Summary of Proposed Investment
Project Number
24018
Company Name
LETSHEGO HOLDINGS LTD
Date SPI Disclosed
Nov 19, 2004
Country
Botswana
Industry
Financial Markets
Projected Board Date
Dec 20, 2004
Status
Completed
Sector
Finance Companies
Date Revised SPI Disclosed
Nov 22, 2004
Department
Regional Industry - FIG Africa
Environmental Category
C - No Impact
Previous Events
Approved : Dec 17, 2004
Signed : Dec 20, 2004
Invested : Dec 24, 2004
Project Description
Micro Provident Botswana Limited (Letshego) is a leading consumer finance company in Botswana. It was founded by Micro Provident Limited (MPL), an Isle of Man company, in 1998 as a private entity, after which it converted to a public enterprise in 2002, and listed on the Botswana Stock Exchange in September 2002. The company provides short to medium-term micro loans to employees of governmental, quasi-governmental and private sector companies in Botswana, with the loans being repaid by payroll deduction. MPL is interested in disposing of a portion of its interest. IFC alongside Pan-African Investment Partners and Pan-Commonwealth African Partners (the Funds), two investment funds managed by Zephyr Africa Management Company (Zephyr), are considering acquiring a minority position in Letshego and supporting the Company’s growth.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Ravi Vish (rvish@ifc.org),
Alexander Wellsteed (awellsteed@ifc.org), or
Yuji Kano (ykano@ifc.org).