Letshego, an African multinational that has presence in more than 11 markets across the continent; Eswatini, Namibia, Mozambique, Rwanda, Nigeria, Ghana, Kenya, Lesotho, Tanzania, Uganda and Botswana, has secured a loan worth 50Mn from the International Finance Corporation (IFC).
The loan is expected to boost affordable housing lending in Namibia, and in subsequent times, extend the partnership to other countries; Kenya being one of them. As Letshego predicts, about 4,000 home developers will be able to benefit from the loan.
What does the feasibility plan of this loan look like? A look into Letshego’s background reveals that it slowly started by offering the loans to government employees in Botswana. Today, 21 years later, it has 3,000 employees and offers its services to micro and small businesses, public and private sector individuals. Even during the pandemic, the company recorded over $100 million as profit before tax. By these records, it is not far-fetched to see that the loan will be used by the firm in a way as to reach needs of people.