Cape Town - Letshego Holdings announced on Tuesday that it completed a deal to become a 75-percent shareholder in Advans Bank Tanzania at a cost of approximately $7 million.
A statement from the Gaborone-based micro-finance holding company said all regulatory approvals for the transaction with ABT, a commercial bank that specialises in micro-finance, had been obtained and the deal was effective immediately.
Letshego Holdings, which has subsidiaries in Botswana, Kenya, Lesotho, Mozambique, Namibia, Rwanda, Swaziland, Tanzania and Uganda, said the deal was in line with its diversification and financial inclusion strategy.
“Opportunities to leverage and maximise strategic synergies between Advans Bank Tanzania and Faidika (Letshego’s existing business in Tanzania) will be a key focus... These include ensuring all current and future Faidika customers benefit from Faidika’s strong brand equity and nationwide reach, with ABT’s diversified solutions platform.”
ANA