Malawian businessman Thom Mpinganjira’s FDH Bank stake slips to $890 million, from over $1 billion

After a strong 2025 year that saw his stake in FDH Bank Plc surpass $1 billion, Malawian businessman, banker and entrepreneur Thom Mpinganjira has experienced a sharp reversal. In 2026, the market value of his holdings in the lender fell by more than $80 million to just $890 million.

The sharp decline weakens his standing as Malawi’s first billionaire, who holds fortunes exceeding $1 billion, as the bank’s stock continues to fall on the local exchange in 2026.

Malawi’s first billionaire loses status as stake dip

Mpinganjira, a central figure in Malawi’s financial sector, through M. Development, his investment firm, owns 55% of FDH Financial Holdings, the parent company of FDH Bank. FDH Financial Holdings, in turn, holds 74.05% of the bank, giving Mpinganjira indirect control of more than 2.81 billion shares, equal to a 40.73% stake.

Market data tracked by Shore Africa shows the value of his holding slipped by MWK140.83 billion ($80.06 million) following a 8.36% fall in FDH Bank’s share price on the Malawi Stock Exchange.

The reversal comes after Mpinganjira added nearly $500 million to his wealth during the 2025 share rally, which lifted his fortune above the $1 billion mark. However, the market value of his stake at the start of 2026 dropped below the $1 billion mark.

FDH Bank’s market performance

FDH Bank, a leading financial services provider founded by Mpinganjira, is one of the country’s leading lenders. As of 2020, it boasted a network of 53 branches and 91 automated teller machines strategically positioned across all 27 districts of the country.

In over 140 days of 2026, the bank’s stock has taken a hit. Since the start of the year, FDH shares have declined by 8.36% in local currency and 8.25% in U.S. dollar equivalent, sliding from MWK599.92 ($0.34) to MWK549.78 ($0.31). The decline has pushed the bank’s market capitalization to MWK3.79 trillion ($2.19 billion).

As a result, Mpinganjira’s stake has declined from MWK1.69 trillion ($971.01 million) on January 1 to MWK1.54 trillion ($890.94 million), wiping out MWK140.83 billion ($80.06 million).

Still a market standout in 2025

Despite the recent selloff that highlights the swings common in fast-rising African financial stocks, FDH Bank has remained one of the strongest performers on the Malawi Stock Exchange this year. 

In the 2025 fiscal year, FDH Bank recorded a profit after tax of  MWK74.06 billion ($42.73 million), emerging as the 6th most profitable firm and a strong contender in Malawi’s banking sector. Its profitability is supported by retail banking growth, SME financing, and digital transformation. The bank’s focus on financial inclusion and customer-centric products has expanded its market share, while efficient operations continue to boost margins.