Letshego has announced its acquisition of 100 per cent shares in FBN Microfinance Bank. The announcement was made of Friday 22ndJanuary at a press conference in Lagos.
Speaking at the event, the Group Managing Director, Letshego, Chris Low said that; “As the leading indigenous BSE-company by market capitalisation and profitability, it is an exciting time for us at Letshego “This opportunity to enter the Nigerian market coincides with the expansion of our range of financially inclusive products and services. We believe Nigeria’s growth prospects in our targeted low-and-middle income, and MSE, customer segments have significant upside potential, and that, by bringing our skills to this market we can further financial inclusion and improve lives across Nigeria. We look forward to being able to further improve lives across the continent through this development.”
With over 80,000 depositors and over 10,000 MSE borrowing customers, the bank’s operations are directly aligned to Letshego’s financial inclusion agenda. Letshego brings its expertise in payroll deduction lending in the public and private sector, as well as lending to micro and small enterprises, with a focus on agriculture, education and health sectors. FBN Holdings plc is the oldest banking group in Nigeria, having been established in 1894, it is listed on the Nigeria Stock Exchange.