September 11, 2019

Shareholders were greeted by the Chairman of AFS, Mr. Rex James, who formally introduced the company’s board of directors before handing the proceedings over to Chief Executive Officer (CEO), Mr. Marcus James.

Prior to Mr. Marcus James making his presentation, the CEO thanked shareholders for attending the meeting and placing their confidence within himself and his management team. The CEO stated that, “we have set our sights on being a best in class microfinancing institution with the goal of offering customers empowering financial solutions, providing our key members with an inspiring environment and our shareholders with a competitive return on investment.

Mr. James noted that himself and the management team have positioned the Company for future growth to the execution of strategic acquisition. As such, in December 2018, AFS completed the purchase of Embassy Loans Inc., a north American loan company. Located in Copper City Florida, the company operates through its online presence on a network of independent agents. The CEO also indicated that the Embassy Loans will serve as a spring board for further expansion into the lucrative North American market.

Access Financial Services Limited produced net interest income of $1.27 billion for the year ended March 31, 2019  compared to $1.21 billion booked for the corresponding period in 2018. As at March 31, 2019, since the acquisition, Embassy Loans has contributed $212.88 million to the Group’s revenue and a post-acquisition profit of $61.66 million. According to the CEO, “locally, the 2019 financial year was characterized by increased competitive pressures from both regulatory financial institutions and microfinance companies. Even external factors necessitated that access reduced its net interest margin to maintain market share and record portfolio growth. Accordingly, during the year interest rates on our loan products were reduced.” Despite  the reduction AFS was able to record a 9% growth in the Company’s loan book which moved from $2.93 billion in 2018 to $3.21 billion for 2019. The reduction in interest rates however, caused an 8% decline in interest income from loans as indicated by Mr. James. Net profit for the Company’s year ended March 31, 2019 amounted to $516.77 million compared to $801.95 million for 2018

Going forward the Group’s primary focus will be:

• Market share retention
• Improve EPS growth
• Innovative marketing
• Operational and technological innovations to provide the tools for improved efficiency.

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