Select Financial Services Turns Tables, Records K3.82 Billion Profit
Select Financial Services Limited has bounced back into profitability, posting a K3.82 billion profit-after-tax for the financial year ending December 31, 2024. This marks a dramatic turnaround from the K2.63 billion loss recorded in 2023.
The company, a limited liability credit provider, primarily targets government employees who often struggle to access loans from mainstream banks and formal financial institutions in Malawi.
According to audited financial statements signed by Board Directors Daniel Dunga and Sean O’Sullivan, the strong recovery reflects a significant milestone in the company’s operations. The directors credited the rebound to the company’s strategic focus on digital transformation and rural outreach.
“The company reported a 42% increase in its gross loan book—from K22.3 billion to K31.6 billion—while total income rose by 36.1%, from K11.85 billion to K16.12 billion. This performance was 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 in part.
Despite ongoing macroeconomic challenges, including forex shortages, inflation, and uncertainty ahead of the upcoming elections, Select Financial Services remains cautiously optimistic about 2025.
The company reaffirmed its commitment to promoting financial inclusion, especially among the under-banked, through technology-driven solutions and a strong grassroots presence.
In an interview, Chief Executive Officer Akuzike Kafwamba announced the opening of a new regional office in Zomba as part of the company’s continued expansion strategy.
“We have established a new regional office in the Eastern Region this year to better serve our clients,” Kafwamba said.
Select Financial Services operates as a licensed Non-Deposit Taking Microfinance Institution (NDTI) under the Reserve Bank of Malawi. It now maintains four regional offices in Lilongwe, Blantyre, Zomba, and Mzuzu, supported by 31 satellite offices nationwide.
