Letshego Ghana Savings and Loans posts impressive half-year results
Letshego Ghana Savings and Loans PLC, a subsidiary of Letshego Africa, has announced impressive financial results for the first half of 2024, demonstrating significant growth and resilience amid challenging macroeconomic conditions. The company’s robust performance underscores its commitment to delivering value to stakeholders and executing its strategic plan effectively.
Key milestones achieved by Letshego Ghana include significant strides in product diversification, customer delivery, digitalization, and ecosystem collaborations. The company has transitioned its portfolio mix to balance Deduction-at-Source (DAS) and Mobile Lending, resulting in a 218% year-on-year increase in operating income. Additionally, enhanced automation has reduced loan origination turnaround time from 24 hours to 12 hours, significantly improving the customer experience.
Letshego Ghana remains dedicated to world-class environmental, social, and governance (ESG) practices, developing a comprehensive sustainability framework that integrates ESG principles. This framework has provided multiple benefits to the company’s operations, stakeholders, and the broader community. Notable achievements include winning the award for Best Non-Bank Financial Institution in the Promotion of Financial Inclusion and a 114% year-on-year growth in the Qwikloan non-urban customer segment.
Looking ahead, Letshego Ghana aims to further increase its execution capability to deliver on key strategic priorities. The company is accelerating efforts in capital efficiency, digitization, and product expansion. Key initiatives include improving the cost-to-income ratio, investing in platform capabilities and technology, and developing new products. The company also plans to deepen collaborations with existing partners and explore new opportunities.
Letshego Ghana operates as a non-bank financial institution with 16 physical outlets and over 100 employees. The company enhances its customer reach through strategic partnerships, innovative delivery methods, and enhanced digital channels, providing loans to individuals across the public and private sectors and supporting micro and small entrepreneurs.
This strong performance and strategic focus position Letshego Ghana for continued growth and success in the coming years.
