MP Swaziland dumps shylock status
– 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.
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.
Swaziland has not only added value to the Swazi citizens through
providing unsecured loans but has also created employment opportunities
to the Swazi nation.
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.
Swaziland began operations in the country in 2006 and was solely
established to provide unsecured loans to formally employed consumers
in the Civil Service.
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.
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.
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.
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.
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.
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.
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