By Alexander Juma, contributor
Select Financial Services Limited has announced a K3.82 billion profit-after-tax for the financial year ended December 31, 2024, bouncing back from a loss of K2.63 billion in 2023.
The company is a limited liability credit provider primarily serving government employees who face challenges accessing credit from traditional banking institutions or formal financial services in Malawi.
According to audited financial statements signed by board directors Daniel Dunga and Sean O’Sullivan, the remarkable recovery signifies a milestone in the company’s operational journey and highlights the effectiveness of its strategic focus on digital transformation and rural outreach.
“The company reported a 42 percent growth in its gross loan book, rising from K22.3 billion to K31.6 billion. Total income surged by 36.1 percent, increasing from K11.85 billion to K16.12 billion, driven by expanded operations and disciplined cost management. The results speak to our ability to adapt, innovate and grow even in a challenging economic environment,” the statement reads.
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Amid continued macroeconomic pressures from forex shortages, inflation and the upcoming election, Select Financial Services says they are cautiously optimistic for the year 2025.
The company further said it would remain focused on serving the under-banked and was committed to financial inclusion through technology and grassroots presence.
Select Financial Services Chief Executive Officer Akuzike Kafwamba said the firm had opened a new regional office in Zomba to serve clients better.
“The company has now established a new regional office in the Eastern Region, reinforcing our expansion strategy,” Kafwamba said.
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Operating as a licenced non-deposit taking microfinance institution under the Reserve Bank of Malawi, Selective Financial Services runs four regional offices in Lilongwe, Blantyre, Zomba and Mzuzu, supported by 31 satellites across the country.
