Investor Relations
We achieved strong top-line growth across a number of our business segments including insurance and mobile lending, reporting pleasing loan growth of 9% year on year. Excluding the once-off adjustments and FX impact, the Group’s performance would have largely been in line with expectations.
Aobakwe Aupa Monyatsi, Group Chief Executive
About Letshego Africa Holdings Limited
Letshego is a pan-African retail financial services group that leverages digitisation to support its purpose of ‘improving lives’ – increasing access to simple and inclusive financial solutions. Letshego’s regional footprint spans across 11 markets, supporting both individuals and Micro and Small entrepreneurs (MSEs).
Company Information
3 Reasons to Consider Investing in Letshego Africa Holdings Limited
Product Diversification
Continuously expanding and diversifying our product offering to increase access to simple, world-class financial solutions
Digitalisation
Digitising our strategy to increase impact, access, customer value and efficiency through end to end automation
Geographic Rebalancing
Balancing the contribution of profits within Letshego’s regional footprint
Enterprise Agility & Culture
Transforming the way we work to empower our people and ensure efficient execution
Sustainable Shareholder Value
Commitment to executing a strategy that delivers sustainable value and growth for our shareholders
Our Share Price in Action
Investor News
Letshego Africa Holdings Limited – Full Year Results December 2023
Executive summary Sub Saharan Africa economic recovery slowed for the second year in a row, recording an estimated …
Letshego Africa Holdings Limited – Trading Statement for the year ended 31 December 2023
Letshego Africa Holdings Limited (“LAHL”) was incorporated in 1998, is headquartered in Gaborone and has been publicly listed …
Letshego Africa Holdings Limited – Shareholder Update
Letshego Africa Holdings Limited (“LAHL” | “the Group” | “Letshego” | “Letshego Africa”) was incorporated in 1998, is …
Letshego Mozambique enters Local Capital Market with Largest Corporate Raising Event
Maputo, Mozambique – 19 September 2023: Banco Letshego S.A. (“Letshego Mozambique” / “Banco Letshego”), the well-established inclusive finance …
Letshego Holdings Limited – Notice to Shareholders
Reference is made to the dates published in the Circular to shareholders published on the 5th July 2023 …
Documents and Reports
Letshego Africa Holdings Limited (LETSHE.bw) invites you to review its latest published financial reports: half year reports, annual reports / reference documents. All the listed documents may also be downloaded.
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Botswana : Financial
Letshego Africa Holdings Limited (LETSHE.bw) 2023 Presentation
2023 Presentations -
Botswana : Financial
Letshego Africa Holdings Limited (LETSHE.bw) 2023 Abridged Report
2023 Abridged Reports -
Botswana : Financial
Letshego Africa Holdings Limited (LETSHE.bw) Q42023 Interim Report
Q42023 Interim Reports -
Botswana : Financial
Letshego Africa Holdings Limited (LETSHE.bw) HY2023 Interim Report
HY2023 Interim Reports -
Botswana : Financial
Letshego Africa Holdings Limited (LETSHE.bw) 2023 Circular
2023 Circulars -
Botswana : Financial
Letshego Africa Holdings Limited (LETSHE.bw) 2022 Annual Report
2022 Annual Reports -
Botswana : Financial
Letshego Africa Holdings Limited (LETSHE.bw) 2022 Abridged Report
2022 Abridged Reports -
Botswana : Financial
Letshego Africa Holdings Limited (LETSHE.bw) HY2022 Presentation
HY2022 Presentations -
Botswana : Financial
Letshego Africa Holdings Limited (LETSHE.bw) HY2022 Interim Report
HY2022 Interim Reports -
Botswana : Financial
Letshego Africa Holdings Limited (LETSHE.bw) 2021 Abridged Report
2021 Abridged Reports
Financial Highlights: Group HY2023 Results
Net Interest
Income
Down 3% to P891 million
(HY 2022: P918 million)
Profit
Before Tax
Down 7% Y-O-Y to P417 million
(HY 2022: P446 million)
Total
Assets
Up by 2% Y-O-Y to P17.2 billion
(HY 2022: P16.8 billion)
Return On
Equity
Down to 8% (2022: 9%) & ROA at 3% (2022: 3%)
Dividend
Per Share
HY 2023 dividend: 5.1 thebe
HY 2022 dividend: 5.8 thebe
Financial Fundamentals
The facts that affect Letshego Holdings Limited (LETSHE.bw)‘s underlying value.
31 Dec 23 | 31 Dec 22 | 31 Dec 21 | 31 Dec 20 | 31 Dec 19 | |
---|---|---|---|---|---|
Net Interest Income | 1,722,273,000 | 1,756,470,000 | 1,976,473,000 | 1,861,314,000 | 2,051,025,000 |
Attributable PAT | -148,799,000 | 351,574,000 | 671,554,000 | 575,718,000 | 652,239,000 |
Shareholders Funds | 4,477,055,000 | 5,116,674,000 | 5,066,850,000 | 4,371,757,000 | 4,230,113,000 |
Corporate Governance
As the custodian of governance, the Board is ultimately responsible for ensuring there is effective control within the business. The Board ensures effective control through a number of mechanisms, including Commitment to the governance principles set out in King IVTM; The Board Charter; Governance structures and delegation; and Compliance with applicable laws, regulations and governance practices.
Appointments to the Board
The Board has a formal and transparent policy regarding the appointment of directors to the Board. While the appointments are a matter for the Board, the authority to oversee the nomination and to carry out the interview process have been delegated to the Group Governance and Nominations, Committee.
Apart from a candidate’s experience, knowledge, skills, availability and likely fit, the committee also considers a candidate’s integrity, as well as other directorships and commitments to ensure that the candidate will have sufficient time to discharge his/her role properly.
The appointment of non-executive directors is formalised through a letter of appointment and the Board makes full disclosure regarding individual directors to enable shareholders to make their own assessment of directors. All INED board appointments are put to a shareholder vote at the next Annual General Meeting.
New appointees are appropriately familiarised with the Group’s business through an induction programme. The composition of the Board is reviewed on a regular basis to ensure ongoing compliance with the requirements of King IV.
Executive Directors
Aobakwe Aupa Monyatsi(Group Chief Executive)
Gwen Tinotenda Muteiwa (Group Chief Financial Officer)
Directors Non-Executive
Catherine Lesetedi
Ketlhalefile Motshegwa
Directors Independent Non-Executive
Philip Odera (Board Chairman)
Abiodun Odubola
Ronald Hoekman
Rose Mwaura
Christopher Mokgware
Professor Emmanuel Botlhale
Jayaraman Ramesh
Executive Management
Aobakwe Aupa Monyatsi
Group Chief Executive
Gwen T. Muteiwa
Group Chief Finance Officer
Chris Hughes
Group Chief Operations Officer
Frederick Mmelesi
Group Chief Corporate Development Officer
Richard Ochieng
Group Chief Risk Officer
Chipiliro Katundu
Group Chief Product Officer
Kamogelo Chiusiwa
Group Chief People and Culture Officer
Fergus Ferguson
Regional Executive, East and Western Markets
Tuduetso A. Ntwaetsile
Group Chief Internal Auditor
Kgotso Bannalotlhe
Chief Executive Officer and Regional Executive
Board Sub-committees
The Board has a number of permanent standing Board committees with specific responsibilities to assist the Board in discharging its duties and responsibilities.
The responsibilities of these committees are defined in terms of their respective charters as approved by the Board.
The ultimate responsibility resides at all times with the Board. The Board does not abdicate this responsibility to the committees and exercises its oversight responsibility accordingly.
There is full disclosure, transparency and reporting from the standing committees to the Board at each Board meeting, while the chairs of the committees attend the AGM and are available to respond to any shareholder questions.
During the financial year, all the Board committees conducted their annual self-assessments to evaluate their effectiveness and procedures. The committees’ members confirmed that they were satisfied that they had fulfilled their responsibilities in accordance with each committee’s terms of reference.
Group Audit Committee
Composition at 31 March 2021: P Odera, A Odubola, R Mwaura
Purpose:
- Safeguards assets and ensures the operation of adequate systems, control processes, and the preparation of accurate financial statements and reporting in compliance with all applicable legal requirements and accounting standards
- Ensures corporate accountability and the management of associated risks, combined assurance and integrated reporting
- Reviews Group Financial and Integrated Reports and recommends them to the Board for approval
- Recommends to the Board the appointment of external auditors and oversight of the external audit process and the results thereof
- Approves annual internal and external audit plans
- Monitors the ethical conduct of the Group
- Annually assesses the adequacy and skills of the internal audit, group financial management and reporting functions.
Quorum: Minimum of three members and majority required for a quorum.
Frequency of meeting: Meets at least four times a year.
Group Risk, Social and Ethics Committee
Composition at 31 March 2021: A Odubola (Chairman), R Hoekman, R Mwaura
Purpose:
- Formulate the risk profile and risk appetite across the Group, for approval by the Board
- Establish a risk management framework and review the process developed by management to identify principal risks, evaluate their potential impact, and implement appropriate systems
- Monitor different risks against an agreed risk appetite statement, including operational risks, strategic risks, compliance risks and financial risks
- Approve principles, policies, strategies and processes for the management of risk, including the establishment of other risk committees and the delegation of matters to those committees
- Approve the nature, role, responsibility and authority of the risk management function within the company, and outline the scope of risk management work
- Review and assess the integrity of the risk control systems and ensure that the risk policies and strategies are effectively managed
- Monitor and review external developments relating to the practice of corporate accountability and the reporting of specifically associated risks, including emerging and prospective impacts
- Oversight of and reporting on organizational ethics, responsible corporate citizenship, sustainable development and stakeholder relationships
- Responsible for the review of frameworks, policies and guidelines for safety, health, social investment, community development, environmental management and climate change
- Monitors activities with regards to customer relationships, including advertising, public relations, and compliance with consumer protection laws
- Assists the Board in building and sustaining an ethical corporate culture in the Group and that the Group’s ethical standards are clearly articulated and integrated into the Group’s strategies and operations
Quorum: Minimum of three members and majority required for a quorum.
Frequency of meeting: Meets at least four times a year.
Group Remuneration Committee (GRemCo)
Composition at 31 March 2021: A Odubola, C Lesetedi
Purpose:
- Reviews the remuneration policies of the Group
- Ensures that policies for selecting, planning for succession, and professional development of Executive Directors and senior management are appropriate
- Ensures that directors and staff are fairly rewarded
- Ensures that market-related reward strategies are adhered to
- Establishes performance targets for the Group’s incentive scheme
- Responsible for mitigating human resources related risk
- GREMCO reviewed and approved enhanced policies and frameworks for managing its workforce, including reward policy, performance management framework and succession and localisation plans.
- GREMCO reviewed and approved roll out of the talent management strategy which will ensure effective talent management, business continuity and sustainability.
Quorum: Minimum of three members and majority required for a quorum.
Frequency of meeting: Meets at least twice a year.
Group Strategy and Investment Committee
Composition at 31 March 2021: P Odera, R Hoekman, R Mwaura
Purpose:
- Reviews and recommends to the Board regarding all new strategic investments and major funding initiatives the Group may enter into, including the mechanism for investment (e.g. start-up operations, mergers, acquisitions, joint ventures etc.), selecting between priority and non-priority investments
- Ensures divestment from existing investments if the investment objectives are not achieved
- Decides on appropriate funding mechanisms in the context of the overall funding strategy of the Group
- Participates in the negotiations with potential investors/ funders, acquisition/merger candidates, etc.), when appropriate
- Formulates and recommends to the Board the overall investment policies and guidelines of the Group
- Provide input to management in the development of the Group’s strategy and shall make to provide recommendations to the Board for its approval
- Assess plans for significant restructuring and adjustments to the Group and make recommendations as necessary for approval by Board
- Monitor and review the annual business plan, budget and capital structure of the Group and recommend changes thereto as necessary.
Quorum: Minimum of three members and majority required for a quorum.
Frequency of meeting: Meets at least once a year.
Group Governance and Nominations, Committee
Composition at 31 March 2021: P Odera, R Hoekman, C Lesetedi
Purpose:
- Recommends to the Board on all new Board appointments and directors who are retiring by rotation, for re-election
- Responsible for the principles of governance, social ethics and codes of best practice
- Responsible for inducting incoming directors
- Responsible for facilitating the performance evaluation of the Board and its committees
- Responsible for development of directors on matters relevant to the business of the Group regarding risks, applicable laws, accounting standards and policies, and the environment in which the Group is operating
- Conducts annual directors’ independence assessment
Quorum: Minimum of three members and majority required for a quorum.
Frequency of meeting: Meets at least once a year.
Leadership Roles and Functions
Non-executive Directors
All members of the Board have a fiduciary responsibility to represent the best interest of the Group and all of its stakeholders. The Group’s non-executive directors are individuals of a high calibre and credibility who make a significant contribution to the Board’s deliberations and decisions. They have the necessary skills and experience to exercise judgement on areas such as strategy, performance, transformation, diversity and employment equity.
The Chairman
The Chairman’s role is to set the ethical tone for the Board and to ensure that the Board remains efficient, focused and operates as a unit. He is an independent, non-executive Chairman and his role is separate from that of the Group Chief Executive.
The Chairman provides overall leadership to the Board and the Chief Executive without limiting the principle of collective responsibility for Board decisions.
Chief Executive
The Board appoints the Chief Executive to lead and implement the execution of the approved strategy. The Group Chief Executive, supported by the Group’s Chief Financial Officer, serves as the link between management and the Board and is accountable to the Board. The Chief Executive reports on the progress made against the implementation of the strategy. The Group Remuneration Committee evaluates the performance of the Chief Executive against approved targets on an annual basis.
Company Secretary
The Company Secretary plays a vital role in the corporate governance of the Group and is responsible for ensuring Board compliance with procedures and regulations of a statutory nature. The company secretary ensures compliance with the Botswana Stock Exchange (BSE) listings requirements, and ensures that, in accordance with the pertinent laws and regulatory framework, the proceedings and affairs of the Board and Johannesburg Stock Exchange (JSE) Debt Listing requirements and its members and the company itself are properly administered.
The company secretary’s primary responsibilities are to:
- ensure that Board procedures are followed and reviewed regularly
- ensure applicable rules and regulations for the conduct of the affairs of the Board are complied with
- maintain statutory records in accordance with legal requirements
- guide the Board as to how its responsibilities should be properly discharged in the best interest of the company
- keep abreast of, and inform, the Board of current and new developments regarding best practice corporate governance thinking and practice
- ensure that Board and Committee Charters are kept up to date
- circulate Board and Committee meeting papers in good time
- assist in eliciting responses, input and feedback for Board and its Committee meetings
- assist the Group Governance and Nominations Committee to ensure that the correct procedures are followed for the appointment and induction of directors.
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Plot 54352, Central Business District
P.O. Box 381, Gaborone, Botswana
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Fairground Office Park
Gaborone, Botswana
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