Summary of Proposed Investment
Project Number
24252
Company Name
LETSHEGO HOLDINGS LTD
Date SPI Disclosed
May 7, 2007
Country
Botswana
Industry
Financial Markets
Projected Board Date
Jun 29, 2007
Status
Completed
Sector
Finance Companies
Department
Global Industry, Financial Markets
Environmental Category
C - No Impact
Previous Events
Approved : Sep 20, 2007
Signed : Dec 14, 2007
Invested : Jan 30, 2008
Project Description
The project is to provide a multi-currency loan of up to $20.0 million to Micro Provident Botswana Limited (Letshego or the company) to support the Company’s growth.
Letshego is a leading consumer finance company in Botswana, with subsidiaries in Swaziland, Tanzania, Uganda, and, shortly, in Zambia. 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 consumer loans to employees of governmental, quasi-governmental and private sector companies in the countries in which it operates, with the loans being repaid by payroll deduction.
In 2004, MPL sold a portion of its interest to IFC alongside Pan-African Investment Partners and Pan-Commonwealth African Partners (the Funds), two investment funds managed by Zephyr Africa Management Company (Zephyr) and FMO. At present, IFC exposure to the company is $3.97 million representing a 7.1% equity stake.
Letshego is a leading consumer finance company in Botswana, with subsidiaries in Swaziland, Tanzania, Uganda, and, shortly, in Zambia. 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 consumer loans to employees of governmental, quasi-governmental and private sector companies in the countries in which it operates, with the loans being repaid by payroll deduction.
In 2004, MPL sold a portion of its interest to IFC alongside Pan-African Investment Partners and Pan-Commonwealth African Partners (the Funds), two investment funds managed by Zephyr Africa Management Company (Zephyr) and FMO. At present, IFC exposure to the company is $3.97 million representing a 7.1% equity stake.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Leshego:
Mr. Jan A. Claassen, Group Managing Director
Micro Provident Botswana Limited (Letshego)
Telephone: +267-3643002
Fax: +267-3190417
E-mail: janc@letshego.co.bw
IFC:
Desmond Dodd, Senior Communications Officer
International Finance Corporation
Telephone: +27 11 731 3000
E-mail: ddodd@ifc.org
Mr. Jan A. Claassen, Group Managing Director
Micro Provident Botswana Limited (Letshego)
Telephone: +267-3643002
Fax: +267-3190417
E-mail: janc@letshego.co.bw
IFC:
Desmond Dodd, Senior Communications Officer
International Finance Corporation
Telephone: +27 11 731 3000
E-mail: ddodd@ifc.org
For Inquiries and Comments About IFC, Contact
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster