Malawi’s Banking Boom: A New Force in Southern Africa’s Corporate Landscape
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Malawi has emerged as a regional economic surprise in this year’s rankings of Southern Africa’s top listed companies (excluding South Africa), showcasing a dynamic leap in market capitalisation and corporate performance. Out of the 20 biggest listed companies in the region, seven are Malawian — a significant increase that reflects the country's rapidly maturing financial sector. This progress is further highlighted by the dramatic ascent of four Malawian banks, which moved from rankings 10–14 in 2024 to 4–8 in 2025, marking a bold repositioning in the regional business hierarchy.
FMB Capital Holdings leads this transformation, surging from 13th to 4th place with its market value rising sharply from $539 million to an impressive $1.963 billion. The bank now outpaces the National Bank of Malawi (NBM), which also posted strong growth with a market value climbing from $646 million to $1.669 billion. NBM recorded a 42% growth in lending, 30% rise in deposits, and 19% increase in post-tax profits. Its strategic $100 million trade finance agreement with Afreximbank — the largest ever for Malawi — further boosts its cross-border ambitions. While a Tanzanian subsidiary, Akiba Commercial Bank, reported losses, this did little to dampen NBM’s strong domestic performance.
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Another breakout performer is FDH Bank, which was not ranked among Southern Africa’s top 20 last year but soared from 243rd to 98th in Africa’s Top 250. Its market capitalisation jumped from $259 million to $1.254 billion, thanks to impressive profit growth of 55% and a strong push into digital services and staff capacity building. FDH also secured a $15 million amortising loan from Afreximbank to expand support to local traders and manufacturers.
These gains position Malawi as a rising hub for banking excellence and investment potential in the region. To sustain this momentum, consistent innovation and regional integration will be critical, especially as competition in the Southern African market intensifies. Meanwhile, Namibia’s B2Gold Corporation retained its position as the region’s largest company, driven by global gold price increases, while Mauritius's IBL Ltd marked a notable entry into the top tier with a $514 million valuation — surpassing last year’s lowest entry, Zambia National Commercial Bank, at $369 million.
The rise of Malawi’s banks signals a robust opportunity for investment and partnerships in the country's financial services industry. The sector's rapid digital transformation, expanding customer base, and integration into continental trade frameworks such as Afreximbank's financing schemes create favourable conditions for fintech startups, regional investors, and development finance institutions. Furthermore, as Malawian banks scale their operations regionally, there are growing prospects in cross-border financial services, SME lending, green finance, and mobile banking innovation, making Malawi a promising frontier for inclusive and scalable financial growth in Africa.
