Select Finance posts K3.82 billion profit – The Times Group

Malawi’s Economy on the Rise: Select Financial Services LimitedPosts K3.82 Billion Profit

Post was last updated: May 27, 2025

Key Business Points

  • Digital transformation is key: Select Financial Services Limited’s focus on digital transformation has contributed to its remarkable recovery, highlighting the potential for technology to drive growth in Malawi’s financial sector.
  • Rural outreach is essential: The company’s strategic focus on serving the under-banked in rural areas has led to a 42 percent growth in its gross loan book, demonstrating the importance of financial inclusion in Malawi’s economic development.
  • Adaptation is crucial: Select Financial Services Limited’s ability to adapt and innovate in a challenging economic environment has enabled the company to achieve a K3.82 billion profit-after-tax, showing that resilience is vital for business success in Malawi.

Select Financial Services Limited has announced a significant turnaround in its financial performance, bouncing back from a loss of K2.63 billion in 2023 to a profit-after-tax of K3.82 billion in 2024. The company, which provides credit services to government employees and other underserved segments, attributes its recovery to its strategic focus on digital transformation and rural outreach. The audited financial statements reveal a 42 percent growth in the company’s gross loan book, rising from K22.3 billion to K31.6 billion, and a 36.1 percent surge in total income, increasing from K11.85 billion to K16.12 billion.

The company’s CEO, Akuzike Kafwamba, has highlighted the importance of expansion and innovation, stating that the firm has opened a new regional office in Zomba to serve clients better. Operating as a licensed non-deposit taking microfinance institution under the Reserve Bank of Malawi, Select Financial Services runs four regional offices in Lilongwe, Blantyre, Zomba, and Mzuzu, supported by 31 satellites across the country.

Despite continued macroeconomic pressures from forex shortages, inflation, and the upcoming election, Select Financial Services says it is cautiously optimistic for the year 2025. The company remains committed to financial inclusion through technology and grassroots presence, recognizing the potential for financial inclusion to drive economic growth in Malawi. As the company continues to expand its services, it is likely to play a significant role in promoting Chickulumikiza (financial inclusion) and supporting the country’s economic development.

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Vanessa Banda
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