Loago eyes commercial banking license
BOTSWANA GUARDIAN: Kindly provide background to the formation of Loago Financial Services.
DINEO SALESHANDO: I have always been driven by the need to address social issues to create social impact in communities through sustainable financial solutions. With my over 25 years banking experience, I have observed with compassion, the struggles that ordinary citizens go through with majority of working class remaining poor, despite their earnings.
I have observed the desire by individuals to access better education, healthcare for themselves and their dependents, acquire land or start small businesses. The majority of workers are unable to pay for private education and health facilities. They lack the capital to start own small business to augment their salaries. Loago Financial Services was established to fill this gap, contributing towards the economic empowerment of these individuals. With a strong focus on social impact, our services positively contribute to the overall development and well-being of communities.
GUARDIAN: What kind of clients does Loago Financial Services target?
SALESHANDO: In the short term, we provide credit to employees of Government and private sector. In the medium-term, our services will extend to small businesses. We see ourselves championing the establishment and growth of small businesses, as we recognize their crucial role in driving economic development and growth.
GUARDIAN: What competitive advantage does the company has over others, given the fact that the financial services sector in which Loago Financial Services operates on is highly competitive? SALESHANDO: As a new entrant in the market, we take pride in our ability to deliver our services to customers within the shortest possible time.
Quick turn-around is key as we understand that Time is Money. Our customer needs fastest approval and disbursement time. Furthermore, we offer differentiated financial products to align with our customer’s specific needs. Loago Medical Loan, Education Loan, Consolidation Loan, Investment Loan, Pay Day Loan form part of our products range.
GUARDIAN: How has the market welcomed the company?
SALESHANDO: Market has received Loago Financial Services positively. Our direct sales agent network, spread across the country, has enabled us to reach a lot more customers quicker. We have a dedicated social media manager who is responsible for ensuring we remain top in the mind of customers wishing to access quick credit services. We have seen growth in the number of clients and likeability on our social media platforms. We listen to our customers and provide just the right financial solutions for them!
GUARDIAN: What kind of market challenges has the company experienced since inception?
SALESHANDO: Like any start-up, no business is without challenges. However, our approach is to always anticipate risks and challenges. This enables us to better mitigate any challenges we come across. That notwithstanding, we operate in a highly competitive market, as such requires that we bring the best version of ourselves to the market. This has so far worked for us.
GUARDIAN: As a financial services institution, how has Loago managed to utilise digital platforms to offer seamless services customers?
SALESHANDO: We have been intentional about maintaining strong social media presence. Our Facebook page is linked to our WhatsApp number. This allows us to respond to customer enquiries on the spot. We have thus far received positive feedback on this service.
GUARDIAN: Are there any plans to expand outside Gaborone?
SALESHANDO: Our belief is that physical presence is key in building strong relationships with clients. Currently, clients outside Gaborone are able to access our services through direct sales agents. For all our future branch expansion plans, please watch the space. GUARDIAN: What kind of Corporate Social Investments projects is the company currently engaging on?
SALESHANDO: At a personal level, I have been involved with provision of sanitary pads for the under privileged young girls around schools. This has ensured that no girl misses school because of no necessary protection during their menstrual period. Loago Financial Services will continue to support these girls across the country.
GUARDIAN: What strategic partners does Loago have to ensure the smooth execution of the company’s strategy?
SALESHANDO: The Founder of Loago Financial Services is supported by a number of mentors, locally and internationally, using their skills and experience to help her steer the company to the next phase of growth. The resources have various skills and experiences, complementing my own competence to ensure the success of the company. This has been beneficial, to say the least.
GUARDIAN: As a company in the financial industry, what kind of value do you attach to ESG principles?
SALESHANDO: Our Vision is firmly anchored on strong social impact. Loago Financial Services goal is to see a better educated society, a healthier society and a society that is enterprising, enabling them to set up SME’s to drive economic inclusion and empowerment, with focus on women and youth. We comply strictly to the principles of good Governance and as a regulated entity, our business is driven by adherence to regulation. As the driver of the company and to show my personal commitment to these values, I have a dedicated mentor specifically addressing the area of Principles of Governance and Good Corporate Governance.
GUARDIAN: What will be the next growth story of the company?
SALESHANDO: In short, a Commercial Bank. A bank that speaks to the needs of ordinary citizens, A bank that balances social impact and profit, a Bank that uses simplified processes to deliver its services to its people, A Bank with a Vision to develop the SME sector, in the most truest, passionate form.