Letshego Seals Acquisition Deal With afb Ghana

Duduetsang Olsen-Namanyane and Blaise Mankwa at a recent press conference in Accra

Letshego Holdings Limited, Africa's leading inclusive finance group, has concluded the 100 percent acquisition of afb Ghana Plc.

Details of the transaction were shared with the media and the public early this year when Bank of Ghana (BoG) gave its approval.

The acquisition has subsequently been approved by the Securities and Exchange Commission (SEC).

Announcing the transaction, Duduetsang Olsen-Namanyane, Group Chief Operating Officer (COO) said her outfit's diversified solutions encourage communities to financially empower themselves in a variety of sectors, including agri-business, education, housing and healthcare.

She also stated that Letshego and the afb team are bent on delivering more broad-based solutions during 2017 and going forward, primarily over a mobile delivery and access platform in order to enhance access, affordability and drive the progressive development of customer needs-based solutions.

“Our strategic intent to be Africa's leading inclusive finance group is based on the model of providing the financially under-served with simple, appropriate and accessible solutions. “We are clear that this cuts across the formal, informal and Micro and Small Entrepreneurial (MSE) sectors of the society. We look forward to working with our Ghana Board as well as Arnold and his highly engaged team. Together, we seek to empower our people, our customers, communities to improve their lives,” said the Group Chief Operations Officer (COO), Duduetsang Olsen-Namanyane.

Arnold Parker, afb Ghana Managing Director, said the company was developing a mobile micro-loan solution that we will share more about in due course. .

In addition, with our deposit-taking capability, another priority is to mobilise savings for the financially under-served in this market.”

afb Ghana's newest board member and chairman, Blaise Mankwa said, “I am pleased to accept the appointment as Chairman of the Board of afb Ghana Plc. The board and I will support Letshego and the afb team to engage our regulators and stakeholders.”

With Letshego's support, afb will continue advocating for financial inclusion policy enhancements, driving innovation, and mobilising financial empowerment programmes in underserved communities.

A business desk report