Mbabane: You cannot talk about Financial Technology (FinTech) and financial inclusion while living behind digital technology and mobile phones.
This emerged during the official launch of Letshego and MTN Eswatini Mobile Money quick loans at the hotel hub of the kingdom, Ezulwini.
Speaking during the launch Letshego Eswatini’s CEO, Mongi Dlamini highlighted that Digital Technology and Mobile Phones are catalysts in improving access to a payment system that also extends short-term credit.
According to FinTech Futures, an online Financial Technology News website, Africa is the fastest-growing mobile financial markets in the world. One of the major reasons for this is because traditional banking services are out of reach for many Africans because of the low density of bank branches or ATMs, thus mobile phones are providing hundreds of millions of Africans access to financial services.
The availability of digital payment technologies such as internet banking, mobile money, and credit/debit cards has rapidly increased in the developing world, and has become a cornerstone for financial inclusion initiatives in developing countries.
Dlamini noted that Letshego is one of the finance lending companies which have been keen to work closely with mobile telephone companies in the African continent to provide access to short term loans and credit. In 2017, Letshego entered in the same partnership with MTN Ghana to provide access to short term loans for customers using the mobile money service.
In Eswatini, Dlamini said MTN has been an ideal partner for Letshego to deliver and to extend Mobile Money loans to most of the population mainly Eswatini MTN Mobile Money Subscribers.
In the past days access to simple, accessible and appropriate financial services has been a challenge for many individuals, and thus Letshego intend to help bridge the gap with the MoMo quick Loans to cater for financial liquidity needs for customers.
Letshego opened its doors in the Kingdom of Eswatini in February 2006. The company currently has three branches in the Kingdom; Manzini, Mbabane and Nhlangano. Letshego Group was incorporated in 1998, is headquartered in Gaborone, Botswana, and was publicly listed on the Botswana Stock Exchange (BSE) in 2002.
Letshego Eswatini’s success can be attributed to simple-to-understand, affordable and inclusive products that are readily accessible.