Letshego, a microfinance lender operating across several African countries, is moving to sell its businesses in Ghana, Tanzania, Rwanda, Nigeria and Uganda.
Its Kenyan operation has been excluded from the sale because of a pending legal matter that must be settled before any share transaction can proceed.
| Consolidated loss after tax
BWP235.5m vs BWP93.3m loss in 2024 |
Profit from continuing ops
BWP284m vs BWP61.4m in 2024 |
Operating income
BWP2bn Up 8% year on year |
| Customer deposits
BWP3.5bn Up 64% year on year |
Net impairments
BWP124.8m Down 77% |
Loan loss ratio
1% Improved credit quality |
The disposal plan, approved by the board in the second half of 2025, forms part of a wider effort to sharpen the group’s focus and return value to shareholders. Under international accounting rules, the businesses earmarked for sale have been reclassified as discontinued operations, triggering a valuation writedown that weighed heavily on the group’s full-year results.
The discontinued portfolio alone contributed a loss of BWP519.5 million, driven by a BWP570.7 million impairment required under the reclassification rules. Strip out those discontinued units, however, and a different picture emerges.
Southern Africa Drives The Recovery
Profit after tax from continuing operations climbed to BWP284 million, up from BWP61.4 million in 2024. Operating income from those same operations grew 8% to BWP2 billion, lifted by strong payroll-deducted lending in Namibia and Mozambique and rising insurance income.
| Mozambique | +56% |
| Namibia | +24% |
| Botswana | +23% |
Profit after tax growth by market, continuing operations FY2025
Mozambique posted a 56% rise in profit after tax, with impairments down 77%. Namibia grew profit after tax by 24%, supported by digital product expansion and stronger insurance income. Botswana’s profit after tax rose 23% on better credit outcomes and renewed loan growth, even as tight domestic liquidity and higher funding costs kept management watchful.
Funding Shift Reduces Wholesale Reliance
The group also changed how it funds itself. Total customer deposits rose 64% to BWP3.5 billion, as Letshego moved to rely less on wholesale borrowing. Borrowings in continuing operations fell 16% year on year. That shift, combined with tighter cost discipline and improved collections, strengthened the group’s liquidity position at the consolidated level.
What Comes Next
The strategic review of the East and West Africa portfolio continues, with active discussions underway with potential buyers. No binding agreements have been reached. Letshego cautioned shareholders to exercise care when trading in the company’s securities until the process concludes.
For 2026, management has set out four priorities: defend the payroll-lending franchise, scale short-term credit through digital channels, accelerate deposit growth, and reduce costs through tighter operations and better tax management.
