Shareholders notified micro-financier leveraging technology for greater efficiency

Durrant Pate/ Contributor

The board and management of micro-financier, Access Financial Services (AFS) is optimistic about the immediate future, in spite of the challenges of the post-Hurricane Melissa era.

Board Chairman Michael Shaw was beaming with confidence as he addressed  AFS’ 17th annual general meeting (AGM) yesterday (Thursday, September 24), assuring shareholders there is every reason to be optimistic, as the business leverages technology for greater efficiency and takes advantage of its competitive edge. 

Shaw articulated the company’s prospects over the medium and long term, as management navigates the post-Melissa challenges, pointing to the sheer breadth of the hurricane damage and the catastrophic impact on the country’s economy in general. 

He emphasised once again that management has demonstrated the kind of resilience and creativity required to thrive in tough times, saying, “For us, resilience is not some buzzword we throw around casually. It’s real people putting in real work to display real strength and ultimately real results. Melissa was no ordinary disaster. The hurricane cost the country close to $2 trillion Jamaican dollars. And in a year when the country’s economy took that kind of hit, Access Financial Services delivered just over $358 million in net profit after tax. It’s a performance that proves that we have what it takes to weather the challenges of this season.” 

 Banking on track record of service 

The chairman, who received a national award for service in the field of banking and financial services this year, enlightened shareholders that the business is exploring ways to better leverage technology to drive efficiency and improve productivity. Shaw said innovation would also be a key point of focus for the 2027 financial year as the company looks to diversify its product offerings to create differentiation in an increasingly competitive market. 

According to him, “We have something that other microfinance entities don’t have, and that is a track record of service and growth for more than 25 years. We stand on that experience and expertise. Our customers are loyal because we’ve spent time and effort building relationships. We know our customers and what they need. It’s the kind of insight that will continue to make all the difference. But even as we leverage strong relationships, we will not become complacent. Our aim is not just to meet the customers’ needs, but to exceed them. For MSMEs, there’s a reason we can claim the title of Champion of Small Business. It’s because we are fully committed to seeing to the needs of our business customers, and they know they can depend on us.” 

AFS chief executive officer, Hugh Campbell, pointed to its latest loan product, designed specifically for women businessowners, ‘HERizon’, which was one of the main factors that contributed to business loan growth. Launched in October 2025, ‘HERizon’ provides preferential rates and loan terms for women entrepreneurs. 

For Campbell, “roughly 70% of our business customers are women, and they have been telling us what they need to grow. HERizon was our response to what they were telling us, and so far, the feedback from our women business owners has been tremendously positive.” 

2025/26 financial results

The 2025/26 Audited financials show AFS ending the financial year with net loans and advances totalling $5.99 billion, which represents an overall decline of 3.4% due to a dip in personal loans. The company recorded total assets of $8.078 billion, which represents a 1% decline when compared to the previous year. 

Revenue remained relatively flat at $2.556 billion, while operating expenses increased by 13.7% to $2.012 billion. As at March 31, 2026, total shareholders’ equity was $3.61 billion, up 7.2%. The share price also appreciated by 6.3% to end the year at $17.47. 

AFS reported a combination of marginally lower revenue and a higher cost base, which lifted the Group’s cost-to-income ratio to 78.7%, up from 68.8% the previous year. Campbell said restoring operating efficiency would be a key point of focus for the 2027 financial year.

Built on the principle of financial inclusion, AFS has been a leader in Jamaica’s microfinance sector for more than 25 years. It was the first company to be listed on the Junior Market of the Jamaica Stock Exchange in 2009, holding the distinction of being the first microfinance entity to receive a licence from the Bank of Jamaica under new regulations in 2022.