Table of Contents
Key Points
- Under Mkulichi, FDH Bank’s valuation surged from under $70 million to $1.25 billion by 2025, making it Malawi’s third most valuable lender.
- Mkulichi has championed SME financing, women’s entrepreneurship, and fintech solutions, making the bank a leader in Malawi’s digital financial transformation.
- Under Mkulichi, FDH Bank’s profit surged 34% annually, while dividend payouts doubled to $16.19 million in 2024, rewarding investors significantly.
Malawi’s fast-evolving banking sector has seen its fair share of shifts, but few leaders have made an impact as lasting as Noel Mkulichi. As Managing Director of FDH Bank, he hasn’t just led the lender to record-breaking financial success—he’s redefined how banking works in the country.
Since taking over in January 2022, Mkulichi has driven FDH Bank’s valuation from under $70 million to $1.25 billion by early 2025. But his leadership isn’t just about numbers. He has championed digital transformation, financial inclusion, and sustainable growth, reshaping the industry in ways that go beyond balance sheets.
For Mkulichi, banking isn’t just about making profits—it’s about making banking accessible. Under his leadership, FDH Bank has expanded its reach, ensuring that financial services are not a privilege but a right for millions of Malawians. He has modernized banking infrastructure, introduced innovative solutions, and built a culture of excellence, turning FDH Bank into a major player in Malawi and beyond.
As the bank continues to grow, Mkulichi’s influence stretches far beyond boardrooms. He is redefining finance in Malawi, setting new industry benchmarks, and proving that visionary leadership can transform a local bank into a continental force.
From pioneering digital finance initiatives to securing landmark deals, his career has been shaped by resilience, ambition, and a commitment to lasting change. Here are seven defining moments that have built his legacy:
1. Shaping Malawi’s banking sector at the Reserve Bank
Before taking the helm at FDH Bank, Noel Mkulichi played a crucial role in shaping Malawi’s financial sector as the Director of Bank Supervision at the Reserve Bank of Malawi. With nearly 30 years of expertise in financial regulation, risk management, treasury operations, and strategic planning, Mkulichi was instrumental in developing regulatory frameworks to strengthen banking stability and safeguard investor confidence.
2. Leading FDH Bank to billion-dollar valuation
Since assuming the role of Managing Director at FDH Bank on January 1, 2022, Mkulichi has transformed the institution into a financial powerhouse. Under his leadership, FDH Bank reached a historic milestone in 2025, surpassing a $1.25 billion market capitalization (MWK 2.17 trillion)—securing its place as the third most valuable bank on the Malawi Stock Exchange. His strategic vision and market foresight have been key to this meteoric rise.
3. Driving profitability amid economic challenges
Despite inflation, foreign exchange shortages, and credit risks, Mkulichi has steered FDH Bank to record-breaking profitability. Over three years, profit after tax surged from MWK 11.66 billion ($6.72 million) in 2021 to MWK 35.65 billion ($20.58 million) by December 2023, reflecting a remarkable 34 percent annual growth rate. In H1 2024, total income skyrocketed 168.95 percent to MWK 77.26 billion ($44.54 million).
4. Championing financial inclusion for SMEs and women entrepreneurs
Mkulichi has made financial inclusion a core part of FDH Bank’s strategy. A key milestone and moment came on Jan. 17, 2023, when FDH Bank partnered with the Market Women Activities Initiative (MWAI)—led by former Malawian President Joyce Banda—to provide soft loans to women entrepreneurs. This initiative has empowered small businesses, making FDH Bank a key player in Malawi’s SME sector growth.
5. Record-breaking dividends for investors
Under Mkulichi’s leadership, FDH Bank has emerged as a top performer in shareholder returns. In 2024, the bank doubled its dividend payouts to MWK 28.09 billion ($16.19 million)—a significant jump from MWK 13.1 billion in 2022. A standout moment was the MWK 5.1 billion ($2.94 million) interim dividend payout in Jul. 2022, one of the highest since its listing on Aug. 3, 2020. This milestone solidified FDH Bank’s reputation as a premier investment choice.
6. Spearheading digital banking and fintech expansion
Mkulichi has positioned FDH Bank at the forefront of digital banking innovation. By investing in fintech solutions, he has modernized banking services, enhancing customer engagement and accessibility. These efforts have expanded financial services to underserved communities, reinforcing FDH Bank’s role as a leader in Malawi’s digital financial transformation.
7. Expanding FDH Bank’s asset base & commitment to social impact
Under Mkulichi, FDH Bank’s assets surged by 141.68 percent, from MWK 305.9 billion ($176.54 million) to MWK 817.19 billion ($471.18 million) by mid-2024. Beyond financial growth, his leadership has fostered corporate social responsibility (CSR) initiatives, including a MWK3 million ($1,731) security upgrade for Blantyre Police Station, the construction of nine houses in Chiradzulu for Cyclone Freddy victims, and a MWK1 billion ($576,973) commitment to Malawian football over four years. Through strategic investments, financial inclusion, and community-driven initiatives, Mkulichi continues to shape Malawi’s banking industry while making a lasting impact on economic development.
