Africa-Press – Liberia. Diaconia Microfinance Deposit-Taking Institution (DMDI), a leading player in Liberia’s microfinance sector, has released its audited financial statements for the year ended December 31, 2024, showcasing a remarkable turnaround and robust performance across all key financial metrics.
The results, approved by the Central Bank of Liberia (CBL), highlight the institution’s significant progress following a strategic transformation under new leadership and ownership. Since its acquisition and repositioning, DMDI has experienced substantial growth across critical performance indicators, fueled by sectoral engagements, targeted deposit mobilization, and the launch of innovative financial products tailored to underserved market segments.
Financial Highlights (FY 2024):
Net Profit: US$805,228 — a dramatic reversal from a loss of US$670,368 in 2023, attributed to aggressive loan recovery, improved asset quality, and effective cost management.
Total Assets: US$6.78 million — up 205% from US$2.2 million in 2023, driven by strategic deposit mobilization and prudent lending.
Total Deposits: US$4.60 million — a 501% surge from US$765,000 in 2023, powered by the rollout of retail banking products targeting MSMEs and the informal sector.
Interest Income: US$1.75 million — a 154% increase from 2023, reflecting strong credit growth and sound loan performance.
Loan Portfolio: US$4.58 million — a 477% rise, driven by increased financing to the SME and retail sectors.
Share Capital: US$3.51 million — strengthening the Bank’s capital base to support sustained growth and regulatory compliance.
Strategic Transformation and Business Expansion
The 2024 fiscal year marked a period of aggressive transformation and business expansion for DMDI. Under its new leadership, the Bank intensified its market penetration strategy by targeting key economic sectors such as education, health, manufacturing, and trading. It also launched tailored financial solutions aimed at deepening financial inclusion and supporting government economic initiatives.
Commenting on the performance, Mr. Olusola J. Olufunsho, Managing Director of DMDI, said:
“Our 2024 financial results reflect our unwavering commitment to operational excellence, financial inclusion, and sustainable growth. We successfully mobilized deposits, optimized asset utilization, and strengthened our financial position despite a challenging macroeconomic environment. In 2025, we will continue accelerating our retail banking strategy, enhancing customer service, and expanding our presence in key economic sectors.”
Investment in Talent and Customer Experience
To support its transformation, DMDI made significant investments in talent acquisition and workforce development. It implemented rigorous training programs and performance-based incentives to attract and retain top professionals across departments. The Bank also rolled out initiatives to improve customer experience, combining digital platforms and face-to-face engagements to deliver exceptional service.
Board Chairman’s Perspective
Mr. Ayoku Liadi, Chairman of the Board of Directors, emphasized the Bank’s strategic realignment:
“The 2024 financial results clearly reflect DMDI’s transformation under new leadership. Since the acquisition, we’ve focused on strengthening governance, investing in our people, and driving inclusive finance. Our forward strategy centers on expanding our reach in critical sectors, enhancing risk management, and delivering value to all stakeholders.”
Outlook for 2025
With signs of economic stabilization in 2025, DMDI is well-positioned to seize emerging opportunities in retail banking, SME financing, and digital solutions. The Bank plans to maintain its focus on improving asset quality, strengthening risk management systems, and leveraging strategic partnerships to deepen financial inclusion and support national development goals.
Auditor’s Opinion
The independent auditor’s report affirms that the financial statements present a true and fair view of DMDI’s financial position as of December 31, 2024, and its financial performance for the year, in accordance with IFRS Accounting Standards issued by the International Accounting Standards Board. The audit also complied with the Business Association Law (Title 5), the Financial Institutions Act of 1999, and CBL’s prudential regulations governing microfinance institutions.
“We have audited the financial statements of Diaconia MDI, which comprise the statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, and statement of cash flows for the year ended December 31, 2024, along with significant accounting policies and explanatory notes. In our opinion, the financial statements give a true and fair view of the company’s financial standing,” the report stated.
The auditors also confirmed compliance with International Standards on Auditing (ISAs) and ethical standards set by the International Ethics Standards Board for Accountants (IESBA).
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