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Impact Report IMPACT REPORT 1 Impact Report CONTENTS ABOUT THIS REPORT 2 LETTER FROM OUR CHAIRPERSON 4 OUR IMPACT FRAMEWORK 7 Unpacking our Impact Model 9 Our Impact Model 10 OUR IMPACT 11 Increasing financing for sustainable agriculture 11 Collaborating to support healthcare delivery 13 Expanding access and use of financial solutions to help our customers manage the costs of education 14 Increasing gender equality and women empowerment 15 Promoting economic growth and employment and decent work for all 16 Strengthening domestic resource mobilisation 16 Ensuring access to adequate, safe and affordable housing 19 GOING FORWARD 21 2 1 Impact Report About this Report We are pleased to present our first Impact Report. The focus of While directed primarily at shareholders and providers of this Report is our overall approach to sustainable development, capital, this Report should prove of interest to all our other the outcomes of our activities, and the difference our activities stakeholders, including our strategic partners, governments make in the lives of our stakeholders. We also aim to improve and regulators, as well as the communities in which we operate. the quality of information available to our stakeholders, by communicating the factors that affect our ability to create impact. This Report is not externally assured; however, the Letshego Lastly, by reporting on our impact, we hope to encourage other Board is responsible for ensuring corporate accountability and financial institutions to do the same. This is our first step in our the management of associated risks, combined assurance and impact reporting journey, but a continuation of our commitment corporate reporting. This Report is approved by the Letshego to transparent disclosure, stakeholder engagement, and our Board of Directors. goal to be a market leader in inclusive finance on the African Continent. We welcome written comments and feedback from our stakeholders that relate to both this Report and other general A combined approach was used to gather information required matters. Enquiries regarding the Report should be directed to for this Report. Firstly, quantitative ESG performance metrics Lauren Callie, Head of Group Corporate Affairs. “The focus of this Report is our overall approach to sustainable were collated. Qualitative information on ESG management and development, the outcomes of our activities, and the difference our operational experience was also obtained through a review of key documentation (such as ESG policies and management activities make in the lives of our stakeholders.” systems) and interviews with Letshego employees. 2 3 Impact Report | 2017 Letter from our Chairperson It gives me great pleasure to introduce Letshego’s first Impact the other financial institutions working to achieve the SDGs This Report sets out to detail our impact performance, outlining Report in the year we celebrate our 21st anniversary of and believe our financial inclusion agenda is well matched with the measures taken to achieve our ethical responsibilities and committed service to financial inclusion in Africa. With a proudly these goals. demonstrates our continued commitment to transparency and Botswana heritage and a dedicated and growing regional team, meaningful disclosure to stakeholders. Also, this Report has we have enjoyed consistent growth since our establishment in Our approach to sustainable development places emphasis been developed to share some of the milestones that embody Gaborone in 1998. Our solid foundation, originally established on compliance with international standards such as those our commitment to sustainability, but also highlights where we in Botswana, is the cornerstone of Letshego’s growth story. outlined by the International Finance Corporation (IFC). We still have work to do. We are committed to improving aspects of A growth story which now improves more than 500,000 lives actively and directly support the integration of sustainability our performance where we can and must do better. across 11 Sub-Saharan Markets. consideration in our day-to-day operations. We have achieved this by ensuring strong partnerships and Board representation In reviewing this Report, I am heartened at the progress and Over time, Letshego’s competitive edge – its DNA – has been its to drive sustainable performance. contributions we have made to the Sustainable Development ability to deliver simple, appropriate and accessible solutions Goals, which we consider essential to Letshego’s continued to those who are typically excluded or under-served financially, Sustainability is embedded within all four pillars of our strategy success. We look forward to continuing our journey delivering in a responsive, inclusive and ethical manner. Letshego’s – Growing the Franchise, Enhancing Customer Experience, sustainable investments in Africa. Sustainability is embedded promise remains committed, clear and consistent – and that Embedding Future Capability and central to all, Embracing is to Improve Life as well as promote growth and diversity. We Financial Inclusion. Each pillar requires us to improve our within all four pillars of continue to invest in expanding our African footprint through sustainability by delivering consistent long-term growth and our strategy – Growing our people, our technology and the digital delivery platforms supporting the sustainability of our customers. We are growing we create. a franchise, which requires a deepened understanding of the the Franchise, Enhancing markets in which we operate, enhancing customer engagement The United Nations Conference on Trade and Development to better understand the needs of those markets, and improving E. N. Banda Customer Experience, (UNCTAD) estimates that achieving the Sustainable the customer experience, through the roll out of digital Chairperson Embedding Future Capability Development Goals (SDGs) by 2030 will require $3.9 trillion to platforms, and having increased our focus on measuring our be invested in developing countries each year, with an annual social performance. and central to all, Embracing investment gap existing of $2.5 trillion. We are pleased to join Financial Inclusion. 4 5 Impact Report Embracing Financial Inclusion Embedding Future Capability Growing the Franchise Enhancing Customer Experience Our approach to sustainable development places emphasis on compliance with international standards such as those outlined by the International Finance Corporation (IFC). 6 7 Impact Report PORTFOLIO SEGMENTS Portfolio Mix as at December 2018 6% 10% 7% 9% Letshego at a glance 12% 14% 14% 12% 9% 16% 7% 12% 10% 18% 22% 29% 28% 18% 41% 6% PERCENTAGE 52% 58% 37% 29% 15% 28% 54% 18% 69% 23% 20% 12% 54% 8% 8% 72% 8% 81% 91% 9% 6% Botswana eSwatini Ghana Kenya Lesotho Mozambique Namibia Nigeria Tanzania Uganda Group SUBSIDIARY Agriculture Business Education Health Care Housing Other LETSHEGO HOLDINGS LIMITED - OPERATIONS 100% 100% 95% 98% 78% 100% 100% 85% 100% 100% 85% 100% LETSHEGO LETSHEGO LETSHEGO LETSHEGO LETSHEGO AFB LETSHEGO LETSHEGO LETSHEGO LETSHEGO LETSHEGO LETSHEGO FINANCIAL KENYA FINANCIAL FINANCIAL HOLDINGS GHANA SOUTH FINANCIAL TANZANIA BANK UGANDA MAURITIUS SERVICES LTD SERVICES SERVICES (NAMIBIA) PLC AFRICA SERVICES LIMITED TANZANIA LIMITED LIMITED (PTY) LTD LESOTHO BANCO LTD (PTY) LTD ESWATINI T/A FAIDIKA LIMITED (FORMERLY BOTSWANA LTD LETSHEGO (PTY) LTD AMDC SA LIMITED) 100% 100% 100% 100% 100% 100% LETSHEGO MICRO LETSHEGO FINANCIAL LETSHEGO KENYA LETSHEGO BANK LETSHEGO FINANCIAL SERVICES SERVICES ESWATINI LETSHEGO BANK INSURANCE LTD NAMIBIA LTD MFB NIGERIA LTD NAMIBIA (PTY) LTD (PTY) LTD RWANDA LTD Letshego Holdings Limited Group Structure as at 31 December 2018 SOLUTIONS Borrowing solutions Savings solutions Payment solutions 8 9 Impact Report patterns, manage risks, and cope with shocks like emergencies on spending on food. A study in Kenya found that following the and large unexpected expenses. Financial inclusion makes it opening of bank accounts for women, daily food expenditures easier for people to manage financial emergencies (such as job and private expenditures (e.g. meals outside the home, alcohol, losses or crop failures) that would otherwise push families into cigarettes, and entertainment expenses) of female vendors (deeper) poverty.3 who gained access to an account increased by 13% and 38% respectively.8 Lastly, a study in Kenya found that giving people Increasing access to agriculture finance can improve agricultural a safe place to store money increased health spending by 66%.9 productivity, which in turn, enables better remuneration, and raises living conditions. These investments can also help to Our impact framework seeks to articulate our ability to achieve reduce pressure on scarce natural resources. the following three objectives: When compared to people who live in urban areas, those living • Provide an understanding of the challenges relating to in rural areas are underserved and reflect lower socio-economic poverty, provision of education and health care, reduction development on average. They also tend to have higher poverty of hunger and impacts on the environment, as faced by rates, lower levels of employment, lower levels of education, our customers by understanding the situational context and more limited access to a myriad of opportunities for or baseline conditions before we begin operations in a economic improvement4. Studies have shown that expansion particular geography; into underserved markets can increase the chances of having a • Inform our solution offerings,
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