MP Swaziland dumps shylock status
04-09-2010

 

EZULWINI – MP Swaziland has undergone a name change. Already, the company has issued loans to the total value of E250 million to its clients.

 

The company will now be known as Letshego Financial Services Swaziland.

Speaking during the launch of Letshego Financial Services Swaziland held at the Royal Villas on Thursday, the Chairman Prince Lonkhokhela said the company would strive to make products that are uniquely designed to meet the clients’ needs.

"MP Swaziland has not only added value to the Swazi citizens through providing unsecured loans but has also created employment opportunities to the Swazi nation.

Proud

"I am proud to say that MP Swaziland, within its five year existence in Swaziland, has provided formal employment to 16 Swazis and the staff complement only includes Swazis, from the Chief Executive Officer (CEO) to the receptionist," he said.

MP Swaziland began operations in the country in 2006 and was solely established to provide unsecured loans to formally employed consumers in the Civil Service.

Elaborating on some of the achievements of MP Swaziland, the Chairman said the company had increased its distribution network by opening offices in Mbabane and Manzini.

"We anticipate reaching the entire Swazi market by opening another branch in the near future and this will of course be possible through the support we receive from government and the Swazi nation," he added.

He also said the products that will be offered will focus on accessibility and empowerment.

"They will be tailored for a specific target market. Through our product range, we will be able to meet the needs of traditionally and financially underserved people.

Our products offered include personal loans, executive loans, school fees loans and asset based loans among others. These can be used for debt consolidation, business start-ups, home improvement, as well as to settle medical expenses," he said.

He also said the company would no longer be a micro lender, as it was known before the name changed.

"After carefully studying the market we serve and challenges faced by the industry and the country at large, the company applied for a non deposit taking financial institution licence through the Central Bank of Swaziland. I am delighted to announce that the licence has been duly approved and granted by the Central Bank. This therefore means this company is no longer a micro lender, as it was traditionally known but is now a non deposit taking financial institution," he said.

Necessitated

He said the migration of the company to be regulated by the Central Bank of Swaziland, through the Financial Institution Act was necessitated by the need to ensure that all the activities undertaken are properly regulated, supervised and monitored to ensure good and sound corporate business practices, as well as transparency.

"As a non deposit taking financial institution, the company is now licenced to undertake a variety of financial service activities and has since aligned its mandate with the holding company, Letshego Holdings Limited. On that note, I would like to thank the Governor of the Central Bank and his team for the confidence they have shown in the company, by affording us the opportunity to increase its service offering and be properly regulated," he said.

 

 

Times of Swaziland
By Faith Shongwe