LASF to roll out new remittance partners – Mayberry Investments Limited

Market News

September 29, 2021

LASF to roll out new remittance partners

September 29, 2021

Mrs. Jacinth Hall-Tracey, the Managing Director of Lasco Financial Services Limited, gave a brief overview of the company’s financial performance. Lasco Financial Services Limited’s (LASF) total revenues decreased 9% from $2.51 billion to $2.29 billion for the financial year ended March 2021. Net profits for the said period increased to $156.75 million to reverse the loss of $56.92 million in 2020. Revenue for the first quarter rose by 10% to $591.02 million (2020: $538.96 million), resulting in a net profit of $74.98 million, relative to a net loss of $105.76 million booked the prior period.

Mrs. Jacinth Hall-Tracey, gave a report of 2020/2021 highlights, as follows:

LASF was granted Sandbox Pilot for new fintech products;

- Approved for LASCO Biz Ecommerce platform
- Approved for VISA prepaid card

LASF won the Best Practice Award (2019)

- Website (Junior Market)
- PSOJ/ JSE Corporate Governance (Junior Market)- 1^st Runner Up
- Corporate Disclosure and Investor Relations (Junior Market)- 2^nd Runner Up

LASF refinanced corporate bond with a loan from JMMB

Managements outlook for the 2^nd quarter of 2021/22 and beyond are:

Many of the previous year’s remittance transactions were possible due to government stimulus programmes in the United States which is expected to slow down
The ongoing reduction of business transactions due to lock downs will impact revenue growth
Increased transactions from new business for merchant ecommerce
Reduction in interest payments due to refinancing of corporate bond
Launch of VISA prepaid card

Furthermore, the LASF Group plans to focus on the following for the 2021-2022 financial year:

Launch, nurture and grew products:

1. Roll out of all new remittance partners
2. Monetize all investments in new products

Complete Digital Transformation

1. Complete all projects to enable company to maximize on efficiencies.

Cost control and liquidity management

1. Continued improvement of efficiencies to ensure cost control

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