AFB

afb Ghana, now operating as Letshego Ghana Savings and Loans PLC, is a consumer finance company within Ghana's Non-Bank Financial Institutions sector. The company was established in September 2010 under the name African Financial Services (Gh) Limited (AFS) as a subsidiary of the AFB Group. In 2013, it underwent a rebranding and changed its name to afb. A significant milestone occurred in 2017 when Letshego Holdings Limited, a Botswana-based financial services group, acquired a 100% stake in the company, leading to its current name. This acquisition integrated the Ghanaian operations into a larger pan-African network with a presence in 11 Sub-Saharan markets.

The company's business model centers on providing financial solutions to underserved populations. It primarily targets government and private sector employees through a payroll lending model, which is recognized as a lower-risk form of unsecured lending. Revenue is generated from interest on loans and other financial product fees. The client base includes staff of the Ghana Armed Forces, Ghana Police, and various government departments through partnerships with entities like the Controller and Accountant General. The company also serves informal market traders and has expanded its reach to over 2.5 million customers through 26 outlets.

afb Ghana offers a range of credit products and services designed for accessibility and simplicity. Its core offerings include payroll deduction loans, direct loans, and SmartCash loans for market traders. These loans, which can be used for emergencies, education, or entrepreneurial activities, are facilitated through an end-to-end automated service delivery model that leverages technology for quick disbursement. The company is also a licensed deposit-taking institution and provides credit life insurance on some of its loan products. Following the acquisition by Letshego, the company has focused on broadening its solutions via mobile delivery platforms, enhancing access to savings, payments, and micro-insurance.

Keywords: consumer finance, Ghana, non-bank financial institution, payroll lending, microfinance, financial inclusion, savings and loans, personal loans, government employee loans, deduction-at-source, credit products, digital lending, mobile finance, West Africa finance, Letshego Ghana, pan-African finance, unsecured lending, asset financing, financial services, inclusive finance