BY GCWALISILE MHLABANE
MBABANE – Letshego Eswatini is preparing to take financial inclusion to a new level, with its digital banking transformation set to open access to formal financial services for more unbanked and under-banked EmaSwati.
The initiative comes as Letshego moves closer to becoming a fully-fledged digital bank following the granting of a provisional banking licence by the Central Bank of Eswatini.
The development marks a significant milestone in the company’s journey, which began in Eswatini in 2006, and is expected to allow Letshego to expand its financial services offering while reaching customers who have traditionally been underserved by conventional banking models.
The company’s vision was highlighted during a recent membership visit by Business Eswatini (BE) to Letshego, where the organisation welcomed newly appointed Chief Executive Officer Mbuso Dlamini and his management team.
The engagement allowed BE to introduce its team and outline the value it offers member organisations, while Letshego shared its plans for the next phase of its operations and previewed new products expected to be launched.
At the centre of the company’s strategy is a deliberate focus on the unbanked and under-banked population – a segment that has often faced barriers in accessing traditional banking services.
Letshego Eswatini CEO Dlamini said the company was committed to using technology to make financial services more accessible and inclusive.
“Our focus is to use digital innovation to make financial services more accessible and to ensure that more EmaSwati can participate meaningfully in the formal financial system,” said Dlamini.
The company’s approach is particularly significant for people living in remote and rural communities, where conventional banking infrastructure may be limited or difficult to access.
Through bespoke digital solutions, Letshego aims to bring financial services closer to customers, with digital platforms designed to be accessible even to people using basic mobile phones.
The approach could reduce some of the geographical and practical barriers that prevent people from accessing formal financial services, allowing customers to transact and manage their finances without having to travel long distances to physical banking facilities.
By targeting the unbanked and under-banked, Letshego is seeking to expand financial participation at grassroots level and create opportunities for more EmaSwati to save, transact and access financial services.
The company’s transformation also comes with the potential to introduce a broader range of banking products, including competitive savings and deposit rates, giving customers greater choice in managing their finances.
For Letshego, the move into digital banking represents more than an expansion of its product offering. It is an opportunity to use technology to reach a market that has traditionally been difficult and costly to serve through conventional banking models.
The company’s strategy is anchored on the belief that the right digital tools can make financial services accessible to communities that have historically remained outside the formal financial system.
Dlamini, who is leading the transformation, brings more than 20 years of experience in the financial services sector across several African markets, including Rwanda and Tanzania.
During the engagement with BE, Dlamini shared his vision for Letshego and provided a preview of new products expected to be introduced as the company advances its digital banking journey.
For Eswatini, the expansion of digital financial services could contribute to broader efforts to promote financial inclusion and increase economic participation among people who have historically been underserved.
Business Eswatini has welcomed Letshego’s transformation and expressed its readiness to support the company’s journey.
As the apex employer organisation, BE represents more than 90 per cent of private-sector GDP contribution across more than 22 business sectors. It also serves as the voice of the private sector and the country’s employers’ federation in industrial relations and social policy.
BE’s engagement with Letshego reflects its broader interest in supporting initiatives that promote inclusive economic growth and create opportunities for businesses and communities.
The organisation said it looked forward to supporting Letshego as it seeks to bring more economically marginalised people into the mainstream economy.
“BE looks forward to supporting Letshego as it brings more economically marginalised people into the mainstream economic landscape,” the organisation stated.
The collaboration could strengthen ties between the private sector and the financial services industry as Eswatini seeks to expand economic participation and create a more inclusive economy.
For Letshego, however, the next step will be turning its digital banking vision into practical solutions that deliver tangible benefits to customers.
The success of the initiative will ultimately depend on how effectively the company reaches the unbanked and under-banked, particularly in communities where access to traditional financial services remains a challenge.
As Letshego enters this new chapter, its digital banking ambitions have the potential to make financial inclusion more than a policy goal.
By bringing financial services closer to the people, the company is positioning technology as a bridge between underserved communities and the wider economy.
If successful, the initiative could empower more EmaSwati to save, transact, access financial services and pursue economic opportunities – helping to strengthen the foundation for inclusive economic growth from the grassroots upwards.
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(Courtesy Pic)
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