The government has reiterated support to banks in provision of broad based financial services to underserved populations in rural areas.
Speaking at a dinner gala hosted by
Letshego Bank in Dar es Salaam on Wednesday evening, the Minister for
Home Affairs, Mwigulu Nchemba said the government valued efforts to
broaden financial inclusion in the country as they complement government
development agenda to the people.
“It pleases me greatly to see Letshego
being committed to offering broad based financial services and helping
rural and unbanked customers outside the district capitals in Tanzania. I
encourage other organisations, even beyond the financial services
sector, to do the same”, he said.
He said the government was pleased to
notice how Letshego also shares its core principle by coming up with
financial solutions that aims at stimulating a number of sectors that
includes agriculture, health, housing, education,
micro-and-small-enterprises and social investment.
The Letshego Holdings Limited Group
Managing Director, Mr Chris Low, said the financial institution (which
Letshego Bank (T) Limited is its subsidiary) has a vision to be Africa’s
leading inclusive finance group.
“We have developed a strong business
platform that will enable us to deliver on this intent. Success will
come through our people and teamwork, it will require continued growth,
embracing diversity and a commitment to improving lives”, said Mr Chris.
He said Letshego’s footprint in Tanzania
can be traced through Faidika, here they are represented in all regions
of the country, and its 110 outlets cover a presence in at least 95 per
cent of all districts.
“In 2015, and with the support and
approval of the Central Bank of Tanzania we concluded the acquisition of
a 75 per cent stake in Advans Bank Tanzania, a commercial Bank with
five (5) branches, focused on micro, small and medium enterprises.
“With our existing business, Faidika and
now the bank, we already serve over 70,000 customers and we have
ambitions to take a central role in furthering the financial inclusion
agenda that the Government of Tanzania fosters,” the MD said
. Mr Chris said Letshego family
represents 20 nationalities across its ten countries, mentioning that,
“We have subsidiaries in Botswana, Kenya, Lesotho, Mozambique, Namibia,
Nigeria, Rwanda, Swaziland, and Uganda as well as Faidika and Letshego
Bank here in Tanzania.”
“For our customers we have continued to
diversify our solutions and accessibility, further we are providing for
our customers’ financial needs including through development of
strategic partnerships.
We now can offer savings, borrowings, payments and insurance at a micro level across a number of our operations.
“Specifically in Tanzania, we are
pleased to mention that our Education Loan, ‘Mtaji Elimu,’ has had a
warm response from schools in its pilot phase – this provides schools
with a loan facility that matches repayments to the school fees cycle
and we have already seen over 20 schools take it up with almost 2bn/-
being disbursed in less than six months – this must be a sure sign that
further diversification in the Tanzanian market will be welcomed by
customers seeking appropriate productive financing,” Mr Chris said.
Letshego Holding Board member Mr
Hannington Karuhanga said their institution looks forward to the next
ten years of growth, diversity and improving life, working with the
Tanzania government and their partners.
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