Malawian banker Thom Mpinganjira’s FDH Bank shares reach $1.12 billion, making him the country’s first billionaire and richest citizen.
Key Points
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- Thom Mpinganjira’s FDH Bank stake surges to $1.12 billion, making him Malawi’s first billionaire and richest citizen.
- FDH Bank shares rise 365% in 2024, lifting its market value to $2 billion and driving Mpinganjira’s wealth gains.
- FDH Bank expands regionally with planned acquisition of nearly all Ecobank Mozambique from Ecobank Transnational Incorporated.
Malawian banker and entrepreneur Thom Mpinganjira has become the first Malawian billionaire, and the first citizen to own assets exceeding $1 billion in value.
The milestone cements Mpinganjira’s position not only as the country’s richest man but also as a towering figure in African banking, overtaking Indian-Malawian financier Hitesh Anadkat, who earlier this year saw his own net worth approach the billion-dollar mark.
FDH Bank shares jump, Mpinganjira hits $1.1 billion
Mpinganjira’s rise to billionaire status stems from the sharp rise in his indirect stake in Blantyre-based FDH Bank Plc. His investment firm, M Development, holds 55 percent of FDH Financial Holdings, the parent company of FDH Bank.
FDH Financial Holdings itself owns 74.05 percent of the bank, giving Mpinganjira indirect control of more than 2.81 billion shares — about 40.73 percent of the company. Based on the latest valuation, that stake is worth MWK 1.94 trillion ($1.12 billion), up from MWK 416.6 billion ($240.5 million) at the start of the year.
This $878.9 million jump in value reflects the surge in FDH Bank’s stock price on the Malawi Stock Exchange. The shares have risen 365 percent this year, from MWK 148.23 ($0.085) in January to MWK 689.99 ($0.398), lifting the bank’s market capitalization to MWK 4.76 trillion ($2 billion) and making it the most valuable publicly traded company in the country.
FDH Bank expands with Mozambique deal
The gains have been fueled by strong results and bold expansion moves. In a major step toward growing its regional footprint, FDH Bank recently agreed to acquire nearly all of Ecobank Mozambique S.A. from the pan-African banking group Ecobank Transnational Incorporated.
Ecobank Mozambique, licensed by the Central Bank of Mozambique, runs four branches in key cities and has operated in the country since 2000, originally as Novo Banco SARL before rebranding in 2014. The deal, once completed, is set to widen FDH Bank’s reach and influence in Southern Africa’s competitive financial market.
Total assets rise to $715.6 million
The bank’s financial performance in 2024 was impressive. Customer deposits nearly doubled, rising 99 percent to MWK883 billion ($508.5 million), while gross earnings climbed 90 percent to MWK195 billion ($112.2 million). Profit after tax more than doubled to MWK74 billion ($42.6 million), an increase of 108 percent.
Shareholders received MWK35.1 billion ($20.25 million) in dividends, underscoring the bank’s ability to deliver meaningful returns. Total assets grew to MWK1.24 trillion ($715.6 million), with retained earnings reaching MWK66.3 billion ($38.27 million).
Breaking barriers in Malawi’s boardrooms
For Mpinganjira, this moment is about more than personal wealth. In a country where billion-dollar fortunes are almost unheard of, his rise is a marker of what determined leadership, careful risk-taking, and well-timed market decisions can achieve.
By surpassing Anadkat and steering FDH Bank into a period of record profitability and expansion, he has set a new benchmark for success in Malawi — and put the country more firmly on Africa’s business map.
