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Kenyan businessman Rasik Kantaria has added nearly $900 million to his fortune this year as shares of FMB Capital Holdings PLC rose sharply on the Malawi Stock Exchange. Kantaria, co-founder of the Mauritius-based banking group, is one of the largest individual beneficiaries of the rally, marking one of the most notable single-year gains in Southern Africa’s banking sector.
According to data tracked by Billionaires.Africa, Kantaria’s stake in FMB Capital has soared by nearly $900 million this year—MWK1.48 trillion ($857 million)—thus propelling the market value of his shares to MWK1.78 trillion ($1.02 billion) at the time of writing. The increase comes as the lender posts solid financial results amid challenging regional market conditions.
Rasik Kantaria’s stake tops $1 billion
FMB Capital traces its roots to Blantyre more than 30 years ago, when it began as a small local lender. Over the years, the group expanded into Mozambique, Zimbabwe, Zambia, and Botswana, steadily growing its presence across Southern Africa. The bank’s rise shows the potential for regional lenders to deliver significant returns for investors who support them early
The stock is one of the best performers on the Malawi Stock Exchange. Its share price climbed from MWK555 ($0.32) at the start of the year to MWK3,382.82 ($1.95), lifting its market cap to MWK8.31 trillion ($4.8 billion). Kantaria holds 525 million shares, equal to a 21.36 percent stake. The increase in share price boosted his stake from MWK291.38 billion ($168.11 million) to MWK1.78 trillion ($1.02 billion), reflecting the bank’s growth and investors’ confidence.
FMB Capital shares climb 500 percent
FMB Capital shares have risen more than 500 percent this year. A $100,000 investment at the start of 2025 would now be worth roughly $609,520. The surge has made Kantaria Kenya’s first dollar billionaire, thus highlighting how consistent strategy and disciplined expansion can transform a small venture into a major financial success. The rally also underscores the growing influence of cross-border banks in shaping opportunities across East and Southern Africa.
