Page 12 - Noble Magazine • July-August 2020-1

FINANCIAL SERVICE

Business Continuity

Continued from Page 11 conditions. Longer term outcomes is the inadequate level of financial
will depend on the resilience and literacy in Botswana. For the company,
the health of our communities adaptability of financial services sector financial literacy is more than simply
against preventable diseases, we can participants,” expressed Ferguson. understanding how money works; it
strengthen our communities and the is the ability to comprehend the power
health of future generations. Letshego of prudent financial management and
Botswana’s sponsorship, valued at “Being part of how customers access and use money in
over half a million Pula, trains and a group with a productive and value creating ways. In
mentors healthcare workers with footprint across 11 November 2014, Letshego launched a
the latest trends and policies in the sub Saharan countries focused financial literacy campaign that
administration and management of empowers individuals with the basics
effective non-communicable disease in Africa, we gain of personal financial management such
(NCD) frameworks for primary health from best practice as budgeting, financial planning and
care, across Botswana,” said Ferguson. in technology discipline in order to promote prudent
implementation, financial management practices.
Impressively, Letshego established centralised research
Corona Crisis Committees at Group and Further to that, Letshego also equips
country level to ensure that executives and product its customer-facing employees with
are directly responsible for managing development, financial literacy tools, including
the multiple risks associated with the marketing trends and budgeting, debt management and
pandemic, and monitoring rapidly efficiencies as well investing, to support themselves and
changing conditions. Letshego adopts as opportunities for customers. The company’s Facebook
the latest national and international page also features regular updates for
health guidelines, regularly reminding our own people to the community on money matters.
employees and customers on the best take up permanent
ways to maintain safe standards in or temporary roles in For Letshego Botswana, expansion
hygiene and social distancing. The other exciting growth means increasing access, so they
Company premises operate on a ‘Cohort’ markets to broaden
system to minimise the spread of potential continue to expand their offering and
reach in order to be inclusive and
infection, while ensuring hygiene and their experience and
social distancing protocols are adhered career horizons.” provide their financial solutions as well
to at all times. Customers and employees as support to more people across the
have embraced safety initiatives and country. In addition to the digital access
protocols, as they understand the value Ferguson added that, “In line with channels for customers, they have also
in collective collaboration in preventing Letshego’s commitment to continue launched a mobile application (App)
the risks of the pandemic. diversifying our products and customer for field Direct Sales Agents (DSAs)
segments, we are developing and to process loan customer applications,
Outlook of the Financial enhancing solutions for MSEs or enabling flexibility and allowing
Services Sector “Micro and Small Entrepreneurs”. customers to apply for loans from the
MSEs remain a valuable growth comfort of their homes. The DSA App
The Botswana financial services sector segment for our economy, but many has reduced historic turnaround times
is robust, well regulated and attracts small businesses typically struggle to by 50%.
healthy competition. Competition is access funding and traditional financial
a welcome factor in enhancing the services. Cash flow and stock are often In conclusion, Ferguson said, “Being
sectors’ development and value for the top challenges for many small part of a group with a footprint across
customers. “We are fortunate to have businesses, and Letshego is focused on 11 sub Saharan countries in Africa, we
a strong regulatory environment for supporting business owners to bridge gain from best practice in technology
both bank and non-bank sectors, as this gap by offering working capital and implementation, centralised research
this ensures general sector stability, supply chain finance.” and product development, marketing
especially during more challenging trends and efficiencies as well as
economic conditions. The pandemic will Increasing Financial opportunities for our own people to
have a downward impact on the growth Inclusion take up permanent or temporary roles
of financial services sector this year, in other exciting growth markets to
the extent of which remains difficult to Letshego understands that one of broaden their experience and career
predict with ever-changing pandemic its core financial inclusion realities horizons.”
12 Noble Magazine // July - August 2020