Faidika Tanzania (Letshego) buys into Advans Bank
Letshego, a credit institution which operates as Faidika Tanzania, has acquired a 75 per cent stake in Advans Bank Tanzania, a move aimed at diversifying its customers as well as enhancing financial inclusion services to both lower and middle income sectors.
The firm has paid $7 million (about Sh15 billion) to acquire the shares.Letshego Holdings Limited group managing director Christopher Low said in the city yesterday that the acquisition means that the company will now be taking deposits, conduct payments and issue business loans and savings solutions to a number of clients.
It will build on the footprint of its customers in line with its strategy to diversify its customers and revenues mix.
The acquisition, he said, will allow Faidika and Advans Bank to contribute significantly to the financial inclusion agenda of the government by enabling cross selling of financial services. “Faidika has been focusing mainly on civil servants while Advans is a licensed commercial bank specializing in the provision of financial services to micro, small and medium sized enterprises in developing countries,” he said.
Source: The Citizen
