Nigeria's oldest banking group acquired by Botswana-based Letshego Holdings

With its acquisition of 100 percent of the shares of Nigeria's FBN Microfinance Bank (FBN MFB), Letshego Holdings Limited of Botswana has made its first investment in West Africa.

Letshego, which operates banking and lending institutions in nine nations throughout eastern and southern Africa, presently serves more than 265,000 customers. Company officials estimate Letshego will gain more than 385,000 Nigerian customers.

“As the leading indigenous BSE-company by market capitalization and profitability, it is an exciting time for us at Letshego," Letshego Group Managing Director Chris Low said. “This opportunity to enter the Nigerian market coincides with the expansion of our range of financially inclusive products and services."

FBN Holdings, established in 1894, is Nigeria's oldest banking group. FBN MFB will now operate as Letshego MFB.

"We believe Nigeria’s growth prospects in our targeted low-and-middle income, and MSE, customer segments have significant upside potential, and that, by bringing our skills to this market we can further financial inclusion and improve lives across Nigeria," Lowe said. "We look forward to being able to further improve lives across the continent through this development.”