Letshego Bank Tanzania Overview and Important Facts

Letshego Bank Tanzania is a subsidiary of Letshego Holdings, a pan-African financial services group.

The bank was established in 2015 to provide financial services to individuals and small businesses in Tanzania.

Letshego Bank Tanzania offers a range of financial products and services, including personal loans, business loans, and savings accounts.

The bank has a strong presence in Tanzania, with multiple branches across the country.

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Let's take a look at the bank details of Letshego Bank Tanzania. They offer a wide range of banking services, including mobile banking.

Their head office is located in Dar es Salaam, Tanzania.

You can visit their website or mobile app to manage your account, check your balance, and transfer funds.

Their customer care team is available to assist you with any banking queries or concerns.

You can contact them through their phone number or email address.

Their business hours are from 8am to 5pm, Monday to Friday.

Let'shego Bank Tanzania is a reputable financial institution with a strong presence in the country.

The bank is licensed by the Bank of Tanzania, the country's central bank, which ensures it operates within the regulatory framework.

Let'shego Bank Tanzania offers a range of financial services, including loans, savings accounts, and mobile banking.

Advans SA, a venture capital firm registered in Luxembourg, holds a significant stake in Letshego Bank Tanzania, owning 17.5% of the bank as of November 2015.

Letshego Holdings Limited of Botswana acquired 75% of the bank in November 2015 by investing US$7 million in new shares.

Advans SA had invested over US$76 million in the countries where they operate as of March 2011.

The ownership structure of Letshego Bank Tanzania is as follows:

Letshego Faidika Bank Limited made a significant profit of Sh1.3 billion during the third quarter of 2023, a 234 percent increase from the previous year's loss of Sh981 million.

This profit is a milestone for the bank, which was formed through the merger of Letshego Tanzania and Faidika Microfinance in June 2023.

The bank's profit before tax rose by 234 percent to Sh1.3 billion, compared to a loss of Sh981 million for the same period in 2022.

Letshego Faidika Bank Limited managed to reduce its Non-Performing Loans to total gross loans ratio from 44 percent to 18 percent on a quarter-on-quarter basis.

The bank's earning assets to total assets ratio improved to 72 percent from 59 percent, while the cost to income ratio improved to 83 percent from 176 percent in the previous quarter.

This improvement in ratios suggests that the bank is on the right track towards becoming one of Tanzania's leading mid-tier banks over the next three to five years.

Here's a breakdown of the bank's key financial ratios: