Business 4 May 2026 Daily Monitor (Uganda)
Letshego Exits Uganda, Leaving 500 Employees in Limbo as Axian Takes Over
Letshego Africa Holdings is selling its Ugandan operations and businesses in four other African countries to Axian Group, impacting nearly 500 employees in Uganda after over 20 years of service with 46 branches. The deal, pending regulatory approval, shrinks Letshego's footprint to six sub-Saharan markets while boosting its focus on southern Africa. Source: https://www.monitor.co.ug/uganda/news/national/500-employees-affected-as-letshego-exits-5447200
Letshego Uganda Limited’s nearly 500 employees face job uncertainty after the Botswana-based parent company, Letshego Africa Holdings, announced its exit from Uganda as part of a major restructuring.
The firm, which has served Uganda for more than two decades through a network of 46 branches offering credit to individuals, SMEs, and underserved groups, signed binding agreements to sell its subsidiaries in Uganda, Ghana, Tanzania, Nigeria, and Rwanda to Axian Digital Venture Holdings.
Axian will acquire 100% of the issued share capital in these entities, subject to regulatory approvals. This move reduces Letshego’s operations from 11 to six sub-Saharan markets, aiming to improve capital efficiency and long-term shareholder value, according to Letshego’s CEO Reinette van der Merwe.
Axian is praised as a capable partner with expertise in financial inclusion across Africa. Meanwhile, the staff, including CEO Giles Aijukwe, await their future amid economic challenges.
This exit aligns with a trend of financial institutions leaving or downsizing in Uganda, including Standard Chartered Bank Uganda, Afriland First Bank, and others like EFC Uganda and Mercantile Credit Bank that faced liquidation.
Letshego, serving over 4.5 million customers continent-wide with more than 3,000 employees, approaches its 27th year with this strategic pivot.
Source: Daily Monitor (Uganda)