Letshego Bank Tanzania is a commercial bank regulated by the Bank of Tanzania. Its social mission is to provide suitable and sustainable financial services to micro, small, and medium-sized entrepreneurs, and to low and medium income employees. It operates as a microfinance bank. As of March 2014[update], the shareholders equity was valued at about TSh 11.4 billion (US$6.5 million or €5.2 million). At that time, customer deposits totalled approximately TSh 3.9 billion (US$2.23 million or €1.8 million). It is estimated that the bank's total assets in March 2014 totaled TSh 15.3 billion (US$8.7 million or €7 million).[2]
History
The bank, then known as Advans Bank Tanzania received a commercial banking license from the Bank of Tanzania in May 2010. In February 2011, the bank opened its first branch in Dar es Salaam, the commercial capital city of Tanzania, and the largest city in that East African country. Opening with a staff of eighteen, the bank planned to open more branches in Dar es Salaam and other areas of the country.[3]