Mbabane– Letshego Eswatini is set to expand its operations from a financial services provider into a digital banking institution after receiving a provisional banking licence from the Central Bank of Eswatini.
The development marks a major shift for the company, which has operated in Eswatini since 2006, as it prepares to offer a wider range of financial products beyond its existing services.The company’s plans were discussed during a recent membership visit by Business Eswatini (BE), which engaged Letshego’s newly appointed Chief Executive Officer Mbuso Dlamini and his management team.
During the engagement, Dlamini outlined the company’s future plans, including the introduction of new products following the approval that will allow Letshego to move towards becoming a digital bank.
The move is expected to introduce more competition in Eswatini’s financial sector, particularly in the digital banking space, as financial institutions increasingly use technology to expand access to banking services.
Dlamini said its focus would include reaching customers who remain outside the formal banking system, particularly the unbanked and under-banked population.
The company indicated that its digital model would allow customers to access services through mobile technology, reducing reliance on traditional branch-based banking.
The granting of the provisional licence allows Letshego to broaden its offering to include services such as savings and deposit products, subject to meeting regulatory requirements before commencing full banking operations.
The company’s transformation comes under the leadership of Dlamini, who returned as Chief Executive Officer after previously holding the position between 2010 and 2015.
Dlamini brings more than 20 years of experience in financial services across African markets, including Rwanda and Tanzania.
Meanwhile, Business Eswatini CEO E. Nathi Dlamini said it welcomed Letshego’s expansion plans, noting that increased participation in the financial sector could support efforts to improve access to financial services.
Dlamini said it would continue engaging with businesses across various sectors as part of its mandate as the country’s apex employer organization.
Discussion about this post