Letshego targets one million active LetsGo Digital Mall customers
Pan-African financial services company Letshego says the Group is on course to achieve its target of one million enterprise active customers (EAC) on the company’s LetsGo Digital Mall by 2023.
LetsGo Digital Mall has been launched across ten markets.
Letshego CEO Andrew Okai said: “The Group is on track to deliver its ten minute loan solution in at least three markets by the end of Q1 2022. Digitalisation is a key enabler for exponential growth in customer acquisition, which leads to enhanced franchise value.”
He said the EAC on the LetsGo Mall is currently approaching 100,000, with new registrations currently exceeding 10,000 per week.
“A key strategic objective within the Group’s five year strategy is to build a digital-first company, delivering Return on Equity (ROE) in excess of 20%,” he said.
Currently the company’s ROE for 2021 is expected to settle just below the mid-teen range, ahead of the H1 result.
Okai emphasised that the Group is on track to meet this aspiration by 2025, underpinned by platformification of the LetsGo Digital Mall, expanded customer access and product proposition, as well as enhanced operational efficiencies as the business drives towards near a 40% cost-to-income ratio.
Platformification allows for conventional banks to be responsible for core financial transactions, while permitting customers to access banking and other services through a Fintech platform.
Meanwhile Letshego is working on strategic partnerships that offer personal and household insurance have launched in three markets, with digital and online access enabled in Kenya.
“The insurance sales offering will transition to the LetsGo Mall by end Q1 2022,” said Okai.
The Group has also launched a crowdfunding capability enabling family and friends to support and save together on the LetsGo Digital Mall.
“The first digital savings pilot will commence in Namibia and Ghana, with other markets to follow, subject to regulatory permissions,” said Okai.