By Providence Obuh

Letshego Micro finance Bank, said it is positioned to respond to the needs of over 37 million financially excluded Nigerians.

Group Managing Director, Letshego Holdings Limited, Mr. Chris Low, said that there are millions of Nigerians who have access to banking services but lack the appropriate products to that service. He said, “We would respond to the needs of the under-served through a focus on customer experience and deliver simplicity to our customers through a focus on innovation.

Our strategy is to deliver simple, appropriate and affordable solutions, focused on the education, health, agriculture and housing sectors of the economy. We are very clear on who we are delivering these to: low and middle income earners, government employees and micro and small entrepreneurs or enterprises.”

Low said this at a media briefing to announce the adoption of the Letshego brand by FBN Microfinance Bank, after necessary approvals by the Central Bank of Nigeria, in Lagos. He described the economic situation of the country as a passing time, expressing optimism about the economy. “We know the resilience of the economy, we are not afraid of recession, we are committed to working with the customers,” he said.

Also, Group Head, Letshego Microfinance, East and West Africa, Mr. Tom Kocsis, added, “We have a transformational strategy to deliver an inclusive finance model across this growing footprint. Our approach to microfinance is one in which we reduce the cost of risk by educating our customers more.

“In the coming months we will be educating and informing our customers more intensively on how best to access and leverage financial services, also, we will be looking to how to innovate in the nature of these services so that they continue to be relevant and appropriate to our customers’ needs. Supply chain financing is only one such example, and affordable housing solutions another.

“Strategic partnerships are key to us in delivering a compelling inclusive finance model, as such, we will be looking to partner with like-minded parties in both the public and private sectors, who can assist in building an ecosystem that creates true financial inclusion and empowerment,” he said.

On his part, CEO, Letshego MFB, Mr. John Ologe, said Nigeria plays a significant part in Letshego’s  vision for creating a leading inclusive finance.  Ologe said, “Over the last eight months, we have been working to identify how we can build on our existing strength and competences in the micro finance space, bringing our services to the Nigerian people in a typically Letshego way.

“This has involved a review of our internal and external delivery systems and processes as well as an investment into our people to build a strong base for quality services. We have a great and engaged team working intensively to understand the Letshego strategy and help us inform it with the opportunities we see for improving the lives of Nigerians.

“To deliver simple, appropriate and affordable solutions we have been reviewing our products and services as well. Also, we have been reviewing how we serve our customers. In the following months, we would be the market with simpler solutions, improved access channels and a fresh new look. We look forward to engaging our customers, the public, our key stakeholders, including the media, as we work towards building Africa’s leading inclusive finance group, right here in Nigeria,” he said.