Guest Contributor | Jan 17, 2023 | 0
Letshego expands portfolio – Now offers affordable housing product
Pan-African inclusive finance group, Letshego this week launched its latest flagship product, Affordable Housing.
The product is available to customers in Namibia and Botswana, with rollout plans for the Group’s remaining African countries.
“Transforming housing finance into a more diversely affordable and accessible solution is not as simple as offering a home loan with lowered interest rates. It’s about understanding the demographics and unique needs of our local communities and then creating a solution that includes a multi-faceted structure that offers a choice in approach and structure to suit our customer’s unique affordability criteria. Solution enhancements include choices in asset finance – be it land purchase financing, home construction, or home renovation. There is also the development of effective credit evaluation structures that increase access to capital for more consumers while still maintaining requirements in effective risk management so we may continue lending for many generations ahead,” said Dr Ester Kali, Letshego Namibia’s Chief Executive.
Letshego’s inclusive Affordable Housing is designed to mitigate accessibility challenges experienced by individuals in broader communities by offering a choice in products.
These include an all-in-one solution with land and a customisable house, or capital to purchase material from trusted local suppliers to renovate existing homes or properties, wherever the structures may be located. Home improvement finance options include additional benefits such as competitive pricing for labour, construction advisory support, and quality building materials accessed via Letshego’s dedicated network of established and accredited engineering and construction experts.
Celebrating the launch, Letshego’s Group Chief Executive, Aupa Monyatsi said, “In many of our regional markets, owning your own home is unfortunately still a luxury. Ironically, there are still many individuals and families across our communities who cannot access financial support to purchase or upgrade their homes – despite them being able to afford loan installments.
Letshego Affordable Housing is supported by a facility provided by the IFC (International Finance Corporation), a member of the World Bank Group, in line with the global institutions’ commitment to leveraging its facilities for broader social and economic impact across emerging markets.
The scheme covers housing finance, construction, plot purchase, and renovation. It can be accessed digitally via the LetsGo Digital Mall, online and via mobile, making it easier for rural customers to access the product.