According to bank provided information, the proposed project (“the Project”) consists of a 5-year senior loan of up to US $50 million to the banking and microfinance subsidiaries of Letshego Namibia (“Letshego or the Company”). IFC’s facility will help Letshego promote access to housing finance via affordable housing mortgages and home improvement loans to un(der)served individuals in Namibia.
The Company has expressed interested in an IFC Advisory Services (AS) engagement to support the further development of housing, micro-finance, and SME products. The AS team has had several meetings at a country and group level and is formulating an engagement proposal.
The proposed IFC investment is a senior loan of up to US $50 million with a tenor of 5-year period with a 2-year grace period.
Company: Letshego Namibia is composed by a holding company, Letshego Holdings Namibia Ltd (“LHN”), and its two fully owned subsidiaries: Letshego Bank Namibia Ltd (LBN) and Letshego Micro Financial Services Namibia (Pty) Ltd (LMFSN). Letshego is the biggest payroll lender in Namibia and the 5th largest bank in the country by assets.
Shareholders: LHN is owned 78.5% by the Letshego Holdings Limited (“LHL” or “the Group”), 12% by Kumwe Investment Holdings, and 9.5% by retail and institutional investors via the Botswana Stock Exchange. LHN does not have commercial activity of its own and is controlled by the Botswana-based LHL, which is present in eleven countries across Southern, East and West Africa. The Group offers a wide range of products, with unsecured short-term and long-term loans being its principal product.
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