Letshego partners US-based Panamax to drive LetsGoPAY adoption
Pan-African financial services provider Letshego has partnered with US company Panamax to rollout ‘LetsGoPAY Digital Account’ to customers across the financial services provider’s footprint with almost three million enterprise active customers by 2025.
Chipiliro Katundu, Chief Product Officer, Letshego, said the ‘LetsGoPay’ Digital Account will be built over Panamax USA’s robust digital financial platform - MobiFin Elite - that assures data security through its micro-service architecture and allows smooth integration with third-party systems to deliver a variety of use cases.
Letshego said its digital adoption level has increased to 74% at the end of June 2021 compared to 30% in the first half of 2020.
The company has attributed the hike to the deployment of customer-facing digital platforms, which includes the LetsGo Digital platform.
It has also mobilised its Digital Eagles division to drive awareness of these platforms in the market and encourage more widespread adoption.
“By the end of June 2021, digital loan approvals surpassed 95 000,” said Letshego Group Chairman, Enos Banda.
This focused drive forms part of the company’s blueprint 6-2-5, adopted under the new CEO Andrew Okai.
Okai was appointed at the start of 2020 to boost business in eleven subsidiary markets – Botswana, Ghana, Kenya, Lesotho, Mozambique, Namibia, Nigeria, Rwanda, Eswatini, Tanzania and Uganda.
According to stage two of the blueprint, Letshego intends to increase investment into digital and strategic partnerships towards year-end and into 2022, and support further system and product enhancements.
“By the end of 2022 the Group will see further expansion of the Group’s vision to develop a foundation for ‘eco-systems’, expanded multi-tier partnerships and digital hubs, all while upskilling and empowering employees and customers with world-class, digital skills that supports sustainable financial inclusion and digital-savvy economies,” said Banda.
He added that COVID-19 pandemic variants mean more economic pressure on regional markets, along with intermittent access and dissemination of vaccines.
This is where Letshego believes its digitisation strategy adds value by, as the company puts it – “enabling flexibility, adaptability and operational efficiencies, while enhancing an effective risk management framework.”