BY MBONO MDLULI
MBABANE – First Finance Company has reached a remarkable portfolio size of just above E1 billion.
This achievement represents a significant milestone for the company and underscores its commitment to delivering exceptional financial solutions to its wide clientele.
This is contained in the FINCORP 2023 Annual Report. First Finance is a wholly owned subsidiary of FINCORP. First Finance gross loan portfolio closed at E1.005 billion spread over its three branches namely Mbabane, Manzini and Nhlangano.
The top five loan uses for First Finance general-purpose loans are rural home improvement, educational expenses, loan consolidation, used vehicle acquisition or repairs, medical emergencies and business start-ups. This diverse loan offering cater for the varied needs of individuals and businesses, ensuring that First Finance remains a trusted partner in their growth journeys.
In the report, First Finance General Manager Thulani Dlamini disclosed that the company has achieved decent financial sustainability by recording a profit after tax of E15.4 million. “This performance was attained despite the prevailing difficult operating environment largely attributed to the adverse impact of the COVID-19 pandemic and the hostile economic conditions,” he said. Other challenges faced by the company included acute liquidity levels versus level of demand and the escalating cost of funds. “Looking ahead, we remain optimistic about future prospects and expect to maintain strong financial results,” said Dlamini.
During the year under review, First Finance implemented its new strategic plan aimed at improving the loan portfolio quality; digital transformation which will primarily allow the company to be accessed promptly and easier; product diversification and accessibility to ensure that the company has enough products to satisfy the needs of its clients; and effective human capital management. “The 2022-2027 strategic plan is in the 2nd year of its implementation stage and the organization is hopeful that all the focus areas will be achieved. One of the key focus areas is product offering review to stimulate portfolio growth,” said Dlamini.
First Finance Company’s exceptional growth and commitment to delivering outstanding financial solutions position it as a leader in the industry. With a strong foundation and an optimistic outlook, First Finance is poised to continue its upward trajectory, maintaining its reputation as a trusted partner for the target clientele seeking reliable financial solutions.
