Letshego fires Group CEO, suspends Company Secretary
Pan-African and Gaborone-headquartered financial services company Letshego Holdings has terminated its contract with its Group Chief Executive, Andrew Okai, and has simultaneously suspended Company Secretary Matshidiso Kimwaga pending a disciplinary process.
The company confirmed developments in a statement released by Enos Banda, Group Board Chairman, to shareholders via the Botswana Stock Exchange and cited an irreparable breakdown in trust and confidence between parties.
The development comes only twenty-six months after Okai’s appointment to the company’s helm to drive growth for the retail financial service organisation through technology.
The statement reads: “Letshego has terminated with immediate effect the employment of Mr. Andrew Fening Okai as Group Chief Executive and Executive Director of the Group Board due to an irreparable breakdown in trust and confidence between the two parties. In addition, the Board has simultaneously suspended the Company Secretary Ms. Matshidiso Kimwaga pending a disciplinary process.”
Though the company has remained tight-lipped on circumstances related to the developments, it has experienced leadership disputes in the past. In 2019, former boss Smit Crouse abruptly resigned.
Early this year, Okai announced that the company’s digital adoption is being spurred, with greater volumes of loan applications being received via digital channels, citing that the highest adoption rates are Nigeria, Namibia and Botswana.
The development comes on the backdrop of launching LetsGo Digital Mall in ten markets in the first half of 2021, triggering an increase in loan applications submitted via digital channels, as Letshego’s regional subsidiaries are focusing campaigns on registering both existing and potential customers on the Mall.
Okai said the number of existing and new customers registering on the LetsGo Digital Mall - is gaining pace, and currently exceeds 300,000, having closed the reporting period at end of December 2021 with Enterprise Active Customers (EAC) at 93,184.
Letshego digitisation blueprint under Okai has been pinned on an expanded suite of digitised access.
The company’s board has appointed current Chief Operations Officer, Aupa Monyatsi acting Group CEO.
Okai had not responded to requests for comment at the time of publishing.