Description of Activities

Description: The Commission resolved to approve without conditions the acquisition by The Trustees for the time being of the IJG Securities Money Market Trust of the preference shares in the issued share capital in Letshego Bank Namibia (Limited) from Letshego Africa Holdings Limited.

Acquiring group: The primary acquiring undertaking is The Trustees for the time being of the IJG Securities Money Market Trust, a Trust registered in accordance with the relevant laws of Namibia with reference number T366/07, and its object is to acquire and hold assets for the benefit of its beneficiaries, who are clients of the subsidiaries of the IJG Holdings (Proprietary) Limited, and which assets would include securities such as unit trusts, treasury bills, bonds, share market investment products, and equity securities such as the preferential shares.

Target undertaking: The primary target undertaking is Letshego Bank Namibia, a public company registered in accordance with the relevant laws of Namibia, with its business activities in providing consumer and micro-lending services

Relevant market: Defined the relevant product market as the market for the provision of banking services in Namibia. 

Merger Determination

The Commission found the proposed transaction unlikely to result in the prevention or substantial lessening of competition or result in any undertaking to acquire or strengthen a dominant position in the market and did not raise any public interest concerns. 

Furthermore, as per section 50 of the Act, these approvals do not relieve parties from complying with any other mandatory statutory approvals that any of the parties to the merger must comply with under Namibian laws.

Merger Determination No.1 of 2026__