Malawian banking magnate Thom Mpinganjira has made history by becoming the country’s first billionaire in US-dollar terms, following a meteoric surge in FDH Bank’s share price that has propelled the value of his indirect stake to $1.12 billion.
According to market data tracked by Billionaires.Africa, Mpinganjira’s stake, held through his investment firm M Development has risen by K1.52 trillion ($877.7 million) since the start of the year, climbing from K416.6 billion ($240.5 million) on January 1 to K1.94 trillion at the time of reporting.
The rally comes as FDH Bank shares on the Malawi Stock Exchange have surged 365 percent in 2025, jumping from K148.23 ($0.085) in January to K689.28 ($0.397) per share. This dramatic rise has lifted the bank’s market capitalisation to K3.44 trillion ($2 billion), placing it among the top three most valuable companies in Malawi and ahead of long-time rival financier Hitesh Anadkat.
Mpinganjira’s ownership structure gives him indirect control of more than 2.81 billion shares, equivalent to a 40.73 percent stake in the bank. FDH Bank’s stellar performance in 2024 underpins the surge, with customer deposits nearly doubling to K883 billion, gross earnings climbing 90 percent to K195 billion and profit after tax soaring 108 percent to K74 billion.
Shareholders were rewarded with dividends worth K35.1 billion ($20.25 million), reinforcing the bank’s reputation for delivering strong returns. Total assets now stand at K1.24 trillion ($715.6 million), while retained earnings have grown to K66.3 billion ($38.27 million).
Founded in April 2002, under FDH Financial Holdings, FDH Bank has grown into one of Malawi’s leading financial services groups, with interests spanning banking, discount house operations, investment management, and advisory services.
Beyond FDH, Mpinganjira also owns Ekhaya Foods and Farms and, in a recent strategic expansion, acquired a commercial bank in Mozambique, further cementing his influence in the Southern African financial sector.
For the man, who spent over two decades building FDH from the ground up, the billionaire milestone is not just a financial windfall but the crowning achievement of a career defined by vision, grit, and relentless ambition, cementing his place as one of Malawi’s most influential business figures.
