Tanzania’s Letshego Bank has successfully concluded the merger of its two entities, Letshego Tanzania Limited (trading as “Faidika”) and Letshego Bank Tanzania.
The merger has led to the formation of a unified entity, now operating under the new brand name, “Letshego Faidika Bank.”
The bank now offers a wider selection of financial products and services, including loans, savings, payments, insurance, and well-being solutions.
According to the bank, the primary objective of the merger is to improve operational efficiency and provide customers with more inclusive and comprehensive financial solutions.
Baraka Munisi has been appointed as the Country’s Chief Executive Officer of Letshego Faidika Bank. Munisi joined Letshego’s Faidika in May 2018 and subsequently assumed the role of CEO in May 2019.
Simon Jengo, the newly appointed Country’s Board Chairman of Letshego Faidika Bank, expressed confidence in Munisi’s appointment. Jengo emphasized that the merger will create new business opportunities and enable an expanded range of products for customers.
Letshego Bank in Tanzania is a part of the Letshego Group, a Pan-African provider of financial products. The Letshego Group is headquartered in Botswana and is listed on the stock exchange there.
The group operates in 11 African markets, including Ghana and Nigeria in West Africa, Kenya, Rwanda, Uganda, and Tanzania in East Africa, and Botswana, Eswatini, Lesotho, Mozambique, and Namibia in Southern Africa.