Interview Q & A of Melvin Angula,CEO of Letshego Micro Financial Services Namibia (LMFSN)

Mr. Angula, with your background in technology and telecom, what prompted the shift to a career in the financial sector? Additionally, as you take on the role of CEO at Letshego Micro Financial Services Namibia, what can stakeholders and the industry expect from your appointment, particularly in terms of leveraging your expertise from the technology and telecom sectors to drive innovation and growth in the financial services domain?

Transitioning from the technology and telecom sector to the financial industry was driven by my passion for leveraging digital solutions to solve real-world problems, specifically in Africa and Namibia. Financial inclusion, at the core of Letshego Micro Financial Services Namibia, is essential in eradicating poverty in our nation. I believe that technology is a catalyst for accelerating adoption, providing much-needed resources and facilitating financial inclusion. My experience in driving digital transformation at MTC has equipped me with the skills to innovate and optimise operations. Letshego Micro Financial Services stakeholders can expect a focus on integrating advanced technologies to enhance customer experiences, improve operational efficiencies, and foster financial inclusion. My goal is to bring a fresh perspective to the micro financial services domain, ensuring that we remain agile and forward-thinking in our approach.

As the CEO of Letshego Micro Financial Services Namibia, how do you perceive the current state of financial inclusion in the country, and what initiatives is your organisation undertaking to enhance it?

Financial inclusion in Namibia has seen significant progress, yet there are still underserved segments.  Letshego Micro Financial Services Namibia is committed to bridging this gap by enhancing our microfinance offerings to the underbanked and unbanked segments, developing tailored products for different customer segments, and leveraging mobile banking solutions.  By investing in digital platforms, collaborating with mobile telecommunications companies, and implementing financial literacy programs, we are working to make financial services more accessible and empower individuals to make informed financial decisions.  We also partner with local communities to understand their unique needs and deliver financial services that empower them economically.

Technology plays a crucial role in modern banking. Could you elaborate on how Letshego Micro Financial Services Namibia plans to leverage technology to increase access to financial services while simultaneously reducing costs for your customers?

At Letshego Micro Financial Services Namibia, we are harnessing the power of technology to streamline our services, reduce operational costs and improve customer experience. This includes deploying mobile banking platforms, automating processes, and using data analytics to improve and personalise financial solutions. By embracing digital channels, we aim to make financial services more accessible and affordable for all Namibians, particularly those in remote areas. Key initiatives include developing digital platforms, utilising automated processes for faster loan disbursement, adopting cloud-based solutions, and integrating with various financial ecosystems.

In many developing economies, accessing financial services remains a challenge for a significant portion of the population. How do you believe innovative financial technologies can bridge this gap, and what specific strategies is your organisation employing in this regard?

Innovative financial technologies, such as mobile banking, digital wallets, and blockchain, have the potential to revolutionise access to financial services. Letshego is investing in these technologies to provide seamless, secure, and inclusive financial solutions that will be accessible across Namibia. Our strategy includes developing partnerships with fintech startups, enhancing our mobile banking capabilities, and launching digital financial literacy programs to ensure that our customers can fully benefit from these innovations. By expanding mobile banking, collaborating with fintech innovators, and designing products for underserved communities, we are bridging the gap and making financial services more accessible and user-friendly.

Letshego Micro Financial Services Namibia has been on a massive recruitment drive recently. What factors are driving this surge in hiring, and why is it happening at this juncture? How does this expansion in personnel align with Letshego's broader goals and objectives in the financial services sector?

The surge in hiring is driven by our commitment to expand our service offerings and reaching more customers. We recognise the need for a diverse and skilled workforce to support our growth ambitions. New emerging technologies such as Fintech and blockchain require new and fresh minds to join the organisation. This expansion aligns with our parent company, Letshego Holdings Namibia's broader goals of enhancing customer service, driving innovation, and ensuring operational excellence. By bringing in fresh talent, we aim to foster a culture of continuous improvement and adaptability, ensuring we have enough personnel to provide excellent customer service and support our digital transformation initiatives.

Improving financial literacy is often seen as crucial for promoting financial inclusion. What educational initiatives does Letshego Micro Financial Services Namibia undertake to empower individuals and communities with the knowledge needed to make informed financial decisions?

Financial literacy is a cornerstone of promoting financial inclusion. As part of Letshego Holdings Namibia, through a joint venture between Letshego Micro Financial Services and Letshego Bank, we conduct workshops and training sessions for both our micro-lending and banking clients across Namibia, and we are enhancing our programs to leverage online platforms to reach a wider audience. These initiatives equip individuals with the knowledge and skills necessary to manage their finances effectively and make informed decisions. By offering community workshops, online resources, partnerships with educational institutions, and debt management programs, we empower individuals and communities to improve their livelihoods.

The role of partnerships in expanding financial services cannot be overstated. Could you discuss any strategic collaborations Letshego Micro Financial Services Namibia has formed with other stakeholders, such as government agencies or fintech startups, to advance financial inclusion goals?

Strategic collaborations are vital to our mission of advancing financial inclusion. We have partnered with various government agencies to align our efforts with national financial inclusion strategies. Additionally, we are collaborating with fintech startups to bring innovative solutions to market faster. These partnerships enable us to leverage diverse expertise and resources, ensuring that we can meet the evolving needs of our customers. Key collaborations include partnerships with mobile telecommunications companies, fintech innovators, government agencies, and NGOs and community organisations to deliver financial literacy programs and support community development.

Looking ahead, what do you envision as the future of micro lending in Namibia, considering the rapid advancements in technology and changing consumer preferences? How does Letshego Micro Financial Services Namibia plan to adapt and innovate in this dynamic landscape to better serve its customers?

The future of micro-lending in Namibia is digital and customer-centric. As consumer preferences shift towards convenience and personalisation, Letshego Micro Financial Services is committed to evolving and improving customer experience with our brand. We plan to continuously innovate our digital platforms, introduce new financial products tailored to customer needs, and enhance our data analytics capabilities to provide more personalised services. Our goal is to create a seamless and engaging micro-lending experience for all our customers. We want to ensure long-term growth and community development by embracing digital banking, investing in technology, focusing on personalised services, and implementing sustainable practices.

Are we likely to see a change in market positioning from Letshego Micro Financial Services going forward? Given the evolving landscape of financial services and Letshego's recent initiatives, such as the recruitment drive and emphasis on technology, do you anticipate any shifts in how Letshego positions itself within the market? If so, what factors are driving this potential change, and what strategic considerations are being considered?

Yes, as we continue to evolve, Letshego Micro Financial Services will position itself as a leader in digital financial solutions. Our recent initiatives, including the recruitment drive and technological advancements, are designed to support this shift. We are focusing on becoming a more agile, customer-focused organisation that leverages technology to meet the diverse needs of our customers. Factors driving this change include the growing demand for digital services, the need for greater financial inclusion, and our commitment to innovation and operational excellence. Our strategic considerations include maintaining strong customer relationships, investing in cutting-edge technology, and fostering a culture of continuous improvement. Key factors driving this change include digital transformation, enhanced customer experience, financial inclusion, innovation and agility, and strategic partnerships.