ASA International Q3 2025: growth holds up, FX drags, and Ghana goes digital
ASA International Group plc has delivered another solid quarter. The headline numbers are clear: more clients, a bigger loan book, and stable credit quality. There is also a meaningful digital milestone in Ghana that should lift operational efficiency over time. The only notable drag was currency translation in Ghana, which masked underlying growth there.
All figures are unaudited and reported to 30 September 2025.
Key numbers at a glance
| Metric (Group) | Q3 2025 | QoQ change | YoY change |
|---|---|---|---|
| Clients | 2.683 million | +4% | +10% |
| Gross Outstanding Loan Portfolio (OLP) | USD 555.3 million | +3% (USD), +6% (constant currency) | +32% (USD), +25% (constant currency) |
| PAR>30 (portfolio at risk over 30 days) | 2.0% | Flat vs Q2 2025 | Improved vs 2.4% in Sep 2024 |
| Branches | 2,226 | -0.3% | +4% |
Loan book growth: Pakistan, Tanzania, Uganda, Myanmar and Nigeria drive the gains
The Gross OLP rose to USD 555.3 million, up 3% on Q2 and 32% year-on-year. Growth was broad-based, led by:
- Pakistan: USD 104.6 million (+11% QoQ), with clients up 3% to 696k and robust credit quality (PAR>30 at 0.5%).
- Tanzania: USD 94.7 million (+10% QoQ), clients up 3% to 311k; PAR>30 edged up to 2.0% from 1.6% but remains low.
- Uganda: USD 30.3 million (+22% QoQ), clients up 8% to 193k; excellent quality at 0.2% PAR>30.
- Myanmar: USD 34.3 million (+9% QoQ), clients up 3%; PAR>30 increased to 0.8% but still conservative.
- Nigeria: USD 17.2 million (+15% QoQ), clients up 8% to 170k; PAR>30 improved to 2.5% from 2.7%.
Ghana is the outlier in reported USD terms, with OLP down 15% quarter-on-quarter to USD 110.5 million due to Cedi depreciation. On a constant currency basis, Ghana actually grew +2% in Q3, underscoring a strong underlying business that is being masked by FX. Credit quality in Ghana remains outstanding at 0.3% PAR>30.
Portfolio quality: stable at Group level, with bright spots and a few watches
Group PAR>30 stayed at 2.0% (including off-book loans and excluding loans overdue >365 days). That is a steady performance considering the pace of loan growth. The RNS points to better portfolio quality in Nigeria and Sierra Leone offsetting slight softening in Tanzania, the Philippines, Myanmar and Rwanda.
Where credit quality looks strongest
- Ghana: 0.3% PAR>30
- Kenya: 0.3% PAR>30
- Uganda: 0.2% PAR>30
- Pakistan: 0.5% PAR>30
Areas to keep an eye on
- Philippines: PAR>30 rose to 6.8% (OLP dipped 2% QoQ to USD 63.9 million despite 4% client growth).
- Rwanda: PAR>30 increased to 6.4% (OLP up 5%).
- Sierra Leone: PAR>30 improved to 7.0% from 9.5%, heading the right way but still elevated.
- India (total): PAR>30 at 5.8% while the deliberate shrinkage continued (OLP -7% QoQ to USD 28.6 million; clients -7% QoQ).
Overall, holding Group PAR flat at 2.0% while scaling the loan book and adding over 100k clients in the quarter is a positive sign of underwriting discipline.
Clients and branches: scale up continues, with selective network changes
The client base increased to 2.683 million, up 4% on Q2 and 10% year-on-year. Growth was particularly strong in Pakistan, Kenya, Uganda, Ghana, the Philippines and Nigeria. India remains in managed decline, which naturally offsets some of the momentum elsewhere.
The branch network dipped slightly to 2,226 (-0.3% QoQ), but is still up 4% versus last year. That can reflect ongoing optimisation – doing more with digital tools and field productivity. One standout expansion was Zambia, where branches jumped from 41 to 56 in the quarter.
Ghana’s Temenos (T24) go-live: 35% of clients now on the new platform
ASA International successfully migrated Ghana to Temenos Transact (T24) over 11-12 October. Importantly, Ghana is also the first market to get the new digital apps for clients and loan officers; the officer app is live now, with the client app rolling out in the coming months. The company notes an “intense aftercare programme” is underway to bed in stability post-migration.
Why it matters: moving 35% of the Group’s client base onto a modern core with native apps is a big step. In plain terms, it should mean faster onboarding, cleaner data, better collections, and the foundation for more digital services. The near-term watch-out is execution risk during aftercare. Next stop: Tanzania’s migration.
India deconsolidation: timeline pushed to 2026
Discussions with the Reserve Bank of India on surrendering ASA India’s NBFC-MFI licence are ongoing. The Board now expects completion of the ASA India sale in 2026. That means the India clean-up takes longer than previously hoped, extending the period of lower scale and higher PAR in that market. The upside is eventual simplification of the Group and clearer focus on the faster-growing, higher-quality regions.
Regional roundup: where momentum is strongest
- East Africa: OLP up 13% QoQ to USD 181.6 million; clients up 5% to 858k; PAR ticked to 1.4% from 1.3% but remains low.
- West Africa: OLP down 11% QoQ in USD to USD 135.7 million due to Ghana FX, but up 3% on a constant currency basis; PAR at 1.0%.
- South Asia: OLP up 7% QoQ to USD 139.8 million; PAR improved to 1.7% from 1.9% as Sri Lanka strengthened and Pakistan remained solid.
- Southeast Asia: OLP up 2% QoQ to USD 98.2 million; PAR rose to 4.7%, driven by the Philippines.
My take: steady execution with two swing factors
On balance, this is a good update. The loan book expanded, client growth accelerated, and Group PAR held at 2.0%. Ghana’s FX hit is purely translational – constant currency growth and very low PAR say the franchise is in good shape. The digital rollout is a genuine catalyst for resilience and efficiency if the aftercare phase remains smooth.
Two swing factors stand out. First, the Philippines and Rwanda need attention on portfolio quality; nothing alarming yet, but trends matter. Second, the India deconsolidation slipping to 2026 keeps a small cloud over the Group timeline to full simplification. Neither point derails the investment case, but both are worth monitoring.
What to watch next
- Further constant currency growth in Ghana and a stabilising USD translation as FX volatility eases.
- Credit metrics in the Philippines, Rwanda and Tanzania through Q4 – can PAR>30 nudge lower?
- Digital rollout in Tanzania and early productivity or collection gains from the Ghana platform and apps.
- Progress updates on the ASA India licence surrender and sale process.
Bottom line
ASA International is growing sensibly and digitising at pace, with credit quality under control. If the company keeps executing on the tech migrations and navigates the India exit as planned, the mix shift towards high-growth, low-PAR markets could keep delivering attractive, steady compounding.
