Letshego Bank Announces Five-Year Expansion Plan in Mozambique

The strategy was unveiled on Thursday, 15 October, by the bank's Chairman of the Board of Directors, David Seie, during the inauguration of a new branch in Matola, Maputo Province.

According to Seie, the expansion plan seeks to bring financial services closer to households, entrepreneurs and small and medium-sized enterprises (SMEs) by providing more accessible solutions tailored to the needs of the Mozambican market.

"This moment represents much more than the opening of a physical space. For us, it represents proximity, trust and a renewed commitment to families, entrepreneurs and institutions that contribute daily to the future of this city and Maputo Province," Seie said, as quoted by the newspaper O País.

The chairman explained that the bank intends to strengthen its position in the national market by investing in technological innovation and simplifying banking procedures to improve access to financial products and services.

"To achieve this ambition, we will continue to introduce better, simpler, faster and more accessible services designed to meet the needs of Matola residents and all Mozambicans. Digital transformation will be central to this journey," he stated.

In Matola, where the bank began operations in January 2012, Letshego currently serves more than 5,000 customers and manages a financial portfolio exceeding 650 million meticais.

According to the bank's management, these figures demonstrate the institution's growth potential and the importance of strengthening savings, payment and financing products for households and businesses.

Seie also emphasised that financial inclusion should go beyond simply opening bank accounts, enabling citizens to access financial instruments that support productive activities, create business opportunities and improve living standards.

"For Letshego Bank, financial inclusion is not simply about opening accounts or granting loans. It means enabling more citizens to participate fully in the national economy," he stressed.

Bank of Mozambique Calls for Responsible Credit Expansion

Speaking at the inauguration ceremony, Bento Baloi, Director of the Bank of Mozambique's Matola Branch, said that expanding the banking network is an important step towards improving public access to formal financial services.

However, he warned that the growth of financial institutions must be accompanied by stronger consumer protection measures, contractual transparency and responsible lending practices.

"Financial inclusion is not merely about opening branches or making financial products available. It also requires services to be accessible, appropriate to citizens' needs, transparent, secure and used responsibly," Baloi stated.

The central bank representative also highlighted the importance of financial education, arguing that customers must understand banking product conditions, their rights and obligations, and the risks associated with borrowing.

"It is essential to reinforce the need for responsible lending, based on an appropriate assessment of customers' repayment capacity, clear communication of contractual conditions and the prevention of over-indebtedness," he added.

According to the Bank of Mozambique, financial sector expansion should not be measured solely by the number of branches and customers, but also by tangible improvements in access to banking services and greater participation of citizens in the formal economy.

With the opening of its new branch in Matola, Letshego Bank aims to strengthen its local presence and advance its five-year growth strategy, focusing on financial inclusion, digitalisation and expanding its customer base across Mozambique.