Letshego Ghana Savings and Loans PLC, a subsidiary of the regional inclusive finance group Letshego Africa, has announced significant financial achievements for the first half of 2024.
Despite grappling with substantial macroeconomic headwinds, the company has showcased notable growth and resilience, underscoring its dedication to stakeholder value.
In its recent financial disclosure, Letshego Ghana highlighted substantial progress in product diversification, customer service enhancement, digitalisation, and ecosystem partnerships.
The company’s strategic shift towards a balanced portfolio of Deduction-at-Source (DAS) and Mobile Lending products has resulted in a remarkable 218% year-on-year increase in operating income.
Efforts to enhance customer experience have also yielded impressive results.
Letshego Ghana has successfully reduced loan origination turnaround times from 24 to 12 hours by leveraging automation and digital technologies for loan settlements and refund processes.
Nii Amankra Tetteh, Chief Executive Officer of Letshego Ghana, praised the company’s performance, attributing it to the adaptability of its business model.
“Our performance in the first half-year is a testament to the resilience and adaptability of our business model,” Tetteh said. “We have successfully navigated a challenging macroeconomic environment while delivering strong financial results and making significant strides in our strategic initiatives.
We are committed to continuing this trajectory, driving innovation, and delivering value to our customers, shareholders, and the broader community.”
The company has also made substantial strides in environmental, social, and governance (ESG) practices, including developing a comprehensive sustainability framework.
Letshego Ghana was recognised as the Best Non-Bank Financial Institution in promoting Financial Inclusion. It achieved 114% year-on-year growth in its Qwikloan non-urban customer segment.
Looking forward, Letshego Ghana plans to focus on enhancing execution capabilities and achieving critical strategic priorities.
This includes improving its cost-to-income ratio, investing in technological advancements, expanding product offerings, and strengthening existing partnerships while exploring new opportunities.
