Country
Product Type: Agency Banking
Sector: Finance Oriented
Project Country: Mozambique
Letshego
Letshego has been in the Mozambique Market for several years. As a subsidiary of the Letshego Holdings Limited (LHL), they seek to be a leading inclusive Finance Bank with a USD154m Balance sheet and 4 million customers by 2021.
Project Description
Letshego is expanding its ‘LetsGo Blue Box’ agency banking concept allowing rural consumers in Mozambique to open an entry level bank account, with the option to deposit or receive money from other banks and mobile wallets.
Project Update
To date (June 2019), over 350 agents have been recruited. The system has registered over 10 million transactions between January and June 2019 and over 15,000 customers have on boarded, supported by increased visibility in Maputo.
Letshego has opened a C2B account with Vodafone M-Pesa for agents’ float management.
The company is also conducting trainings: countrywide refresher training for all agency staff on resolving/ escalating agent issues, and refresher trainings in the north region (Nampula & Niassa) on how to manage teams, targets and agent performance.
Letshego has also provided devices to partner staff in order to speed up new client acquisition.
Key Learnings
The Letshego project indicates that the success of agent banking models requires a compelling value proposition with agents and customers to reduce inactivity and churn.
In addition, the product has to be supported with regular training for agents and partners. The use of technology is also a significant factor in supporting client acquisition and engagement.