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IFC partners with Letshego to increase access to affordable housing in Namibia

Most Namibians do not qualify for mortgages from commercial banks because they are often unaffordable

mm by Staff Writer
October 7, 2021
in Companies & Markets
Reading Time: 1 min read
0
IFC partners with Letshego to increase access to affordable housing in Namibia

GABORONE 2 March 2020, Financial service provers Letshego Holding Limited announces the financial result for the year ended on 31 December 2019 in Gaborone on 2 March 2020. Group Chief Executive officer Andrew F.Okai announces the result to the guests. The result reflects 1 percent operating income, net advances to customer 4 percent, profit after tax 35 percent. (Pic:MONIRUL BHUIYAN/PRESS PHOTO)

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International Finance Corporation (IFC) has partnered with pan-African finance organisation, Letshego Namibia, to increase access to affordable housing finance for thousands of people in Namibia with the potential to expand its partnership to other countries.

IFCโ€™s $50 million (about P557mn) financing facility to Letshegoโ€™s subsidiary in Namibia will extend access to affordable housing finance for over 4,000 Namibians. โ€œOur strategic purpose is clear โ€“ we want to improve lives across the communities where we operate,โ€ said Andrew Okai, Group Chief Executive of Letshego Holdings Limited.

โ€œIncreasing access to simple and appropriate financial solutions, for more individuals and small business owners, will enable us to deliver on this promise.ย โ€œBy partnering with global institutions like IFC, who share our vision of achieving social impact through sustainable commercial strategies, we can unlock exponential value and potential for us to do more. This is truly an exciting partnership. We appreciate the support, synergy and partnership that IFC brings to our strategy,โ€

Although 78 percent of Namibians have a bank account, only 12 percent of households have mortgage-financed homes. The majority of Namibians do not qualify for mortgages from commercial banks because they are often unaffordable. โ€œBy supporting partners like Letshego to increase the availability of affordable housing loans, we hope to enable more individuals to access quality housing in Namibia,โ€ said Adamou Labara, IFCโ€™s Country Manager for Eswatini, Lesotho, Namibia, South Africa and Zimbabwe.

IFC works with partners across Africa to help increase access to affordable housing, including supporting the development of sustainable and responsible mortgage markets. Letshego Group is an African retail services organisation with operations in 11 markets in sub-Saharan Africa.

Tags: International Finance CorporationLetshego GroupLetshego Namibia

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