Pan African Microfinance Firm Letshego Initiates a Digital Plan
Technology in business brings efficiency that can create a level of satisfaction for its users. With more people online these days, traditional banks are beefing up their online services. Letshego, a Pan African microfinance firm plans to digitize its operation to reach more customers.
The firm aims to register one million customers on its digital platform, the LetsGo Digital Mall app, by 2025. The digital transformation is being rolled out across its operations in 11 countries.
Letshego's goal is to facilitate 80% of customer loan applications through digital channels within the next two years. Letshego aims to streamline processes and provide greater convenience for its low- and middle-income customers and small enterprises.
The LetsGo Digital Mall app offers features such as loan applications, account access, and personal information updates. Letshego believes it has the geographical reach to achieve its target of registering one million app users. This is because of its presence in Ghana, Nigeria, Uganda, Rwanda, Tanzania, Namibia, Botswana, Eswatini, Mozambique, Kenya and Lesotho.
According to Aobakwe Aupa Monyatsi, Letshego Group CEO, “Expanding customer choice by offering more solutions and products via the LetsGo Digital Mall remains a priority across all markets."
Aupa also emphasized the importance of expanding customer choice and prioritizing data management. The company intends to leverage workflow automation, advanced processing, and data analytics. This will help them gain insights into customer journeys and develop tailored solutions that meet their needs.
"Workflow automation, advanced processing, and data analytics will support better insight on customer journeys to inform the development and delivery of relevant solutions that meet customer needs," he said.
Additionally, Letshego is focusing on enhancing cybersecurity measures to protect against potential threats and incidents. The mention of cybersecurity concerns in Africa aligns with the growing recognition of the region as a target for cyber threats.
Both consulting firms Kearney and INTERPOL have recently highlighted the increasing popularity of cybercrime in Africa. Hence, the need for robust security measures.