Letshego Bank (Tanzania)
Through providing loans and deposit products to MSMEs which have limited or no access to formal banking services, Letshego Bank aims to encourage the expansion and formalisation of the Tanzanian MSME sector
History and vision: Advans Bank Tanzania received a licence to operate as a commercial bank in May 2010, was incorporated in June 2010, and began operations in Dar es Salaam in February 2011. In November 2015, Letshego Holdings Limited became majority shareholder in the institution with Advans SA remaining minority shareholder. The MFI’s mission is to deliver adapted financial services to Tanzanian micro and small enterprises, which constitute an important part of the economic fabric of the country. Recent studies estimate the number of urban MSMEs in Tanzania at 2.7 million, with 100,000 new urban MSMEs being created per year.
Network: After the inauguration of its first branch in the administrative yard of Manzese in February 2011 the bank opened branches in the Kariakoo and Temeke areas of Dar es Salaam. In 2014, the bank started expanding outside Dar es Salaam with a branch in the city of Mwanza and one in Mbeya.
Services: As a fully-fledged commercial bank, Letshego Bank focuses on meeting demand for micro credit, SME loans and other simple financial services. Deposit products such as current accounts, savings accounts and kids accounts are also available.