Q: Firstly, congratulations on being awarded a provisional digital banking license by the Central Bank of Eswatini. Why did Letshego Eswatini apply for a digital banking license when you could have opted for a commercial banking license or another type of banking license?
A: Thank you for the kind congratulations. I also appreciate the support and congratulatory messages we have received from various parts of the Kingdom. We have felt a strong wave of support, and we hope this continues as we embark on this journey.
Why not a commercial banking license? We have a clearly defined strategy, not just in Eswatini but across all 11 African countries where we operate. Our strategy is based on our chosen market segment. We aspire to be Africa’s leading retail financial services provider, focusing on underserved individuals and Small and Medium Enterprises (SMEs). That is why we believe this banking license best fits our aspirations, enabling us to serve our target segment more efficiently and affordably.
Q: You have repeatedly emphasized that your main focus is on the unbanked and underbanked markets. Please elaborate.
A: In Eswatini, the country ranks high in financial inclusion, largely due to efforts by the banking sector, fintech companies, and non-bank financial institutions. Essentially, most people have access to some form of account in the Kingdom. For us, the conversation has shifted from exclusion to underserved. We want to be part of the dialogue that affirms that everyone, regardless of social class or economic status, has the right to affordable and accessible financial products. We believe this license will enable us to introduce new products and services and truly unlock our potential.
Q: How does LEB plan to differentiate itself from other banks currently operating in Eswatini?
A: Our key differentiator will be our strategic focus—serving a well-defined target market with unmatched excellence. It’s important to note that we will be a niche bank; thus, we will not replicate what the larger banks are doing. Instead, within the realm of healthy competition, we see ourselves complementing and partnering with existing banks to serve our chosen segment effectively.
Q: Since this is a digital bank, will there be any physical branches, or will all services be offered online?
A: Currently, we have three branch points, and we plan to add one or two more to cover Lubombo and Hhohho regions. Our rollout strategy will heavily rely on strong multisectoral partnerships and a robust agency network, aimed at empowering emaSwati to start or grow their businesses.
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