ADVANS BANK CHANGES NAME TO LETSHEGO BANK (T) LTD

The Managing Director of Letshego Bank Tanzania, Mr. Yohane Kaduma, shows the logo of the newly re-branded financial entity to the Managing Director of Faidika, Mr. Ika Mbuso, during the bank's official launch in Dar es Salaam on Thursday.

Dar es Salaam — Letshego Bank (T) Limited has promised to provide broad-based tailor-made financial solutions to people of different economic positions as it seeks to make a breakthrough in a market of over 50 players.

Letshego Bank (T) Limited comes to Tanzania after acquiring a 75 per cent stake in what used to be known as Advans Bank Tanzania in a transaction worth Sh19 billion.

The transaction was completed last year, according to chief executive officer (CEO), Mr Yohane Kaduma.

It saw Advans SA and the Netherlands Development Finance Company (FMO) shedding 75 per cent of the shareholding to Setswana investors.

Advans SA and FMO will remain minority shareholders.

According to Mr Kaduma, the transformation will see the bank improving its services in order to bring solutions to financial challenges facing its clients.

"Re-branding of Letshego Bank in Tanzania is not only taking place here, but also in 10 countries across Africa. The transformation upholds Letshego's Group brand transformation journey aiming at improving lives of its clients," Mr Kaduma said during the during the launch of the bank's new corporate brand image in Dar es Salaam yesterday.

He said Letshego Bank is eager to inculcate a culture of borrowing and financial inclusion among Tanzanians while striving to ensure that its services make positive changes in economic lives of Tanzanians.

The director said that in improving their services under the news corporate brand image, the bank also will continue to achieve their goal of providing integrated financial services that will greatly improve lives of all their stakeholders.

"Letshego Bank has formulated solutions that will enable easy accessibility to affordable credit facilities for agriculture, education, health and housing for people across the low and middle income categories as well as for operators of small scale enterprises," he said.

Using Faidika as its agent, Letshego Bank plans to provide banking services through over 100 centres through the former's network. Letshego has been operating in Tanzania for 10 years through Faidika.

Advans Bank (now Letshego Bank) started its operation in Tanzania in 2011.

It has three branches in Dar es Salaam while Mwanza and Mbeya have one outlet each.

The company employs 200 people directly and has been providing financial services to over 26,000 Tanzanians.

The Citizen