Table of Contents
Key Points
- NICO Holdings’ stock surge has boosted Vizenge Kumwenda’s 4.82% stake past $23 million, reflecting investor confidence in the Malawian financial group.
- The Malawi Stock Exchange-listed firm’s share price has surged, lifting its market capitalization to $168 million and delivering strong investor returns.
- Besides NICO Holdings, Kumwenda holds a $1 million stake in NBS Bank, cementing his role in Malawi’s banking and insurance sectors.
Malawian insurance magnate Vizenge Kumwenda has seen the value of his stake in NICO Holdings Plc climb by $10.87 million since the start of the year, pushing his total holdings in the Blantyre-based financial services group past $23 million.
Kumwenda’s growing wealth
As the Managing Director of NICO Holdings, Kumwenda has played a key role in shaping Malawi’s financial services sector. His 4.82-percent stake—equivalent to 50,305,142 shares—has gained MWK18.61 billion ($10.87 million) since January, benefiting from a surge in NICO’s stock on the Malawi Stock Exchange (MSE).
This follows a $7.66 million increase in 2024, when the value of his stake grew from MWK7.57 billion ($4.49 million) to MWK21.08 billion ($12.15 million). The steady gains reflect growing investor confidence in NICO Holdings, which saw its share price more than triple last year.
NICO Holdings’ market surge
Founded in 1971 as National Insurance Company Limited, NICO Holdings has grown into a leading financial services group with operations in Malawi and Zambia and investments in Mozambique and Uganda. It provides insurance, banking, asset management, and IT solutions, cementing its role as a key player in the region’s financial sector.
So far in 2025, NICO’s stock—one of the most valuable on the Malawi Stock Exchange—has surged 88.3 percent, rising from MWK419.02 ($0.24) on Jan. 1 to MWK789 ($0.46). This rally has pushed the company’s market capitalization toward $168 million, delivering strong returns for investors.
Kumwenda’s stake nearly doubles in value
The stock surge has nearly doubled the value of Kumwenda’s stake. His holdings have increased by MWK18.61 billion ($10.87 million) since the start of the year, rising from MWK21.08 billion ($12.31 million) to MWK39.69 billion ($23.17 million).
Beyond his investment in NICO Holdings, Kumwenda also owns a 0.17-percent stake in NBS Bank, valued at MWK1.73 billion ($1 million), reinforcing his influence in Malawi’s banking and insurance industries.
