Key figures

The Board continues to closely monitor the impact of the ongoing conflict in the Middle East and any potential impact on inflation, local currencies and growth in ASA International’s operating countries.

Notwithstanding these external factors, overall, the Board believes the fundamentals of the business are strong with the Group being more resilient than was the case previously. The Group delivered growing levels of profitability in January and February of this year and demand for loans from clients is expected to remain resilient. Alongside this, there is continued focus on driving improvements in productivity across the organisation. Ongoing initiatives to enhance efficiency within the network are expected to support a further reduction in the cost-income ratio over time. The Board is also encouraged by the opportunities afforded by ASA International’s digital transformation strategy and from the product innovation under way.

Rob Keijsers, ASA International CEO, said:

“2025 was an outstanding year for ASA International with the delivery of both strong operational growth and significantly increased levels of profitability. Profitability almost doubled compared to 2024 and Gross OLP has increased by 33% versus the prior year. It is encouraging to see that the refined strategy we adopted at the start of the year, alongside strengthened leadership layers and an expanded product suite, is already starting to pay off. These results are also a reflection of the strength and commitment of our teams across our various operating markets and the continued trust of our 2.8m clients. This strong all-round performance has meant that we can continue to provide capital returns to our shareholders.

“It was particularly pleasing to see the substantial progress made in the implementation of our digital transformation programme. The successful digital transformation in Ghana marked a major milestone, offering a more compelling and seamless offering to our clients and setting the stage for broader resilience, efficiency and innovation across the Group. The considerable experience and learnings gained during the migrations in Pakistan and Ghana were deployed in the most recent country migration in Tanzania. Crucially, the organisation has now successfully deployed the new core banking system and digital financial services platform in both a MFB and MFI setting, combining human-led technology with a scalable infrastructure designed to future-proof the business.

“Important steps were taken in 2025 with respect to product innovation. In the first half of the year there was the launch of an innovative and groundbreaking partnership to offer microinsurance to our clients across Africa with the product now launched in Uganda, Kenya and Nigeria with plans to expand across all of ASA International’s African markets. We continue to expect that this product will bolster client retention and generate additional non-interest income. In addition, we have developed a micro-SME proposition which seeks to bridge the gap between classic microfinance and the point where traditional banking begins. The pilot in Uganda is already underway with key learnings to be applied to the launch in additional markets.

“Leadership was once again a major theme of 2025 as we furthered the efforts undertaken in 2024 to strengthen our leadership layers. Both the Executive Committee at the Group-level and local leadership in several operating countries have been further reinforced. We welcomed Geert Embrechts to ASA International, who joined as Chief Financial Officer on 1 February 2026.

“As 2026 progresses, our priorities remain firmly centred on continued sustainable growth, transforming the business through our digital agenda, creating further resilience across the organisation and driving operational excellence. At the heart of all of this remains our mission of increasing financial inclusion for underserved female entrepreneurs.”