The company executives last week confirmed that a banking license application was submitted to the Central Bank of Namibia in December last year. Namibia’s gross domestic Product (GDP) is valued at P84, 258, 230.84 and has a household debt of close to P18, 879.10 with a domestic debt as a percentage of GDP standing at 20.9 percent as at December last year.
Namibia has a population of 2, 147, 585 people and out of the 729, 000 formally employed, 88, 814 of them are employed by the government. Letshego, whose branches stand at 11 in Namibia started its operations in the neighbouring country in 2008 and currently has 37, 946 customers reflecting into a 43 percent market penetration based on total government employees.
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