Reflections from our Group Chairperson
Navigating a challenging operating environment
Africa’s economic environment in 2025 was mixed. While some markets showed signs of stabilisation, others continued to experience fiscal pressure, currency volatility and subdued growth. These conditions reinforced the importance of prudent capital management, strong governance and disciplined execution.
The Board worked closely with management throughout the year to monitor risks, strengthen oversight and ensure that strategic decisions were aligned with long-term value creation. We are encouraged by the Group’s continued focus on balance sheet resilience, liquidity management and credit discipline, particularly in an environment where affordability pressures remain elevated.
Strategy and long-term value creation
Letshego’s strategy remains anchored in building a sustainable, diversified financial services group that delivers value to shareholders while expanding access to responsible financial solutions for underserved communities.
During 2025, the Group continued to progress its transformation agenda, with an emphasis on strengthening core operations, improving operational efficiency, advancing digital capabilities and deepening customer-centric product offerings.
The Group’s full-year results for 2025 reflect meaningful progress in strengthening its underlying performance, notwithstanding the impact of strategic portfolio actions on earnings. Continuing operations delivered a significant improvement in profitability, supported by enhanced credit quality, disciplined risk management and renewed commercial momentum across core Southern African markets. At the same time, the classification of certain East and West African entities/subsidiaries as discontinued operations aligned with the Board’s strategy to optimise the Group’s footprint and unlock shareholder value and has influenced the consolidated results for the period.
Encouragingly, the fundamentals of the business have improved, with stronger earnings quality, a more resilient funding profile and continued traction in deposit mobilisation and digital channels. These outcomes reflect deliberate actions taken over recent years to de-risk legacy portfolios, sharpen execution and refocus the Group on sustainable, risk-adjusted returns.
The Board supports management’s efforts to simplify the business, enhance scalability and improve returns over time. While the benefits of these initiatives may not be immediate, they are essential to positioning Letshego for sustainable growth in a rapidly evolving financial services landscape.
Governance and oversight
Strong governance remains a cornerstone of Letshego’s approach to long-term success. The Board is committed to maintaining high standards of ethical leadership, transparency and accountability.
During the year, the Board and its committees continued to discharge their responsibilities with diligence, focusing on effective risk management and internal controls, regulatory compliance across all operating jurisdictions, succession planning and leadership development, and the alignment between strategy, performance, and remuneration.
We regularly review the effectiveness of our governance frameworks to ensure that they remain fit for purpose and responsive to emerging risks and stakeholder expectations.
Sustainability and social impact
Letshego’s purpose is rooted in improving lives through inclusive financing. In 2025, the Group continued to integrate environmental, social and governance considerations into decision-making, recognising that sustainable impact and financial performance are closely linked.
The Board remains committed to responsible lending, fair customer outcomes and ethical business practices. We also acknowledge the importance of managing environmental risks, supporting our employees and contributing positively to the communities in which we operate.
While challenges persist, we believe that Letshego’s focus on sustainability strengthens its licence to operate and supports long-term value creation for shareholders and society.
Board changes
During the year, Messrs Philip Odera, Ronald Hoekman, Emmanuel Botlhale and Ketlhalefile Motshegwa resigned from the Board, followed by the resignation of Mr Jayamaran Ramesh in March 2026. The Board thanks them for their valuable contribution, commitment and service during their tenure.
We welcome to the Board Ms Tebogo Tomango and Mr Tshephang Loeto, who both joined in 2025, as well as Messrs Michael Viljoen and Rubin Japhta, who joined in April and May 2026, respectively. We acknowledge the insights and valuable contributions they bring to the Group’s continued growth and success.
The Board also welcomed Ms Reinette Estelle van der Merwe as the Group Chief Executive Officer of Letshego Africa, effective 1 October 2025. Her credentials include a track record of strategic transformation and stakeholder engagement as well as proven leadership in financial operations and governance. Under her leadership, Letshego is expected to further strengthen its inclusive finance mission.
The Board extends its sincere appreciation to Mr Brighton Banda for the exemplary leadership and commitment demonstrated while serving as Interim Group Chief Executive Officer from February to September 2025. Mr Banda’s stewardship during this transitional period has been instrumental in maintaining strategic continuity and operational stability. The Board acknowledges and values the significant contributions made and expresses its gratitude for the dedication to the Company’s mission and values.
Appreciation
I want to thank my fellow Board members for their commitment, focus, proactivity, insight and constructive challenge throughout the year. The strength of the Board lies in its diversity of skills, experience and perspectives, which supports robust decision-making.
I also wish to acknowledge the Group Chief Executive Officer and the executive management team for their leadership during a demanding year. Their continued focus on execution, discipline and accountability has been critical in navigating a complex operating environment.
On behalf of the Board, I would like to thank our shareholders for their continued support and confidence in Letshego. We recognise the responsibility that comes with this trust and remain committed to acting in the best interests of the Group and all its stakeholders.
Finally, I extend my appreciation to all Letshego employees across our markets. Their dedication and resilience underpin the Group’s ability to serve customers and deliver on its purpose.
Looking ahead
While the near-term outlook remains uncertain, the Board believes that Letshego is well-positioned to navigate ongoing volatility. Our priorities for the year ahead remain clear: protect the balance sheet, execute our strategy with discipline, strengthen customer trust and build a more resilient and scalable business.
We remain cautious but optimistic. Africa’s long-term growth fundamentals, combined with rising demand for inclusive financial services, continue to present meaningful opportunities. By staying focused on our purpose, values and strategic priorities, we believe Letshego can deliver sustainable value for shareholders over time.
While macroeconomic and liquidity pressures persist in certain markets, the Board is confident that Letshego is better positioned to navigate these dynamics and deliver on its strategic priorities, underpinned by a clearer portfolio focus and a strengthened operational foundation.
CHRISTOPHER MOKGWARE
Group Chairperson
DOWNLOAD: Letshego Africa Holdings 2025 Integrated Annual Report.pdf
