Letshego, the pan-African finance group, has launched an innovative housing product, Affordable Housing. According to a statement, the product is available to customers in Botswana and Namibia, with rollout plans to the group’s remaining pan-African countries in due course.

Letshego’s inclusive Affordable Housing solution aims to mitigate access challenges experienced by individuals in broader communities by offering a choice in products. These include an all-in-one solution with land and a customisable house, or capital to purchase material from trusted local suppliers to renovate existing homes or properties, wherever the structures may be located.

Home improvement finance options include additional benefits such as competitive pricing for labour, construction advisory support and quality building materials accessed via a Letshego’s dedicated network of established and accredited engineering and construction experts.

“In many of our regional markets, owning your own home is unfortunately still a luxury. Ironically, there are still many individuals and families across our communities who cannot access financial support to purchase or upgrade their homes – despite them being able to afford loan installments.

The barriers to accessing housing finance include onerous qualifying credit criteria, inability to provide adequate credit records, challenges in providing formal collateral or evidence of regular income in the case of many small business owners. Letshego is committed to bridging the gap so that more individuals across our regional footprint can access support to buy or renovate their homes, thus providing dignity and long term stability for more families, and solid foundations for our future generations,” said group Chief Executive, Aupa Monyatsi.

Meanwhile, Letshego Botswana’s Chief Executive Officer, Fergus Ferguson added that, "transforming housing finance into a more diversely affordable and accessible solution is not as simple as offering a home loan with lowered interest rates. It’s about understanding the demographics and unique needs of our local communities, and then creating a solution that include a multi-faceted structure that offers a choice in approach and structure to suit our customer’s unique affordability criteria."