Botswana's Letshego buys FBN Microfinance Bank in Nigeria expansion move

Chris Low, Group Managing Director, Letshego Holdings

Gabarone-based Letshego Holdings Limited the financial inclusion focused group with consumer, micro lending and deposit-taking subsidiaries across Southern and East Africa, says it has acquired a 100% shareholding in FBN Microfinance Bank (FBN MFB) from its parent, FBN Holdings plc. FBN Holdings plc is the oldest banking group in Nigeria, having been established in 1894, and is listed on the Nigeria Stock Exchange.

The acquisition of FBN MFB marks Letshego’s entry into West Africa, having successfully built a footprint in East and Southern Africa with 265,000 customers across nine countries. This development brings Letshego’s footprint to ten countries, with a customer base of over 385,000; Nigeria, in particular, has been a key target market in Letshego’s diversification plans.

Read more: Letshego buys FBN Microfinance Bank to pursue Nigerian expansion – FTSE Global Markets