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2019 Letshego Holdings (Namibia) Limited LETSHEGO HOLDINGS (NAMIBIA) LIMITED 2019 INTEGRATED ANNUAL REPORT Table of Contents About this Report 4 Evolving the Integration of our Annual Reports 4 Scope 4 Materiality 4 A Note on Disclosures 4 Our Values 5 Our Business 6 Chairperson Address 8 Group Chief Executive Officer’s Review 10 2019 Milestones 15 Our Journey 16 Our Group Structure 18 Our Solutions 19 Our Footprint 20 How We Create Value 21 Financial Highlights 22 Non-Financial Highlights 25 Portfolio Review 26 Our Leadership 28 Board of Directors 30 Executive Management Team 34 The Board 36 Composition and Structure 39 Board Process and Outcomes 40 Composition of the Board Committees 42 Executive Management Committees 45 Attendence of Meetings 48 Remeneration Policy 49 Governance Enablers 52 Compliance with the Namcode 54 Stakeholder Engagement and Material Matters 78 Stakeholder Mapping Process 66 Our Key Stakeholders 67 Our Material Matters Identification and Management Process 69 Material Stakeholder Matters 70 2 INTEGRATED ANNUAL REPORT 2019 Our People 72 Employee Value Proposition 74 Promoting Diversity 74 Employee Training and Development 75 Realising Financial Inclusion while Enhancing Financial Performance 76 Addressing the Needs of our Customers 78 Returning to Growth 80 Returning to Growth 82 Non-Communicable Disease (NCD) Care 86 Measuring our Social Impact 87 Annual Financial Statements 112 Group Corporate Information 96 Directors’ Responsibility Statement 97 Independent Auditor’s Report 98 Directors’ Report 104 Annual Financial Statements 106 Statements of Financial Position 106 Statements of Profit or Loss and Other Comprehensive Income 107 Statements of Changes In Equity 108 Statements of Cash Flows 112 Significant Accounting Policies 113 Notice of Annual General Meeting 193 Form of Proxy 194 List of Abbreviations 196 3 INTRODUCTION About this Report EVOLVING THE INTEGRATION OF OUR ANNUAL REPORTS Letshego applies principles of stakeholder inclusiveness, The standards used in Letshego’s annual integrated reporting sustainability, materiality, and completeness when assessing align with global protocols. They also reflect key risks and which information to include in the Integrated Annual Report. opportunities and show how these factors affect our strategy, Letshego also applies the principles of accuracy, balance, financial and non-financial performance, and the impact we clarity, comparability, reliability, and timeliness when have on the markets in which we operate. We have endeavoured assessing information for this report. to provide a concise, balanced, and transparent commentary on the progress we have made during the year on our strategy, The 2019 Integrated Annual Report covers both our core performance, operations, governance, and reporting. business operations: Letshego Bank (Namibia) Limited (LBN) and Letshego Micro Financial Services (Namibia) (Pty) In preparing this report, Letshego followed the principles of Limited (LMFSN). Collectively, the entities are referred to as the International Integrated Reporting Framework (IIRC), the Letshego Holdings (Namibia) Limited (LHN). King Code of Governance Principles for South Africa (King IV), and the Namibian Stock Exchange (NSX) Listing Requirements. MATERIALITY In addition, Letshego also strives to adhere to the Global Reporting Initiative (GRI) Standard and has produced this We consider matters material that impact on value creation in report in accordance with the ‘core’ level of the GRI. terms of our operating environment, the interests of our key stakeholders, and the identified priority risks and opportunities The content of this report is relevant to all our stakeholders, facing the organisation. including our staff, customers, investors, funders, strategic partners, governments, regulators, and the members The material matters presented in this report were identified of the communities in which we operate. The Board through a thorough and methodical stakeholder review committees responsible for corporate accountability and risk process. The areas reviewed qualify in one or more of the management, combined assurance, and integrated reporting, following categories: strategic; financial; environmental; social; have overseen the production of this report. They are satisfied competitive, and legislative. Material matters are prioritised with its accuracy, completeness, and integrity and believe that by relevance and impact on Letshego’s ability to achieve and it reflects our use of different forms of capital. The Letshego deliver on the Group’s strategic objectives. The leadership Holdings (Namibia) Limited (LHN) Board acknowledges team manages this process with support from the Letshego its responsibility for ensuring the integrity of the report by Holdings (Namibia) Limited (LHN) Board of Directors. sanctioning its preparation and presentation. Material matters identified are reviewed in terms of their The 2019 Integrated Annual Report is presented in significance and risk to Letshego’s ability to operate and accordance with the framework of the IIRC and deliver value to its stakeholders. approved by the Letshego Holdings (Namibia) Limited (LHN) Board of Directors. All comments and inquiries related There are no material changes to the content of this report to the contents of this report may be directed to compared with the 2018 Integrated Annual Report. [email protected] and/or the Company secretary, Stephanie Izaaks on [email protected]. This A NOTE ON DISCLOSURES report is also available on our website www.letshego.com. Letshego Holdings Limited affirms the following terms with SCOPE respect to its annual integrated reporting strategy: The 2019 Integrated Annual Report covers the 12-month • Non-disclosure of confidential data such as granular data on period from 1 January 2019 to 31 December 2019. The report remuneration, yields and margins, where the information is examines the forms of capital used to create sustainable value, deemed to be competitively sensitive trade-offs mitigated, significant material matters raised by • Infographics are used to report various metrics, while our stakeholders during this 12-month period, and Letshego’s retaining proprietary information response to the material matters raised. Letshego considers • Any official and direct enquiries are encouraged in relation as material, those matters, opportunities, and challenges to any aspect of the Company’s competitively sensitive that are likely to affect the delivery of our strategic intent and operations that may not have been publicly disclosed ability to create value in the short, medium, and long term for • All monetary figures used in the report are in Namibian relevant stakeholders. Dollars (N$) 4 INTEGRATED ANNUAL REPORT 2019 • Letshego Holdings (Namibia) Limited (LHN) was incorporated a special resolution of the shareholders in terms of section on 24 February 2016 as a financial sector investment 24 (2) of the Companies Act (also referred to as the ‘Act’). holding Company to hold the controlling interest in LBN and • Letshego is a commercial entity whose liability is limited by LMFSN on behalf of Letshego Holdings Limited (LHL). It shares was converted to a public Company on 5 July 2016 by way of OUR VALUES Also referred to as Letshego’s “uniqueness’s”, the Group’s values define its unique culture, ways of working, and its guiding principles for improving the lives of customers, delivering sustainable value to stakeholders and optimising sustainable performance. Letshego’s Group code of conduct outlines the behaviour and policies that govern Letshego Holdings (Namibia) Limited interactions with all its stakeholders across its footprint. SIMPLE APPROPRIATE ACCESSIBLE ETHICAL RESPONSIVE INCLUSIVE Easy and Affordable Convenient Transparent Efficient Positive and clear and useful and obtainable and trusting and warm respectful 5 Our Business Chairperson Address 8 Group Chief Executive Officer’s Review 10 2019 Milestones 15 Our Journey 16 Our Group Structure 18 Our Solutions 19 Our Footprint 20 How We Create Value 21 Financial Highlights 22 Non-Financial Highlights 25 Portfolio Review 26 OUR BUSINESS Chairperson Address Customer satisfaction in the financial sector is also a function of trust, and we ensure that we maintain our customers trust, and constantly strive to improve on our credibility in this area in order to attract new customers. Maryvonne Palanduz Letshego Holdings (Namibia) Limited, Chairperson 8 INTEGRATED ANNUAL REPORT 2019 ONE - Our Business OUR VISION FOR NAMIBIA will be represented by a typical “W-shaped” recovery curve, with potential isolated, viral resurgences precluding smooth We at Letshego Holdings (Namibia) (LHN) have a vision and predictable economic recoveries, resulting in continued for Namibia where all citizens have access to simple and downward pressure being placed on our operating margins. appropriate financial solutions. We recognise our long-term sustainability is inextricably linked to the achievement of this Letshego’s scenario and operational planning thus objective, and as a financial institution we have a vital role to accommodates this, providing due flexibility and adaptability play in enabling access to these financial services. Our strategic given current, unpredictable environments. intent is to increase access to simple and appropriate financial solutions to underbanked and underserved consumers across Private and public sector collaboration remain essential in our Namibia. ability to navigate a sustainable path through this pandemic.
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