Letshego Bank Tanzania

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Letshego Bank (T) Limited
Private
Industry Financial Services
Founded 2011
Headquarters Dar es Salaam, Tanzania
Key people
Claude Falgon
Chairman
Frank Snieder
CEO
Products Loans, Checking, Savings, Investments, Debit Cards
Total assets US$8.7 million (TZS:15.3 billion) (March 2015)
Number of employees
179 (2014)
Website Homepage

Letshego Bank (T) Limited, commonly known as Letshego Bank is a commercial bank in Tanzania. It is one of the commercial banks licensed by Bank of Tanzania, the central bank and national banking regulator.[1]

Overview[edit]

Letshego Bank Tanzania is a commercial bank regulated by the Bank of Tanzania. Its social mission is to provide suitable and sustainable financial services to micro, small, and medium-sized entrepreneurs, and to low and medium income employees. It operates as a microfinance bank. As of March 2014, the shareholders equity was valued at about €5.2 million (US $6.5 million or TZS:11.4 billion). At that time, customer deposits totaled approximately €1.8 million (US $2.23 million or TZS:3.9 billion). It is estimated that the bank's total assets in March 2014 totaled €7.0 million (US $8.7 million or TZS:15.3 billion).[2]

History[edit]

The bank, then known as Advans Bank Tanzania received a commercial banking license from the Bank of Tanzania in May 2010. In February 2011, the bank opened its first branch in Dar es Salaam, the commercial capital city of Tanzania, and the largest city in that East African country. Opening with a staff of eighteen, the bank planned to open more branches in Dar es Salaam and other areas of the country.[3]

Ownership[edit]

The institution opened in 2011 as Advans Bank Tanzania, a joint venture between Advans SA, a venture capital firm registered in Luxembourg as majority shareholder (70 percent), and Netherlands Development Finance Company (FMO) (30 percent). Advans SA aims to establish microfinance financial institutions in emerging economies. Founded in 2005, Advans SA owns microfinance institutions in the Democratic Republic of the Congo, Cameroon, Ghana, Cambodia, Pakistan, Cote d'Ivoire, and Tanzania. As of March 2011, Advans SA had invested in excess of US $76 million (EUR:55 million) in the countries where they operate. In November 2015, Letshego Holdings Limited of Botswana acquired 75 percent in the bank by investing US$7 million in new shares.[4]

The table below depicts the shareholding within Letshego Bank Tanzania, as of November 2015.[5]

Letshego Bank (T) Limited Stock Ownership
Rank Name of Owner Percentage Ownership
1 Letshego Holdings Limited of Botswana 75.0
1 Advans SA of Luxembourg 17.5
2 Netherlands Development Finance Company of Netherlands 7.5
Total 100.00

Branch Network[edit]

Letshego Bank maintains a network of branches at the following locations:[6]

  1. Manzese Branch - 93 Morogoro Road, Manzese Darajani, Dar es Salaam (Main Branch)
  2. Kariakoo Branch - Kariakoo Street at Lumumba Street, Kariakoo, Dar es Salaam
  3. Temeke Branch - Opposite Temeke Primary Court, Temeke, Dar es Salaam
  4. Mwanza Branch - Lumumba Road, Opposite Mayi Hotel, Mwanza
  5. Mbeya Branch - Soweto, Former Royal Zambezi, Mbeya.

Governance[edit]

The Chief Executive Officer of the bank is Yohane Kaduma.

See also[edit]

References[edit]

  1. ^ BOT (8 November 2014). "Directory of Commercial Banks Operating In Tanzania". Dar es Salaam: Bank of Tanzania (BOT). Retrieved 8 November 2014. 
  2. ^ Advans SA, . (March 2014). "Advans Bank Tanzania Annual Report April 2013 - March 2014" (PDF). AdvansBankTanzania.Com. Retrieved 8 November 2014. 
  3. ^ MFF, . (24 February 2011). "Advans SA Opens Fourth Greenfield Microfinance Institution In Tanzania". MicroFinanceFocus.Com (MFF). Retrieved 8 November 2014. 
  4. ^ The Citizen Reporter (29 July 2016). "Tanzania: Rebranded Bank's Promise". The Citizen (Tanzania) via AllAfrica.com. Dar es Salaam. Retrieved 29 July 2016. 
  5. ^ ABT (16 November 2015). "Letshego Acquires 75 Percent Stake In Advans Bank Tanzania To Advance Its Financial Inclusion Agenda For Africa" (PDF). Dar es Salaam: Advans Bank Tanzania (ABT). Retrieved 29 July 2016. 
  6. ^ ABT, . "The Branch Network of Letshego Bank". Advans Bank Tanzania (ABT). Retrieved 8 November 2014. 

External links[edit]