Letshego Bank Tanzania

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

Letshego Bank (T) Limited
TypePrivate
IndustryFinancial services
Founded2011
HeadquartersDar es Salaam, Tanzania
Key people
Claude Falgon
Chairman
Unknown
CEO
ProductsLoans, Checking, Savings, Investments, Debit Cards
Total assetsTSh 15.3 billion (US$8.7 million) (March 2015)
Number of employees
179 (2014)
Websitewww.advansbanktanzania.com

Overview

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 TSh 11.4 billion (US$6.5 million or €5.2 million). At that time, customer deposits totalled approximately TSh 3.9 billion (US$2.23 million or €1.8 million). It is estimated that the bank's total assets in March 2014 totaled TSh 15.3 billion (US$8.7 million or €7 million).[2]

History

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

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 per cent). 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 (€55 million) in the countries where they operate. In November 2015, Letshego Holdings Limited of Botswana acquired 75 per cent 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
RankName of OwnerPercentage Ownership
1Letshego Holdings Limited of Botswana75.0
1Advans SA of Luxembourg17.5
2Netherlands Development Finance Company of Netherlands7.5
Total100.00

Branch network

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

The Acting Chief Executive Officer of the bank is Andrew Charles Tarimo.

See also

References
  1. Bank of Tanzania (6 May 2018). "The Directory of Banks and Financial Institutions Operating in Tanzania as at 30th June 2017" (PDF). Dar es Salaam: Bank of Tanzania. Archived from the original (PDF) on 27 January 2018. Retrieved 6 May 2018.
  2. "Advans Bank Tanzania Annual Report April 2013 - March 2014" (PDF). AdvansBankTanzania.Com. March 2014. Retrieved 8 November 2014.
  3. "Advans SA Opens Fourth Greenfield Microfinance Institution In Tanzania". MicroFinanceFocus.Com. 24 February 2011. Archived from the original on 8 November 2014. 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. "Letshego Acquires 75 Percent Stake In Advans Bank Tanzania To Advance Its Financial Inclusion Agenda For Africa" (PDF). Dar es Salaam: Advans Bank Tanzania. 16 November 2015. Retrieved 29 July 2016.
  6. "The Branch Network of Letshego Bank". Advans Bank Tanzania. Retrieved 8 November 2014.
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