Letshego profit up 16pc with Kenyan unit netting Sh1.5b

Letshego Kenya Limited CEO Adam Kasaine. [David Gichuru, Standard]

Pan African financial services firm Letshego Holdings has reported a 16 per cent increase in profit after tax to Sh7.2 billion (730 million Botswana Pula) in the year to December 2021, compared to Sh6.2 billion (631 million Botswana Pula).

The firm, whose top profit-generating markets were Botswana, Namibia and Mozambique, said Kenya emerged as a key market that drove growth last year.

The profit before tax for its Kenyan operation more than doubled to Sh1.5 billion (149 million Pula) from Sh599 million (61 million Pula).

Letshego, headquartered in Botswana, has operations in 11 countries in East, West and Southern Africa where it offers different financial services including lending, savings and insurance.

“In Kenya, Letshego continues to improve access to our affordable financial solutions and enhance our existing broad-based micro and small enterprise and check-off solutions. The full year’s performance trends were characterised by growth in profitability,” Letshego Kenya Chief Executive Adam Kasaine said in a statement.

The firm plans to roll out new products in Kenya that includes LetsGo Insure, offering digital insurance solutions in partnership with local insurers.

Group Chief Executive Andrew Okai said Letshego’s 2021 performance was sound with the regional team delivering double-digit growth.