- 2016
Letshego completes acquisition of FBN Microfinance Bank[1]
M&A
Letshego completed the acquisition of 100 percent of FBN Microfinance Bank of Nigeria, entering the Nigerian market through a wholly owned microfinance banking operation.
- 2013
Letshego takes full control of Micro Africa[1]
M&A
Letshego acquired the remaining interest in Micro Africa Limited and obtained full control of the business.
- 2013
Letshego exits its Zambian subsidiary[1]
M&A
The group divested from Letshego Financial Services Zambia, reducing its country footprint after the disposal.
- 2012
Letshego completes acquisition of Micro Africa[1]
M&A
Letshego completed the acquisition of a 62.52 percent stake in Kenya-based Micro Africa Limited on 1 June 2012, adding operations in Kenya, Rwanda, and South Sudan while expanding its existing Ugandan business.
Sources3 sources
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