Letshego records N$14 million profit after tax
Despite the challenges faced due to the pandemic, 2020 was a transformative year for Letshego Namibia, with the company recording N$14 million profit after tax.
Letshego Namibia s financial results for the financial year ending 31 December 2020 shows advances to customers grew by 24% in comparison to 2019 results that grew by 15%. Customer Deposit Mobilization kicked off in 2020 with a growth from N$43 million at end 2019 to N$187 million at the end of 2020. This is a significant growth of N$144 million.
“We have seen positive results in the performance of our digital channels during 2020 with growth in our mobile banking transactions values almost 4-fold from N$41 million in 2019 to N$140 million by the end of 2020. We were able to successfully rollout digital customer on-boarding and alternative channels solutions to avert the impact of COVID-19 on customer volumes,” Letshego Namibia CEO, Ester Kali, said.
The company’s card transaction values more than doubled to N$379 million comparing to the 2019 amount of N$154 million. Apart from these notable figures, the key drivers to this transformation included adopting enterprise-wide agility, the conversion of traditional direct sales agents (DSAs) into Digital Eagles to re-educate our customers to transition from traditional channels to remote digital alternatives.
Kali remains optimistic towards the next financial results and focuses on its customers that drive the performance of the company.
“Letshego Namibia remains focused on improving the lives of its customers and communities through financial literacy initiatives aimed at promoting productive lending, encouraging a culture of savings as well as rewarding long-standing customer relationships,” she mentioned.