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1. Corporate information
ASA International Group plc (\u2018ASA International\u2019, the \u2018Group\u2019) is a public company limited by shares bearing
registration number 11361159 in England and Wales. The entity was incorporated on 14 May 2018 for the
purpose of the initial public offer of ASA International Holding. The equity shares of ASA International
Group plc are listed on the Main Market of the London Stock Exchange within the equity shares
(commercial companies) category.
Investment strategy
ASA International is a microfinance holding company, operating through its various subsidiaries in Asia
and Africa.
Abbreviation list
Definitions
Abbreviation
A1 Nigeria Consultancy Limited
A1 Nigeria
ASA Dwaso Limited
ASA Dwaso
ASA International Group plc
ASAIG
ASA International Holding
ASAIH
ASA International Group plc Employee Benefit Trust
ASAIG plc EBT
ASA International India Microfinance Limited
ASA India
ASA International (Kenya) Limited ASA Kenya
(formerly \u2018ASA International Microfinance (Kenya) Limited\u2019)
ASA International N.V.
ASAI NV
ASA Lanka Private Limited
ASA Lanka
ASA Microfinance (Myanmar) Limited
ASA Myanmar
ASA Microfinance (Rwanda) Limited
ASA Rwanda
ASA Microfinance (Sierra Leone)
ASA Sierra Leone
ASA Microfinance (Zanzibar) Limited
ASA Zanzibar
ASA Microfinance (Tanzania) Limited
ASA Tanzania
ASA Microfinance (Uganda) Limited
ASA Uganda
ASA Microfinance Zambia Limited
ASA Zambia
ASA NGO-MFI registered in Bangladesh
ASA NGO Bangladesh
ASA Microfinance Bank (Pakistan) Limited
ASA Pakistan
ASA Savings & Loans Limited
ASA S&L
ASHA Microfinance Bank Limited
ASA Nigeria
ASAI Investments & Management B.V
ASAI I&M
ASAI Management Services Limited
AMSL
Definitions
Abbreviation
Corporate Social Responsibility
CSR
CMI International Holding
CMII
Lak Jaya Micro Finance Limited
Lak Jaya
Pagasa ng Masang Pinoy Microfinance, Inc
Pagasa
PagASA ng Pinoy Mutual Benefit Association, Inc.
MBA Philippines
Pagasa Consultancy Limited
Pagasa Consultancy
Pagasa Philippines Finance Corporation
PPFC
Pagasa Philippines Finance Corporation Pagasa Philippines
and Pagasa ng Masang Pinoy Microfinance, Inc
Pinoy Consultancy Limited
Pinoy
PT PAGASA Consultancy
PT PAGASA Consultancy
Microfinance Institution
MFI
Reserve Bank of India
RBI
State Bank of India
SBI
Standard & Poor\u2019s
S&P
Sequoia B.V.
Sequoia
Association for Social Improvement and Economic Advancement
ASIEA
C.M.I. Lanka Holding (Private) Limited
CMI Lanka
Catalyst Continuity Limited
Catalyst Continuity
Catalyst Microfinance Investment Company
CMIC
Catalyst Microfinance Investors
CMI
", "dimensions": { "concept": "asainternational:DisclosureOfCorporateInformation", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "ASA International Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "ASA International Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "a public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "Asia and Africa", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "value": "2. Material accounting policies 2.1. General The consolidated financial statements of ASA International Group plc have been prepared on a historical cost basis, except for loans that failed Solely Payments of Principal and Interest (\u2018SPPI\u2019) tests, derivative and equity instruments, which have been measured at fair value. Additionally, the financial information of subsidiaries operating in hyperinflationary economies has been adjusted to reflect their current purchasing power. The consolidated financial statements are presented in USD and all values are rounded to the nearest thousand (USD\u2019 000), except when otherwise indicated. The Group has consistently applied the following accounting policies to all periods presented in these consolidated financial statements, except for as mentioned in Section 2.3. ASA International applied hyperinflation accounting across its operations in Ghana and Sierra Leone. It continued applying hyperinflation accounting for its operation in Sierra Leone as of 31 December 2025, but ceased its application in Ghana as of 30 June 2025. For more information refer to note 2.5.8 \u2018Hyperinflation\u2019. The consolidated financial statements for the year ended 31 December 2025 were authorised for issue in accordance with a resolution of the Directors on 14 April 2026. After the issue of the financial statements the Company\u2019s owners or others do not have the power to amend the financial statements. 2.1.1. Basis of preparation The consolidated financial statements for the year ended 31 December 2025 have been prepared on a going concern basis. It should be noted that in the 2024 Annual Report and Accounts, approved on 24 April 2025, the Executive Committee and the Directors concluded that there was a material uncertainty that may cast significant doubt over the Group\u2019s ability to continue as a going concern relating to debt covenant breaches, and reputational risks leading to potential debt recalls. In performing the going concern assessment for the 2025 consolidated financial statement, the Directors have reviewed these prior concerns and considered current global economic and political challenges, while factoring the Group\u2019s improved operating and financial position and expectations for the period up to 31 May 2027 (the \u2018Assessment Period\u2019). The conclusion of this assessment reverses the previous view from the 2024 Annual Report and Accounts and reconfirms the revised view from the interim H1 2025 financial statements. The Executive Committee and the Directors conclude that there is no longer a material uncertainty that may cast significant doubt over the Group\u2019s ability to continue as a going concern. The Group has updated its detailed financial model for its budget and projections (the \u2018Projections\u2019) using the actual numbers up to December 2025 and revised its forecasts for the Assessment Period. These are based on detailed operating and financial assumptions, including cash requirements, funding plans, credit and funding risks, and prevailing economic conditions. Given the continued increase in demand for its financial products and services, which provides resources and access to capital to the financially underserved, the Group has a high degree of confidence that the additional risks posed by any challenges in any of its markets will not increase arrears materially. The Group remains well capitalised and in compliance with capital requirements in all markets, with the exception of India. In terms of liquidity, the Group has USD 79.0 million (2024: USD 50.2 million) of unrestricted cash and cash equivalents which is freely available for operational needs as of 31 December 2025, and a strong funding pipeline of USD 261.6 million (2024: USD 120.7 million) with 100% having agreed terms and which can be accessed in the short to medium term. This reaffirms the confidence lenders have in the strength of the Group\u2019s business model and forward guidance. Additionally, given the improved operating and financial performance in 2025, the Group is confident it will continue to internally generate positive cash flows which will contribute to fully fund the projected loan portfolio growth and other working capital needs throughout the Assessment Period. The Group does not expect a significant increase in credit loss expenses with collections in the high 95% range and the proportion of loans with overdue payments greater than 30 days (\u2018PAR>30 days\u2019) improved to 1.7% as of December 2025. Although PAR>30 days remains relatively high in Sierra Leone, Rwanda and the Philippines, senior management expects improvement in 2026 through targeted collection strategies. ASA India\u2019s ability to operate a sustainable business remained a concern, while Management made progress with its Board\u2011approved mandate to divest ASA India. ASA India has since submitted a formal request to the Reserve Bank of India to withdraw its NBFI licence, and the process is currently in advanced stages. The Group also acquired a significant portion of ASA India\u2019s debt to support ASA India in its effort to achieve a full and final settlement in respect of its outstanding debt obligations towards its creditors. Senior management expects that the proposed process to divest ASA India will improve the Group\u2019s sustainability as the entity\u2019s IFRS losses will cease to detract from the Group\u2019s future net results and the divestment will have a positive effect on the Group\u2019s equity, since the level of equity value in ASA India is negative under IFRS. While there remains uncertainty about how international lenders will react should the proposed actions by the Group to divest ASA India fail to materialise, or in case of potential dissolution of the business, the senior management views this risk as manageable and acceptable given: (i) developments around India have been consistently communicated with the market through multiple channels, including the Group\u2019s Annual Report, and Quarterly Business Updates throughout 2024 and 2025 giving ample time and clarity for lenders to react if deemed necessary, (ii) The Group successfully purchased the sub\u2011debt held by the last outstanding international lender to ASA India, which has continued to provide funding to the Group, (iii) continued flow of funding to Group and its subsidiaries (USD 271.2 million in new debt funding received as of December 2025) and consistent transaction pricing reflects sustained lender confidence and unchanged risk perception, and (iv) the Group does not provide parent guarantees. Moreover, as there are no cross\u2011default clauses in the loan agreements with the Group holdings or other Group microfinance institutions (\u2018MFIs\u2019), any potential lender response would likely be limited to delaying or declining new funding. Though the likelihood of such actions is seen as low as outlined above, senior management assessed this possibility in its stress tests which demonstrated the Group\u2019s ability to sustain its operations under such funding constraints over the assessment period.
As of 31 December 2025, the Group\u2019s total outstanding debt principal amounted to USD 412.3 million
(2024: USD 312.7 million). The Group has reduced credit lines subject to covenant breaches to
USD 5.4 million (December 2024: USD 28.2 million), some of which are of a technical nature. The Group
has a history of negotiating covenant waivers, where required, and has received waivers for all breaches in
the past following the post-balance sheet date, which indicates that the chance of an early debt call is low.
However, this does not guarantee that waivers necessary to avoid the immediate repayment of debt or
further extension of loan terms will be forthcoming in the future.
In the unlikely event of such potential debt recalls, the Group can mitigate by utilising its existing
unrestricted cash, or raise additional liquidity by focusing on the collection of existing loans from clients
while curtailing disbursements, which can generate cash across its operating entities. This is not a preferred
action but can be utilised to quickly raise liquidity in any country\u2019s operations to settle any debt recalls. This
capacity has been demonstrated in practice in the Philippines, Myanmar, Sierra Leone and Pakistan in the
last 5 years when there were events that created funding gaps, with the institutions shrinking their loan
portfolios to pay down maturing debt. Further, the holding entities within the Group did not provide parent
guarantees nor cross\u2011default clauses to funders of the operating subsidiaries, which protects the Group.
The Executive Committee and the Board of Directors extensively challenged the Projections and their
underlying assumptions including the above considerations. They also considered the risks around
economic uncertainties resulting from high inflation, devaluation of local currencies, delays in dividend
distributions, and increased operational costs. The Group also prepared stress and reverse stress scenarios
for cash flows including the mitigating actions which include distribution of dividends and short\u2011term loans
from subsidiaries with sufficient cash reserves.
Having assessed the Projections, downtrend analysis and mitigation plans, the Executive Committee and
the Directors have a reasonable expectation that the Group has adequate resources to continue its
operations for at least twelve months from the date of approval of the consolidated financial statements for
2025, and through to 31 May 2027. Therefore, they continue to adopt a going concern basis for the
preparation of the consolidated financial statements for 2025. Accordingly, these financial statements do
not include any adjustments to the carrying amount or classification of assets and liabilities that would
result if the Group was unable to continue as a going concern.
2.1.2. Statement of compliance
The Group and Parent Company financial statements are prepared in accordance with UK adopted
International Accounting Standards (\u2018IAS\u2019 or \u2018IFRS\u2019).
The preparation of the consolidated financial statements in conformity with IFRS requires senior
management to make judgements, estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from
these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis.
2.1.3. Consideration of climate change
In preparing these financial statements, the Group has given consideration to the recommendations laid out
by the Task Force on Climate\u2011related Financial Disclosures (\u2018TCFD\u2019) and the requirements as per section
414CB of the Companies Act 2006. The relevant assessment of the climate\u2011related risks outlined in the
Group\u2019s Annual Report on page 67 has been incorporated into judgements associated with recognition,
measurement, presentation and disclosure, where so permitted by UK adopted IAS. The accounting
judgements relating to climate change are presented in note 2.5.1(F) and note 30.5.
While there is currently no significant impact expected from climate change, the Directors are aware of the
constant evolving risks attached to climate change and will regularly assess these risks against judgements
and estimates made in preparation of the financial statements.
2.1.4. Basis of consolidation
The consolidated financial statements comprise the financial statements of the Group and its subsidiaries
as at 31 December for each year presented. The financial statements of subsidiaries are similarly prepared
for the year ended 31 December 2025 applying similar accounting policies. All intra\u2011Group balances,
transactions, income and expenses and profits and losses resulting from intercompany transactions are
eliminated in full. Subsidiaries are fully consolidated from the date on which control is transferred to the
Company. The Company has control over a subsidiary when it is exposed, or has rights, to variable returns
from its involvement with the subsidiary and has the ability to affect those returns through its power over
the subsidiary. The results of subsidiaries acquired or disposed of during the year are included (if any) in the
consolidated statement of comprehensive income from the date of acquisition or up to the date of disposal,
as appropriate. Non\u2011controlling interests represent the portion of profit or loss and net assets not owned,
directly or indirectly, by the Group and are presented separately in the consolidated statement of
comprehensive income and within equity in the consolidated statement of financial position, separately
from the equity attributable to equity holders of the parent.
The principal accounting policies applied in the preparation of these consolidated financial statements are
set out below:
2.2.1. Foreign currency translation
The consolidated financial statements of the Group are presented in USD, which is also the Group\u2019s
functional currency. The presentation currency is thus USD whereas the local currency is GBP for the
parent. Each entity in the Group determines its own functional currency which may or may not be their
local currency. Items included in the financial statements of each entity are measured using that functional
currency.
Transactions and balances
Transactions in foreign currency (not functional currency of the entity) are initially recorded by the Group\u2019s
entities at their respective functional currency at the date the transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currency are translated at the functional currency
spot rate of exchange at the reporting date. All differences are taken to \u2018Exchange rate differences\u2019 in the
statement of profit or loss and other comprehensive income.
Non\u2011monetary items that are measured in terms of historical cost in foreign currency are translated using
the exchange rates as at the date of the initial transaction. Non\u2011monetary items measured at fair value in
foreign currency are translated using the exchange rates at the date when the fair value was determined.
Effective 1 January 2025, the Company revised its source of foreign exchange rates used for financial
reporting of ASA Myanmar. Previously, the Company applied the Central Bank of Myanmar\u2019s published
reference rate. It has since adopted the Central Bank of Myanmar\u2019s published online trading FX rate as the
new reference. This change was implemented to more accurately reflect the economic substance of foreign
currency transactions and balances in Myanmar, thereby enhancing the reliability and relevance of the
Company\u2019s financial reporting. The change in reference foreign exchange rate source has been applied
prospectively from the effective date. Comparative figures for prior period have not been restated.
Group companies
As at the reporting date, the assets and liabilities of subsidiaries are translated into the Group\u2019s
presentation currency (USD) which is also the functional currency of the Group at the rate of exchange
ruling at the reporting date. Investments in subsidiaries and issued capital are translated at historical rate,
and their statements of profit or loss and other comprehensive income are translated at the monthly
average exchange rates for the year. Currency translation differences have been recorded in the Group\u2019s
consolidated statement of financial position as foreign currency translation reserve through other
comprehensive income.
All amounts (i.e. assets, liabilities, equity, income and expenses) of the entities whose functional currency
are the currency of a hyperinflationary economy is translated at the closing rate at the reporting date.
Financial assets at amortised cost Financial assets at amortised cost are subsequently measured using the effective interest rate (\u2018EIR\u2019) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost includes Loans and advances to customers, Other receivables, Cash at bank and in hand and Due from banks. Financial assets designated at fair value through OCI Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument\u2011by\u2011instrument basis. Investments at FVOCI are subsequently measured at fair value with unrealised gains or losses recognised in OCI and credited to the Investments at FVOCI reserve. Gains and losses on these financial assets are never recycled to profit or loss. Equity instruments designated at fair value through OCI are not subject to impairment assessment. Financial assets at FVTPL Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses are recognised in profit or loss. Derivatives at FVTPL are recognised in profit or loss. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised where: \u2022 The right to receive cash flows from the asset has expired; or \u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass\u2011through\u2019 arrangement; and \u2022 Either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass\u2011through arrangement, and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Group\u2019s continuing involvement in the asset (see note 2.5.3 to 2.5.4). Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.
b) Impairment of financial assets
The Group recognises an allowance for Expected Credit Losses (\u2018ECLs\u2019) on Loans and advances to
customers at amortised cost, Related party receivables, Cash at bank and Due from banks.
Loans and advances to customers at amortised cost
Given the nature of the Group\u2019s loan exposures (generally short\u2011term exposures, <12 months) no distinction
has been made between stage 1 (12 months ECL) and stage 2 loans (lifetime ECL) for the ECL calculation.
For disclosure purposes normally stage 1 loans are defined as loans overdue between 1\u201330 days. Stage 2
loans are overdue loans between 31\u201390 days. To avoid the complexity of calculating separate probability of
default and loss given default, the Group uses a \u2018loss rate approach\u2019 for the measurement of ECLs. The \u2018loss
rates\u2019 are determined based on historical credit loss experience, adjusted for forward\u2011looking factors
specific to the economic environment.
The Group considers there to have been a significant increase in credit risk when contractual payments are
at least 31 days past due. In addition, loans and advances are treated as credit impaired (stage 3) when
contractual payments are greater than 90 days past due.
Write-off
The Group uses judgement to determine bad loans which are written off. Based on management experience
in the local market and the microfinance industry practice, loans over 365 days past due are bracketed as
bad, unless there are specific circumstances that lead local management to believe that there is a
reasonable expectation of recovery. In Pakistan, loans over 209 days are treated as bad as per regulatory
requirement. The write\u2011offs occur mainly two times in a year (June and December). However, management
(Group and/ or subsidiary) can write off loans earlier if loans are deemed unrecoverable or delay write\u2011offs
in case of national calamity or any regulatory reasons subject to Board approval. From an operational
perspective, all overdue loans are monitored for recovery up to two years overdue.
Cash at bank, Due from banks and Related party
For Cash at bank, Due from banks and Related party receivables, the Group used the S&P matrix for default
rates based on the most recent publicly made available credit ratings of each counterparty. In the S&P
matrix for default rates, there is no specified default rate for each of our external counterparties. Thus, the
Group applied the default rate for all financial institutions. Then, the Group calculated the adjusted
Probability of Default (\u2018PD\u2019)/default rates by accommodating management estimates. However, for
non\u2011credit rated external counterparties; the PD/default rate is determined by choosing the riskier one
between the mid\u2011point of credit ratings of banks the Group has business with and a similar level rated
entity. Senior management collects the credit ratings of the banks where the funds are deposited and
related parties (where applicable) on a half\u2011yearly basis and calculates the ECL on such items using the
default rate identified as above. The Group considers credit risk to have significantly increased when the
credit ratings of the bank and the related parties have been downgraded which in turn increases the
Probability of Default. The Group considers the closure of a counterparty bank, dissolution of a related
party or a significant liquidity crisis or any objective evidence of impairment such as bankruptcy to be
indicators for stage 3.
2.2.3. Financial liabilities \u2013 Initial recognition and subsequent measurement (1) Initial recognition and measurement On initial recognition, financial liabilities at FVTPL are initially measured at their fair value as defined in note 2.2.14. The initial measurement of other financial liabilities is based on their fair value but adjusted in respect of any transaction costs that are incremental and directly attributable to the acquisition or issue of the financial instrument. The Group\u2019s financial liabilities include Debt issued and other borrowed funds, Due to customers, Lease liabilities, Other liabilities and Derivative instruments. (2) Subsequent measurement For the purposes of subsequent measurement, financial liabilities are classified in two categories: \u2022 Financial liabilities at amortised cost (Debt issued and other borrowed funds, Due to customers, Lease liabilities and Other liabilities); and \u2022 Financial liabilities at FVTPL (Derivative instruments). Financial liabilities at amortised cost Debt issued and other borrowed funds, Other liabilities and Due to customers are classified as liabilities where the substance of the contractual arrangement results in the Group having an obligation either to deliver cash or another financial asset to the holder, or to satisfy the obligation other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of own equity shares. After initial measurement, Debt issued and other borrowed funds including Due to customers are subsequently measured at amortised cost using the EIR method. Amortised cost is calculated by considering any discount or premium on the issue and costs that are an integral part of the EIR. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position only if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
2.2.4. Derivative instruments and hedge accounting
The Group uses derivative financial instruments, such as forward currency contracts and cross currency
interest rate swaps to hedge its foreign currency risks and interest rate risks. Such derivative financial
instruments are initially recognised at fair value on the date on which a derivative contract is entered into
and are subsequently remeasured at fair value at the end of every reporting period. Derivatives are carried
as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure
to variability in cash flows that is either attributable to a particular risk associated with a recognised asset
or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm
commitment.
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item. The Group uses forward currency
contracts and cross currency interest rate swaps agreements as hedges of its exposure to foreign currency
risk and interest rate risk in forecast transactions and firm commitments.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element and cross currency basis risk is recognised in OCI and accumulated in a separate component of
equity under Other reserves. The forward points and foreign exchange basis spreads are amortised
throughout the contract tenure and reclassified out of OCI into profit and loss (\u2018P&L\u2019) as interest expenses.
2.2.5. Recognition of income and expenses
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group
and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration
received or receivable, considering contractually defined terms of payment and excluding taxes or duties.
The Group has concluded that it is principal in all of its revenue arrangements except for loans under the
Business Correspondence (\u2018BC\u2019) model where the Group works as an agent.
The following specific recognition criteria must also be met before revenue is recognised:
(1) Interest and similar income and expense
Interest income and expense are recognised in the statement of profit or loss and other comprehensive
income based on the EIR method. The effective interest rate is the rate that exactly discounts estimated
future cash payments or receipts through the expected life of the financial instrument or, when
appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When
calculating the EIR, the Group shall estimate cash flows considering all contractual terms of the financial
instrument but shall not consider future credit losses. The calculation includes all amounts paid or received
between parties to the contract that are an integral part of the EIR of a financial instrument including
transaction costs, and all other premiums or discounts. Interest income also includes loan processing fees
that are integral to the interest rate.
The Group recognises interest income on the stage 3 loans on the net loan balance.
(2) Dividend income
Dividend income is recognised when the Group\u2019s right to receive the payment is established.
(3) Other income
Other income includes group members\u2019 admission fees, document, application and verification fees,
proceeds from sale of passbooks, distribution fee MBA Philippines, commission income from insurance
products and service fees from off\u2011book loans under the BC model.
The Group earns other income from a diverse range of services it provides to its clients and BC partners.
Other income is recognised at an amount that reflects the consideration to which the Group expects to be
entitled in exchange for providing the services. The performance obligations, as well as the timing of their
satisfaction, are identified, and determined, at the inception of the contract.
When the Group provides a service, consideration is invoiced and generally due immediately upon
satisfaction of a service provided at a point in time or at the end of the contract period for a service
provided over time unless otherwise specified.
The performance obligation related to members\u2019 admission, document, application and verification fees and
proceeds from sale of passbooks are satisfied in point of time and revenue is recognised at that point.
Service fees from off\u2011book loans under the BC model are recognised on the basis of loan disbursement as
the amount is received only after completion of the service.
2.2.6. Cash and cash equivalents
Cash and cash equivalents as referred to in the statement of cash flows comprises Cash in hand and Cash at
bank, included in which is both restricted and unrestricted cash at bank. Restricted cash at bank relates to
Loan Collateral Build Up (\u2018LCBU\u2019) in the Philippines and security deposits from clients in Tanzania as
disclosed in note 12. Unrestricted cash at bank relates to current accounts, on demand accounts and term
deposits that have a maturity date of three months or less from the date of acquisition, held with
commercial banks.
2.2.7. Property and equipment Property and equipment is stated at cost excluding the costs of day\u2011to\u2011day servicing, less accumulated depreciation and accumulated impairment in value. Changes in the expected useful life are accounted for by changing the depreciation period or method, as appropriate, and are treated as changes in accounting estimates. Depreciation is calculated using the straight\u2011line method to write down the cost of property and equipment to their residual values over their estimated useful lives. The estimated useful lives are as follows: Furniture and fixtures: 5 years Vehicles: 5 years Office equipment including IT: 3 years Buildings: 50 years An item of property and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is recognised in \u2018Other operating income\u2019 or \u2018Other operating expenses\u2019 in the statement of profit or loss and other comprehensive income in the year the asset is derecognised. 2.2.8. Taxes (1) Current tax Current tax assets and liabilities for the current and prior years are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Senior management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. (2) Deferred tax Deferred tax is provided on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised for all taxable temporary differences, except: (i) where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss, and (ii) in respect of taxable temporary differences associated with investments in subsidiaries and associates, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax
credits and unused tax losses, to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences, and the carry forward of unused tax credits and unused tax
losses, can be set off: (i) where the deferred tax asset relating to the deductible temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a business combination and, at
the time of the transaction, affects neither the accounting profit nor taxable profit or loss, and (ii) in respect
of deductible temporary differences associated with investments in subsidiaries and associates, deferred
tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in
the foreseeable future and taxable profit will be available against which the temporary differences can be
utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent
that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred
tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are
recognised to the extent that it becomes probable that future taxable profit will allow the deferred tax
asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to
apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that
have been enacted or substantively enacted at the reporting date.
Deferred tax assets and deferred tax liabilities can only be offset in the statement of financial position if the
Group has the legal right to settle current tax amounts on a net basis and the deferred tax amounts are
levied by the same taxing authority on the same entity or different entities that intend to realise the asset
and settle the liability at the same time.
The Group recognises deferred tax on undistributed dividends. Reference is made to note 2.5.6 and
note 11.
2.2.9. Dividend distribution on ordinary shares
Dividends on ordinary shares will be recognised as a liability and deducted from equity when they are
approved by the Group\u2019s shareholders. Interim dividends are deducted from equity when they are declared
and no longer at the discretion of the Group. Dividends for the year that were approved after the reporting
date will be disclosed as an event after the reporting date.
2.2.10. Short-term employee benefits
Short\u2011term benefits typically relate to the payment of salaries and wages. These benefits are recorded on
an accrual basis.
2.2.11. Post-employment benefits
2.2.11.1. Defined benefit plan
The Group maintains a defined benefit plan in some subsidiaries, which leads to retirement benefit
obligations. The defined benefit obligation and the related charge for the year are determined using
assumptions required under actuarial valuation techniques.
Remeasurements, comprising actuarial gains and losses, the effect of the asset ceiling, excluding an amount
included in net interest on the net defined benefit liability and the return on plan assets (excluding amounts
included in net interest on the net defined benefit liability) are recognised immediately in the statement of
financial position with a corresponding debit or credit to retained earnings through OCI in the period in
which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods. Past service
costs are recognised in profit or loss on the earlier of: (i) the date of the plan amendment or curtailment,
and (ii) the date that the Group recognises related restructuring costs.
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The
Group recognises the following changes in the net defined benefit obligation under operating expenses in
the consolidated statement of comprehensive income: (i) service costs comprising current service costs,
past service costs, gains and losses on curtailments and non\u2011routine settlements, and (ii) net interest
expense or income. Reference is made to note 2.5.2.
2.2.11.2. Defined contribution plan
Defined contribution employee benefits are expensed as they are paid, with an accrual recorded for any
benefits owed, but not yet paid. The expenses of the defined contribution plan are incurred by the
employer. The contributions are to be remitted by the entities to the fund on a monthly basis. Employees
are allowed to withdraw the accumulated contribution in their accounts from this fund as per the terms and
conditions specified in the fund acts.
2.2.12. Intangible assets
The Group has adopted a strategy of enriching the offering to its clients with product diversification by
adding Digital Financial Services (\u2018DFS\u2019). The DFS will be offered to its clients through a smartphone app,
where clients will be able to apply online for loans and other financial services like a current account and a
savings or deposit account. They will be able to view their loan and account information and make
payments including paying bills. The DFS app will also include additional functions and services such as
digital group meetings and a chat function. As part of the DFS, the Group is also developing a Supplier
Market Place app (\u2018SMP\u2019) where clients can purchase goods for their businesses. SMP is a separate app, but
is part of the DFS model to retain and attract loan and savings clients and generate payment transactions.
For the introduction of current accounts and savings and deposits accounts and other digital services to
our clients, the Group has procured a licence for a Core Banking System (\u2018CBS\u2019) for its IT infrastructure. The
Group made upfront payments to buy the core banking software licence. The licence for the software is
granted for ten years.
Research and development costs
Research costs are expensed as incurred. Development expenditures on an individual software project are
recognised as an intangible asset when the Group can demonstrate:
\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use;
\u2022 Its intention to complete and its ability to use it or sell it;
\u2022 How the asset will generate future economic benefits;
\u2022 The availability of resources to complete the asset and use or sell it; and/or
\u2022 The ability to measure reliably the expenditure during development.
Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any
accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when
development is complete, and the asset is available for use. It is amortised over the period of expected
future benefit. During the period of development, the asset is tested for impairment annually. The
breakdown is presented in note 20.
summary of the policies applied to intangible asset is, as follows:
Initial licence and set-up costs
Development costs
Useful life
Finite (eight years)
Finite (eight years)
Amortisation starts
After installation for use
After installation for use
Amortisation method used
Amortised on a straight-line basis
Amortised on a straight-line basis
over the period of licence over the period of expected usage
Internally generated or acquired
Acquired
Internally generated
2.2.13. Impairment of non-financial assets Impairment exists when the carrying value of an asset or Cash Generating Unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or Cash Generating Unit\u2019s (\u2018CGU\u2019s\u2019) fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. Impairment losses of continuing operations are recognised in the statement of profit or loss in expense categories. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. For Property and equipment, the fair value less costs of disposal calculation is based on available data from similar assets or observable market prices less incremental costs of disposing of the asset. For right\u2011of\u2011use assets (\u2018ROU\u2019) the fair value is determined based on estimated rental payments using the incremental borrowing rate (\u2018IBR\u2019) used for each country where such ROU exists. If there is a significant change in discount rates, the fair value is reviewed to assess if there is impairment. The sensitivity analysis on account of IBR changes is shown in note 17. The Group has identified the impairment of non\u2011financial assets as one of the areas in which it could be exposed to the financial impacts of climate change risk, as a number of the Group\u2019s operating areas are prone to natural disasters. However, as the Group manages a frugal cost operating model with minimum investment in fixed assets and leases, the impact of climate\u2011related financial loss is expected to be insignificant. 2.2.14. Fair value measurement The Group measures financial instruments such as derivatives, at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: (i) in the principal market for the asset or liability; or (ii) in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities; Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; and Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the discounted cash flow (\u2018DCF\u2019) model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs, such as liquidity risk, credit risk and volatility. 2.2.15. Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group determines the lease term as the non\u2011cancellable term of the lease. Any period covered by an option to extend the lease is not considered unless it is reasonably certain to be exercised. Right-of-use assets The Group recognises ROU assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). ROU assets are measured at cost, less any accumulated depreciation and impairment losses. ROU assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the asset. The ROU assets are also subject to impairment. Refer to the accounting policies in note 2.2.13 \u2018Impairment of non\u2011financial assets\u2019. Lease liabilities (1) Initial measurement At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. There are no obligatory extension clauses in the rental agreements. Although some lease contracts comprise the optional extension clauses, these are not included on initial recognition because it is not always reasonably certain that the Group will take the option. In calculating the present value of lease payments, ASA International uses the IBR at the lease commencement date due to the reason that the interest rate implicit in the lease is not available. The IBR is calculated using a reference rate (derived as country\u2011specific risk\u2011free rate) and adjusting it with Company\u2011 specific financing spread and integrating lease\u2011specific factors. Refer to note 2.5.5 on accounting estimates and assumptions used to determine the IBR rates. (2) Subsequent measurement After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. 2.2.16. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of comprehensive income net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre\u2011tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
2.2.17. Share-based payments
The Group granted options (\u2018Options\u2019) in the Group Company under its Long\u2011Term Incentive Plan (\u2018LTIP\u2019) to
certain Executive Directors and Persons Discharging Managerial Responsibilities (\u2018PDMRs\u2019) and other staff
in 2022, 2023, 2024 and 2025. The Company\u2019s LTIP is designed to incentivise and retain Directors and
senior staff, along with aligning them with shareholders\u2019 interest to create long\u2011term value. The transaction
is determined as an equity\u2011settled transaction.
The cost of equity\u2011settled transactions is determined by the fair value at the date when the grant is made
using anappropriate valuation model, further details of which are given in note 32.1.
That cost is recognised within personnel expenses, together with a corresponding increase in equity (Other
reserves), over the period in which the service and, where applicable, the performance conditions are
fulfilled (the vesting period). The cost is booked from the date that the beneficiary accepted the grant. The
cumulative expense recognised for equity\u2011settled transactions at each reporting date until the vesting date
reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of
equity instruments that will ultimately vest.
The expense or credit in the statement of profit or loss for a period represents the movement in cumulative
expense recognised as at the beginning and end of that period.
2.3. New standards, interpretations and amendments adopted by the Group
The Group applied for the first time certain standards and amendments, which are effective for annual
periods beginning on or after 1 January 2025 (unless otherwise stated). The Group has not early adopted
any other standard, interpretation or amendment that has been issued but is not yet effective.
2.3.1. Lack of exchangeability \u2013 Amendments to IAS 21
The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specify how an entity should
assess whether a currency is exchangeable and how it should determine a spot exchange rate when
exchangeability is lacking. The amendments also require disclosure of information that enables users of its
financial statements to understand how the currency not being exchangeable into the other currency
affects, or is expected to affect, the entity\u2019s financial performance, financial position and cash flows.
The amendments are effective for annual reporting periods beginning on or after 1 January 2025. When
applying the amendments, an entity is not required to restate comparative information.
Given the current economic environment in Myanmar, which includes ongoing geopolitical challenges and
foreign exchange restrictions that have made the official reference rate not reliably observable for
exchangeability, the Group has changed its source for the Myanmar exchange rate, as outlined in section
2.2.1.
2.4. Standards issued but not yet effective
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of
issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these new
and amended standards and interpretations, if applicable, when they become effective.
2.4.1. Amendments to the Classification and Measurement of Financial Instruments \u2013
Amendments to IFRS 9 and IFRS 7
On 30 May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification
and Measurement of Financial Instruments. The amendments include:
i) Clarifications of the requirements for recognition and derecognition of financial assets and liabilities;
ii) A clarification that a financial liability is derecognised on the \u2018settlement date\u2019 and the introduction
of an accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled
using an electronic payment system before the settlement date;
iii) Additional guidance on how the contractual cash flows for financial assets with environmental,
social and governance (\u2018ESG\u2019) and similar features should be assessed;
iv) Clarifications on what constitute \u2018non\u2011recourse features\u2019 and what are the characteristics of
contractually linked instruments; and
v) The introduction of disclosures for financial instruments with contingent features and additional
disclosure requirements for equity instruments classified at fair value through OCI.
The amendments are effective for annual periods starting on or after 1 January 2026. Early adoption is
permitted, with an option to early adopt the amendments for classification of financial assets and related
disclosures only. These amendments are not expected to have a material impact on the financial
statements, however, the assessment is yet to be concluded.
2.4.2. Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7
In December 2024, the IASB issued Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing Nature\u2011
dependent Electricity. The amendments apply only to contracts that reference nature\u2011dependent
electricity. The amendments:
i) Clarify the application of the \u2018own\u2011use\u2019 requirements for in\u2011scope contracts;
ii) Amend the designation requirements for a hedged item in a cash flow hedging relationship for
in-scope contracts; and
iii) Add new disclosure requirements to enable investors to understand the effect of these contracts on a
company\u2019s financial performance and cash flows.
The amendments will take effect for annual reporting periods starting on or after 1 January 2026. Early
adoption is allowed, but it must be disclosed. The amendments concerning the own\u2011use exception are to be
applied retrospectively, while the hedge accounting amendments should be applied prospectively to new
hedging relationships designated from the initial application date. Additionally, the IFRS 7 disclosure amendments must be implemented alongside the IFRS 9 amendments. If an entity does not restate comparative information, it cannot present comparative disclosures. The Group does not expect that the amendments will have a material impact on its consolidated financial statements. 2.4.3. IFRS 18 Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly defined management\u2011defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (\u2018PFS\u2019) and the notes. In addition, narrow\u2011scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January 2027, but early application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify the impact the amendments will have on the primary financial statements and notes to the financial statements. 2.4.4. IFRS 19 Subsidiaries without Public Accountability: Disclosures In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards. IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early application permitted. This standard is not expected to have a material impact on the financial statements, however, the assessment is yet to be concluded. 2.4. Standards issued but not yet effective (continued)
2.5. Significant accounting judgements and estimates
In the process of applying the Group\u2019s accounting policies, judgements and estimates are applied in
determining the amounts recognised in the financial statements. Significant use of judgements and
estimates are as follows:
2.5.1. Allowance for ECL on loans and advances
The Group calculates the allowance for ECL in a three\u2011step process as described below under A to D. The
Group reviews its loans at each reporting date to assess the adequacy of the ECL as recorded in the
financial statements. In particular, judgement is required in the estimation of the amount and timing of
future cash flows when determining the level of allowance required. Such estimates are based on certain
assumptions such as the financial situation of the borrowers, types of loan, maturity of the loans, ageing of
the portfolio, economic factors, etc. The actual performance of loans may differ from such estimates
resulting in future changes to the allowance. Due to the nature of the industry in which the Group
operates, i.e. micro credit to low\u2011income clients, the loan portfolio consists of a very high number of
individual customers with low\u2011value exposures. These characteristics lead the Group to use a provisioning
methodology based on a collective assessment of similar loans. The Group\u2019s policy for calculating the
allowance for ECL is described below:
a) Determination of loan staging
The Group monitors the changes in credit risk in order to allocate the exposure to the correct staging
bucket. Given the nature of the Group\u2019s loan exposures (generally short\u2011term exposures, <12 months) no
distinction has been made between stage 1 (12 months ECL) and stage 2 loans (lifetime ECL) for calculating
the ECL provision. The current and loans overdue below 31 days are considered as stage 1. Any loans
overdue for 31\u201390 days are recognised as stage 2 loans. Loans overdue more than 90 days are recognised
as stage 3 loans.
Overdue age
Staging
Current Stage 1
Bucket based 1\u201330 days
on overdue age
31\u201390 days
Stage 2
> 90 days
Stage 3
b) Calculating ECL for stage 1\u20132 loans
To avoid the complexity of calculating the separate probabilities of default and loss given default, the
Group uses a \u2018loss rate approach\u2019 for the measurement of ECLs under IFRS 9. Using this approach, the
Group developed loss\u2011rate statistics on the basis of the net amounts written off over the last five years
(Gross write\u2011off less subsequent recovery). The historical loss rates include the impact of security deposits
held by the Group, which is adjusted with overdue amounts
The forward\u2011looking element of the ECL model is constructed through looking at the trend in net write\u2011off
information from the prior three years and applying a projected loss rate in order to anticipate future loss
events. ECL as per the forward\u2011looking element comes to USD 1.5 million (2024: USD 126K). Changing the
write\u2011off trend to two years, rather than three years for the forward\u2011looking assessment, would reduce ECL
by USD 2K.
c) Calculating ECL for stage 3 loans
The Group considers a loan to be credit impaired when it is overdue for more than 90 days. The ECL applied
to net stage 3 loans (after adjusting the security deposit which is held as collateral in certain countries) is at
a rate below:
Loss %
ECL for stage 3 loans
2025
2024
Overdue age
91\u2013180 day s
40 and 50%
50 and 80%
181\u2013365 days
50 and 60%
70 and 100%
Over 365 days
90%
100%
In 2025, senior management considered a higher loss rate 50% (2024: 80%) for the loans bucketed between
91\u2013180 days, 60% (2024: 100%) for the loans bucketed between 181\u2013365 days and 90% (2024: 100%) for
loans over 365 days overdue) in India, Myanmar, Pakistan, Nigeria, the Philippines, Sri Lanka, Tanzania,
Sierra Leone and Zambia in view of operating challenges faced in these countries on account of high
Portfolio at Risk (\u2018PAR\u2019), market challenges and political instability which might lead to a reduction in
recoveries. In other countries, the loss rates considered are 40% (2024: 50%) for the loans bucketed
between 91\u2013180 days, 50% (2024: 70%) for the loans bucketed between 181\u2013365 days and 90%
(2024: 100%) for loans over 365 days overdue.
The Group applies above two categories of loss rates for estimating ECL on stage 3 loans. Subsidiaries
demonstrating comparatively stronger asset quality are assigned loss rates under Category 2, while higher
loss rates under Category 1 are applied to subsidiaries with historically weaker asset quality. During the
current year, ASAI has reduced the loss rates across both categories, as mentioned above The updated loss
rates better reflect the improved collections on overdue loans and increased portfolio quality in recent
years and therefor more appropriately reflect the current credit risk conditions of the loan portfolio at
balance sheet date.
Based on the above, the ECL for stage 3 loans amounts to USD 4.9 million (2024: USD 7.4 million).
A sensitivity analysis on the stage 3 loss rates considers that a 100% loss rate applied across the entire
stage 3 population (net of security deposit) would increase total ECLs by USD 2.7 million.
d) Management overlay
Under management overlay, ASAI typically builds up an additional ECL provision to cover potential risk
exposures that may not be adequately reflected in the Group\u2019s existing ECL model, as explained under A\u2011C
above. These additional risks include political, regulatory, environmental (including climate\u2011related),
operational, and other market\u2011specific risks relevant to the regions where the Group operates which are
not fully reflected in loss rates, overdue loan instalments and forward considerations. In 2025, no
management overlay was taken (2024: USD 0.9M).
e) Impact of macroeconomic indicators
The Group provides small loans to clients who are not employed but operate their own small businesses in
the informal sector and are less impacted by macroeconomic trends than other business sectors. In
addition, the Group\u2019s loans average six months until maturity at the year end and so the impact of
macroeconomic factors on the repayment of loans is inherently limited. Hence, senior management
concluded that changes in macroeconomic indicators do not have any direct correlation with the ASA
business model and, therefore, no adjustment was made to consider forecasts for such macroeconomic
indicators in the forward\u2011looking element of its ECL provision calculation.
f) Impact of climate change
The Group and its customers are exposed to the physical risks from climate change and risks of
transitioning to a net-zero economy. Most climate-related physical risks are expected to manifest over a
term that is generally much longer than the maturity of most of the outstanding exposures. The following
balances may be impacted by physical and transition risks.
The Group has identified the ECL provision as one of the main areas in which it could be exposed to the
financial impacts of climate change risk, as a number of the Group\u2019s operating areas are prone to natural
disasters such as typhoons, flash floods or droughts. The Group\u2019s ECL model captures the expected impact
of the climate\u2011related risks through the historical loss data that feeds the model, which also includes
write\u2011offs due to such natural disasters. In addition, senior management monitors the situation in each of
its operating territories post the balance sheet date for any factors that should be considered in its
year\u2011end ECL calculations. As the Group\u2019s loans are short term, the impact of such events over the life of
the loans would naturally be limited. Hence, no additional changes have been made in the existing model on
account of climate\u2011related risks. However, given the evolving risks associated with climate change, senior
management will continue to monitor whether adjustments to its ECL models are required for future
periods.
g) BC portfolio, Direct Assignment (\u2018DA\u2019) Portfolio and Securitisation portfolio of ASA India
A similar assessment has been performed for the off\u2011book BC portfolio of ASA India (see note 13 for details
of the BC portfolio). The off\u2011book BC portfolio consists of disbursements on behalf of IDFC First Bank
(\u2018IDFC\u2019), JSFB, Ujjivan Small Finance Bank Limited (\u2018Ujjivan\u2019) and ESAF Small Finance Bank Limited (\u2018ESAF\u2019).
IDFC BC is subject to a maximum provision of 5% of Outstanding Loan Portfolio (\u2018OLP\u2019), which is the
maximum credit risk exposure for ASA India as per the agreement with IDFC. Credit risk exposure for ESAF
is 5% and Ujjivan 100% of overdue portfolio. Risk exposure for JSFB is up to the loan outstanding. ECL for
these off\u2011book BC portfolios (except JSFB) are assessed in line with ASA India\u2019s own OLP. For JSFB an
average default rate of ASA India\u2019s own portfolio and JSFB\u2019s portfolio is considered. ECL for the off\u2011book
BC portfolio comes to USD 1.3 million (2024: USD 2.2 million).
The portion of the DA portfolio of ASA India which is on-book has also been treated the same as the
regular portfolio. No provision for the off\u2011book portion of the DA portfolio was made because, as per the
agreement with the State Bank of India, ASA India has no credit risk on this part of the DA portfolio.
The Securitisation portfolio of ASA India has been assessed in line with ASA India\u2019s own portfolio.
h) ECL on interest receivable
ECL for interest receivable is assessed in the same line as OLP. ECL for interest receivable comes to
USD 633K (2024: USD 551K).
Based on the above assessment, the total provision for ECLs for loans and advances to customers can be
summarised as follows:
2025
2024
Own Off-book Interest Own Off-book Interest
portfolio portfolio receivable portfolio portfolio receivable
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Particulars
ECL as per historical default rate
1,524
160
34
1,480
1,185
3
Forward considerations
1,495
133
51
126
-
3
ECL under stage 3 loans
4,911
997
548
7,357
719
545
Management overlay
\u2013
\u2013
\u2013
608
300
\u2013
7,93 0
1,290
633
9,571
2,204
551
2025
2024
Gross Gross
outstanding ECL Coverage outstanding ECL Coverage
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Allocated to:
Own portfolio
(note 13.1 and 13.4)
581,563
7,930
1%
420,355
9,571
2%
Off\u2011book BC portfolio
(note 13.2 and note 28)
28,778
1,290
4%
37, 255
2,204
6%
Interest receivable
(note 13.1 and note 13.4)
12,035
633
5%
7,294
551
8%
622,376
9,853
2%
464,904
12,326
3%
2.5.2. Defined benefit plans
The cost of the defined benefit plan is determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the
determination of the discount rate, future salary increases, staff turnover and retirement age. Due to the complexities involved in the valuation and its long\u2011term nature, a defined benefit obligation is highly sensitive to
changes in these assumptions. All assumptions are reviewed at each reporting date. The assumptions used in December 2025 and December 2024 are as follows:
Assumptions defined benefit plan:
2025
2024
ASA ASA ASA ASA ASA ASA
Lak Jaya
Pakistan
ASA India
Nigeria
Kenya
PPFC
Uganda
Lak Jaya
Pakistan
ASA India
Nigeria
Kenya
PPFC
Discount rate
9.0%
11.0%
7.3%
15.5%
12.8%
6.7%
16.1%
10.0%
12.3%
7.0%
17. 5%
13.8%
6.2%
Salary increment
5.0%
11.0%
7.0%
15.0%
11.0%
5.0%
3.0%
10.0%
12.3%
6.3%
15.0%
11.0%
5.0%
Staff turnover
29.0%
14.6%
25.4%
5.0%
10.7%
41.0%
30.0%
22.0%
18.2%
30.7%
5.0%
6.9%
43.4%
Retirement age
60 years
60 years
65 years
60 years
60 years
60 years
55 years
60 years
60 years
60-65 years
60 years
60 years
60 years
The parameter most subject to change is the discount rate. Senior management engages third\u2011party actuaries to conduct the valuation. The defined benefit costs have been disclosed in note 8.2. The sensitivity analysis
of the plan on account of any change in discount rate and salary increment is disclosed in note 8.3. Sensitivity analysis for changes in the other two assumptions were not done as the effect is determined immaterial.
2.5.4. Direct Assignment
Between 2019 and 2020 ASA India entered into two DA agreements with the State Bank of India (\u2018SBI\u2019),
through which the entity sold a pool of customers\u2019 loans amounting to USD 16.5 million against a purchase
consideration of USD 14 million. The balance (15%) was kept as minimum retention as per guidelines issued
by the Reserve Bank of India (\u2018RBI\u2019). Based on the agreements, 85% of the loans were derecognised on the
books on the grounds that the entity transferred substantially all the risks and rewards of ownership of
financial assets. 15% remained on\u2011book. Further information is available in note 13.
2.5.3. BC and partnership models
The portfolios under the BC and partnership models in ASA India (\u2018BC model\u2019) are recognised on the
statement of financial position based on whether the entity has the right to receive rewards. ASA India
operates a BC model with IDFC, JSFB, Ujjivan and ESAF. The arrangement with Fincare has been dissolved
this year. ASA India operates as an agent, whereby ASA India selects borrowers based on the selection
criteria of the BC partner.
The loans to borrowers of IDFC, JSFB, Ujjivan and ESAF and related funding are not recognised on the
balance sheet since the loan agreements are made between the partners and the borrowers or the risk
exposure related to the loans are capped at 5%. More information is available in note 13.
The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a
similar security, the funds necessary to obtain an asset of a similar value to the ROU asset in a similar
economic environment.
The Group applied a discount rate per country based on leases with similar characteristics applying a
portfolio approach instead of a lease\u2011by\u2011lease approach which had no material impact for the Group. The
starting point for estimating the reference rate is the local risk\u2011free rate. The Group developed an approach
to determine the BR that is closely aligned with the definitions and requirements prescribed in IFRS 16. In
this approach the Group first determined the country risk\u2011free rate and adjusted that with the Group\u2011
specific financing spread and lease\u2011specific adjustments to consider IBR rates.
The Group used country sovereign rates to determine the risk\u2011free rate. If no sovereign risk\u2011free rate is
available, a build\u2011up approach is applied that adjusts the USD based United States Treasury bond for: (i) the
country risk premium, to capture country\u2011specific risk, and (ii) the long\u2011term inflation differential, to capture
any currency risk.
The Group\u2011specific financing spread is determined based on: (i) the Group\u2011specific perspective/credit
rating, (ii) the credit rating of the legal entities (lessees) of ASA International, and (iii) the market interest
rates/yields on industry\u2011specific bonds.
The lease\u2011specific adjustment depends on the type/ nature of asset, and relates to the fact that a secured
bond will have a lower yield compared to an unsecured bond. However, the yield difference varies based on
the type/nature of the asset that is used as collateral. The IBRs used for different entities in 2025 and 2024
are as follows:
Lease Credit Approach
2025
2024
Country currency rating reference
IBR at different lease duration (year)
IBR at different lease duration (year)
Tenure of lease
1
2\u20134
5\u20136
7\u20139
1
2\u20134
5\u20136
7\u20139
Ghana
GHS
BBB
Local
23.3%
26.7%
22.8%
19.3%
22.8%
27.4%
23.8%
20.4%
Nigeria
NGN
BBB
Local
21.5%
21.6%
21.7%
21.4%
20.6%
20.8%
20.6%
20.2%
Sierra Leone
SLE
BB+
Build\u2011Up
27. 8%
27.8%
27.8%
27. 8%
28.0%
27.8%
27.8%
27.8%
Kenya
KES
BB-
Local
13.5%
14.8%
15.6%
15.8%
18.4%
19.5%
19.7%
19.2%
Rwanda
RWF
B+
Build\u2011Up
17.6%
17.6%
17.6%
17.6%
18.6%
18.6%
18.5%
18.5%
Tanzania
TZS
BBB-
Local
9.5%
9.7%
10.2%
11.2%
8.9%
9.5%
10.7%
12.1%
Uganda
UGX
BB-
Local
17.0%
17. 5%
17.9%
18.0%
15.9%
17.3%
18.2%
18.4%
Zambia
ZMW
BB-
Local
17.6%
21.2%
23.1%
23.7%
20.0%
24.2%
26.3%
27.6%
Bangladesh
BDT
BBB-
Local
13.0%
13.3%
13.2%
13.1%
13.0%
14.5%
14.7%
14.7%
India
INR
BB
Local
8.2%
8.1%
8.0%
7.9%
8.3%
8.9%
9.2%
9.2%
Pakistan
PKR
BBB
Local
13.5%
13.5%
13.3%
13.1%
19.9%
18.2%
17. 2%
16.5%
Sri Lanka
LKR
BB
Local
10.6%
11.3%
12.2%
12.5%
11.6%
12.8%
13.7%
14.3%
Myanmar
MMK
BBB-
Build\u2011Up
26.4%
26.5%
26.5%
26.5%
28.2%
28.1%
28.1%
28.1%
Philippines
PHP
BBB-
Local
7.1%
7.0%
6.9%
6.8%
7. 2%
7.9%
8.3%
8.4%
The Netherlands
EUR
BBB
Local
3.3%
3.1%
3.1%
3.2%
4.2%
4.3%
4.5%
4.6%
2.5.6. Taxes
Deferred tax assets
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable
profits will be available against which the losses can be utilised. Significant management judgement is
required to determine the amount of deferred tax assets that can be recognised, based upon the likely
timing and the level of future taxable profits, together with future tax planning strategies.
In assessing the probability of recovery, the Group has used its five\u2011year business plan which is consistent
with last year\u2019s assessment. This business plan was also used for the Going concern and Viability
assessment.
As at 31 December, the gross amount and expiry dates of losses available for carry forward are as follows:
Expiring Expiring Expiring
within within beyond
1 year 2\u20135\u202fyears 5\u202fyears Unlimited Total
2025 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Losses for which deferred tax asset
is recognised
\u2013
\u2013
\u2013
\u2013
\u2013
Losses for which deferred tax asset
is not recognised
1,308
5,943
41,485
46,074
94,810
1,308
5,943
41,485
46,074
94,810
Expiring Expiring Expiring
within within beyond
1 year 2\u20135\u202fyears 5\u202fyears Unlimited Total
2024 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Losses for which deferred tax asset
is recognised
\u2013
\u2013
\u2013
\u2013
\u2013
Losses for which deferred tax asset
is not recognised
2,851
5,338
38,221
36,200
82,610
2,851
5,338
38,221
36,200
82,610
If the Group was able to recognise all unrecognised deferred tax assets, profit and equity would have
increased by USD 23.2 million (2024: USD 18.9 million).
Deferred tax liabilities
As of 31 December 2025, the Group has undistributed profits in its subsidiaries amounting to
USD 108.1 million (2024: USD 68.9 million). The Group recognised a deferred tax liability amounting to
USD 6.0 million (see note 11.4) on USD 80.7 million (2024: USD 4.4 million on USD 50.0 million) of
undistributed profits on the assessment that these will be distributed in the foreseeable future. No
deferred tax liability was recognised on the balance of USD 27.4 million (2024: USD 19.0 million) due to
regulatory uncertainty on when those can be distributed. If the Group recognises a deferred tax liability on
these profits, profit and equity would decrease by USD 2.5 million (2024: USD 2.9 million).
2.5.7. Hyperinflation
Under IAS 29, \u2018Financial Reporting in Hyperinflationary Economies\u2019, consolidated financial statements
prepared based on historical cost must be adjusted with the current purchasing power when operations are
in an economy with hyperinflation. This involves applying a general price index that enables the financial
information of the subsidiaries operating in a hyperinflationary economy to be presented in the measuring
unit in force at the reporting date. All non\u2011monetary assets and liabilities of the subsidiaries operating in a
hyperinflationary economy must therefore be adjusted for inflation in order to reflect changes in
purchasing power at the reporting date. Similarly, the income statement is adjusted for inflation during the
period. Monetary items do not need to be restated/adjusted as they already reflect purchasing power at
the reporting date.
IAS 29 does not establish an absolute rate at which hyperinflation is deemed to arise. It is a matter of
judgement when restatement of financial statements in accordance with this standard becomes necessary.
One of the key quantitative indicators is that the cumulative inflation rate over three years is approaching,
or exceeds, 100%.
2.5.8. Hyperinflation
ASA International operates in thirteen countries across Asia and Africa, and monitors the inflation rates in
an inflation dashboard which is used as one indication of the existence of hyperinflation, together with an
assessment of other economic conditions.
ASA International applied hyperinflation accounting across its operations in Ghana and Sierra Leone in
2024. It continued applying hyperinflation accounting for its operation in Sierra Leone as of 31 December
2025 as the three\u2011year cumulative inflation in this country exceeded 100%, but ceased its application in
Ghana as of 30 June 2025. The general price index used by ASA International for purposes of measuring
inflation movements is the Consumer Price Index (\u2018CPI\u2019) of the specific country and is obtained from the
International Monetary Fund World Economic Outlook Database.
The application of IAS 29 includes the following adjustments:
\u2022 Adjustment of historical cost non\u2011monetary assets, liabilities and stated capital for the change in
purchasing power caused by inflation from the date of initial recognition or contribution to the balance
sheet date;
\u2022 Adjustment or contribution of the income statement for inflation during the year;
\u2022 The income statement is translated at the year-end foreign exchange rate instead of a monthly
average rate;
\u2022 A net monetary gain or loss adjustment, recognised in the income statement, to reflect the impact
of inflation on holding monetary assets and liabilities in local currency; and
\u2022 Adjustment in the cash flow statement to reflect the current purchasing power.
The impact of the implementation of IAS 29 in the consolidated financial statements of the Group
is as follows:
31 Dec 2025
31 Dec 2024
Impact of Impact of
Before IAS\u202f29 After Before IAS\u202f29 After
Consolidated statement adjustment adjustment adjustment adjustment adjustment adjustment
of financial position USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Total assets
796,616
489
797,105
567,759
743
568,502
Total liabilities
635,052
207
635,259
471,879
132
472,011
Total equity
161,564
282
161,846
95,880
611
96,491
2025
2024
Impact of Impact of
Before IAS\u202f29 After Before IAS\u202f29 After
adjustment adjustment adjustment adjustment adjustment adjustment
Consolidated income statement USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Profit for the period
54,030
2,503
56,533
32,434
(3,901)
28,533
Total comprehensive income/(loss)
73,287
282
73,569
21,459
611
22,070
Breakdown of P&L impact for IAS 29
Loss on net monetary position
(1,863)
(5,401)
Impact of CPI adjustment on other
P&L items
4,366
1,500
Total impact of IAS 29 adjustments
on net profit
2,503
(3,901)
A net monetary loss of USD 1.9 million (2024: USD 5.4 million) is recognised in the income statement,
to reflect the impact of inflation and exchange rate movement on holding monetary assets and liabilities
in local currency in the subsidiaries in Ghana and Sierra Leone. A contribution of USD 4.4 million
(2024: USD 1.5 million) is recognised in P&L resulting from the adjustment of other P&L items to the
current purchasing power.
As a result of no longer applying IAS 29 for the operations in Ghana as per 30 June 2025, the Company
continues to use the adjusted historical cost of non\u2011monetary assets and calculated depreciation of
property and equipment and amortisation of right\u2011of\u2011use assets based on the adjusted historical cost as at
30 June 2025.
Summary of material judgements and estimates
A summary of material judgements and estimates are as follows:
Policy
Judgements
Estimates
Note ref.
Allowance for \u2022 Identification of staging of the \u2022 Back-testing based on the historical 2.5.1
ECL on loans loan portfolio. default trend.
and advances \u2022 Criteria for a significant increase \u2022 Forward-looking considerations.
in credit risk. \u2022 Management overlay.
\u2022 Identification of credit\u2011impaired loans.
\u2022 Monitoring impact of climate change.
Defined
\u2022
Changes in assumptions.
\u2022 Determination of discounting rate.
2.5.2
benefit plans \u2022 Salary increment rate.
BC models
\u2022 Recognition of the IDFC portfolio
\u2022 ECL related to the BC loans.
2.5.4
as off\u2011book because the credit risk and
is limited to 5% of the portfolio. 2.5.1
Direct \u2022 Whether the transfer constitutes a \u2022 ECL related to the DA loans 2.5.5
Assignment sale and whether all risk and rewards retained by ASA India.
of ownership have been transferred.
Leases \u2013 \u2022 Determining whether a contract \u2022 IBR used for the calculation of 2.5.6
estimating contains a lease under IFRS 16. ROU assets and lease liabilities.
the IBR
Deferred \u2022 Determining whether it is probable \u2022 Estimating the amount of DTA 2.5.7
tax assets that future profit will be available based on timing and likelihood
to utilise DTA. of future taxable profit.
\u2022 Estimation of future tax rates
for DTA.
Deferred \u2022 Determining whether there are any \u2022 Estimating the amount of DTL 2.5.7
tax liability constraints or regulatory restrictions based on timing and likelihood
to distribute retained earnings of future taxable amount and
as dividend. undistributed dividends from
subsidiaries.
\u2022 Estimation of future tax rates
for DTL.
Policy
Judgements
Estimates
Note ref.
Hyperinflation
\u2022 Determining whether the economy
\u2022 Estimation of daily CPI rates.
2.5.8
of a country meets the criteria for
hyperinflation as per IAS 29.
\u2022 Selection of appropriate sources
for CPIs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "2.1. General The consolidated financial statements of ASA International Group plc have been prepared on a historical cost basis, except for loans that failed Solely Payments of Principal and Interest (\u2018SPPI\u2019) tests, derivative and equity instruments, which have been measured at fair value. Additionally, the financial information of subsidiaries operating in hyperinflationary economies has been adjusted to reflect their current purchasing power. The consolidated financial statements are presented in USD and all values are rounded to the nearest thousand (USD\u2019 000), except when otherwise indicated. The Group has consistently applied the following accounting policies to all periods presented in these consolidated financial statements, except for as mentioned in Section 2.3. ASA International applied hyperinflation accounting across its operations in Ghana and Sierra Leone. It continued applying hyperinflation accounting for its operation in Sierra Leone as of 31 December 2025, but ceased its application in Ghana as of 30 June 2025. For more information refer to note 2.5.8 \u2018Hyperinflation\u2019. The consolidated financial statements for the year ended 31 December 2025 were authorised for issue in accordance with a resolution of the Directors on 14 April 2026. After the issue of the financial statements the Company\u2019s owners or others do not have the power to amend the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "The consolidated financial statements are presented in USD and all values are rounded to the nearest thousand (USD\u2019 000), except when otherwise indicated.", "dimensions": { "concept": "ifrs-full:LevelOfRoundingUsedInFinancialStatements", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "The consolidated financial statements for the year ended 31 December 2025 were authorised for issue in accordance with a resolution of the Directors on 14 April 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "
2.1.1. Basis of preparation
The consolidated financial statements for the year ended 31 December 2025 have been prepared on a
going concern basis. It should be noted that in the 2024 Annual Report and Accounts, approved on 24 April
2025, the Executive Committee and the Directors concluded that there was a material uncertainty that may
cast significant doubt over the Group\u2019s ability to continue as a going concern relating to debt covenant
breaches, and reputational risks leading to potential debt recalls. In performing the going concern
assessment for the 2025 consolidated financial statement, the Directors have reviewed these prior
concerns and considered current global economic and political challenges, while factoring the Group\u2019s
improved operating and financial position and expectations for the period up to 31 May 2027 (the
\u2018Assessment Period\u2019). The conclusion of this assessment reverses the previous view from the 2024 Annual
Report and Accounts and reconfirms the revised view from the interim H1 2025 financial statements. The
Executive Committee and the Directors conclude that there is no longer a material uncertainty that may
cast significant doubt over the Group\u2019s ability to continue as a going concern.
The Group has updated its detailed financial model for its budget and projections (the \u2018Projections\u2019) using
the actual numbers up to December 2025 and revised its forecasts for the Assessment Period. These are
based on detailed operating and financial assumptions, including cash requirements, funding plans, credit
and funding risks, and prevailing economic conditions. Given the continued increase in demand for its
financial products and services, which provides resources and access to capital to the financially
underserved, the Group has a high degree of confidence that the additional risks posed by any challenges in
any of its markets will not increase arrears materially.
The Group remains well capitalised and in compliance with capital requirements in all markets, with the
exception of India. In terms of liquidity, the Group has USD 79.0 million (2024: USD 50.2 million) of
unrestricted cash and cash equivalents which is freely available for operational needs as of 31 December
2025, and a strong funding pipeline of USD 261.6 million (2024: USD 120.7 million) with 100% having
agreed terms and which can be accessed in the short to medium term. This reaffirms the confidence lenders
have in the strength of the Group\u2019s business model and forward guidance. Additionally, given the improved
operating and financial performance in 2025, the Group is confident it will continue to internally generate
positive cash flows which will contribute to fully fund the projected loan portfolio growth and other
working capital needs throughout the Assessment Period.
The Group does not expect a significant increase in credit loss expenses with collections in the high 95%
range and the proportion of loans with overdue payments greater than 30 days (\u2018PAR>30 days\u2019) improved
to 1.7% as of December 2025. Although PAR>30 days remains relatively high in Sierra Leone, Rwanda and
the Philippines, senior management expects improvement in 2026 through targeted collection strategies.
ASA India\u2019s ability to operate a sustainable business remained a concern, while Management made progress
with its Board\u2011approved mandate to divest ASA India. ASA India has since submitted a formal request to
the Reserve Bank of India to withdraw its NBFI licence, and the process is currently in advanced stages.
The Group also acquired a significant portion of ASA India\u2019s debt to support ASA India in its effort to
achieve a full and final settlement in respect of its outstanding debt obligations towards its creditors. Senior
management expects that the proposed process to divest ASA India will improve the Group\u2019s sustainability
as the entity\u2019s IFRS losses will cease to detract from the Group\u2019s future net results and the divestment will
have a positive effect on the Group\u2019s equity, since the level of equity value in ASA India is negative under
IFRS.
While there remains uncertainty about how international lenders will react should the proposed actions by
the Group to divest ASA India fail to materialise, or in case of potential dissolution of the business, the
senior management views this risk as manageable and acceptable given: (i) developments around India have
been consistently communicated with the market through multiple channels, including the Group\u2019s Annual
Report, and Quarterly Business Updates throughout 2024 and 2025 giving ample time and clarity for
lenders to react if deemed necessary, (ii) The Group successfully purchased the sub\u2011debt held by the last
outstanding international lender to ASA India, which has continued to provide funding to the Group, (iii)
continued flow of funding to Group and its subsidiaries (USD 271.2 million in new debt funding received as
of December 2025) and consistent transaction pricing reflects sustained lender confidence and unchanged
risk perception, and (iv) the Group does not provide parent guarantees.
Moreover, as there are no cross\u2011default clauses in the loan agreements with the Group holdings or other
Group microfinance institutions (\u2018MFIs\u2019), any potential lender response would likely be limited to delaying or
declining new funding. Though the likelihood of such actions is seen as low as outlined above, senior
management assessed this possibility in its stress tests which demonstrated the Group\u2019s ability to sustain
its operations under such funding constraints over the assessment period.
As of 31 December 2025, the Group\u2019s total outstanding debt principal amounted to USD 412.3 million (2024: USD 312.7 million). The Group has reduced credit lines subject to covenant breaches to USD 5.4 million (December 2024: USD 28.2 million), some of which are of a technical nature. The Group has a history of negotiating covenant waivers, where required, and has received waivers for all breaches in the past following the post-balance sheet date, which indicates that the chance of an early debt call is low. However, this does not guarantee that waivers necessary to avoid the immediate repayment of debt or further extension of loan terms will be forthcoming in the future. In the unlikely event of such potential debt recalls, the Group can mitigate by utilising its existing unrestricted cash, or raise additional liquidity by focusing on the collection of existing loans from clients while curtailing disbursements, which can generate cash across its operating entities. This is not a preferred action but can be utilised to quickly raise liquidity in any country\u2019s operations to settle any debt recalls. This capacity has been demonstrated in practice in the Philippines, Myanmar, Sierra Leone and Pakistan in the last 5 years when there were events that created funding gaps, with the institutions shrinking their loan portfolios to pay down maturing debt. Further, the holding entities within the Group did not provide parent guarantees nor cross\u2011default clauses to funders of the operating subsidiaries, which protects the Group. The Executive Committee and the Board of Directors extensively challenged the Projections and their underlying assumptions including the above considerations. They also considered the risks around economic uncertainties resulting from high inflation, devaluation of local currencies, delays in dividend distributions, and increased operational costs. The Group also prepared stress and reverse stress scenarios for cash flows including the mitigating actions which include distribution of dividends and short\u2011term loans from subsidiaries with sufficient cash reserves. Having assessed the Projections, downtrend analysis and mitigation plans, the Executive Committee and the Directors have a reasonable expectation that the Group has adequate resources to continue its operations for at least twelve months from the date of approval of the consolidated financial statements for 2025, and through to 31 May 2027. Therefore, they continue to adopt a going concern basis for the preparation of the consolidated financial statements for 2025. Accordingly, these financial statements do not include any adjustments to the carrying amount or classification of assets and liabilities that would result if the Group was unable to continue as a going concern. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "2.1.1. Basis of preparation The consolidated financial statements for the year ended 31 December 2025 have been prepared on a going concern basis. It should be noted that in the 2024 Annual Report and Accounts, approved on 24 April 2025, the Executive Committee and the Directors concluded that there was a material uncertainty that may cast significant doubt over the Group\u2019s ability to continue as a going concern relating to debt covenant breaches, and reputational risks leading to potential debt recalls. In performing the going concern assessment for the 2025 consolidated financial statement, the Directors have reviewed these prior concerns and considered current global economic and political challenges, while factoring the Group\u2019s improved operating and financial position and expectations for the period up to 31 May 2027 (the \u2018Assessment Period\u2019). The conclusion of this assessment reverses the previous view from the 2024 Annual Report and Accounts and reconfirms the revised view from the interim H1 2025 financial statements. The Executive Committee and the Directors conclude that there is no longer a material uncertainty that may cast significant doubt over the Group\u2019s ability to continue as a going concern. The Group has updated its detailed financial model for its budget and projections (the \u2018Projections\u2019) using the actual numbers up to December 2025 and revised its forecasts for the Assessment Period. These are based on detailed operating and financial assumptions, including cash requirements, funding plans, credit and funding risks, and prevailing economic conditions. Given the continued increase in demand for its financial products and services, which provides resources and access to capital to the financially underserved, the Group has a high degree of confidence that the additional risks posed by any challenges in any of its markets will not increase arrears materially. The Group remains well capitalised and in compliance with capital requirements in all markets, with the exception of India. In terms of liquidity, the Group has USD 79.0 million (2024: USD 50.2 million) of unrestricted cash and cash equivalents which is freely available for operational needs as of 31 December 2025, and a strong funding pipeline of USD 261.6 million (2024: USD 120.7 million) with 100% having agreed terms and which can be accessed in the short to medium term. This reaffirms the confidence lenders have in the strength of the Group\u2019s business model and forward guidance. Additionally, given the improved operating and financial performance in 2025, the Group is confident it will continue to internally generate positive cash flows which will contribute to fully fund the projected loan portfolio growth and other working capital needs throughout the Assessment Period. The Group does not expect a significant increase in credit loss expenses with collections in the high 95% range and the proportion of loans with overdue payments greater than 30 days (\u2018PAR>30 days\u2019) improved to 1.7% as of December 2025. Although PAR>30 days remains relatively high in Sierra Leone, Rwanda and the Philippines, senior management expects improvement in 2026 through targeted collection strategies. ASA India\u2019s ability to operate a sustainable business remained a concern, while Management made progress with its Board\u2011approved mandate to divest ASA India. ASA India has since submitted a formal request to the Reserve Bank of India to withdraw its NBFI licence, and the process is currently in advanced stages. The Group also acquired a significant portion of ASA India\u2019s debt to support ASA India in its effort to achieve a full and final settlement in respect of its outstanding debt obligations towards its creditors. Senior management expects that the proposed process to divest ASA India will improve the Group\u2019s sustainability as the entity\u2019s IFRS losses will cease to detract from the Group\u2019s future net results and the divestment will have a positive effect on the Group\u2019s equity, since the level of equity value in ASA India is negative under IFRS. While there remains uncertainty about how international lenders will react should the proposed actions by the Group to divest ASA India fail to materialise, or in case of potential dissolution of the business, the senior management views this risk as manageable and acceptable given: (i) developments around India have been consistently communicated with the market through multiple channels, including the Group\u2019s Annual Report, and Quarterly Business Updates throughout 2024 and 2025 giving ample time and clarity for lenders to react if deemed necessary, (ii) The Group successfully purchased the sub\u2011debt held by the last outstanding international lender to ASA India, which has continued to provide funding to the Group, (iii) continued flow of funding to Group and its subsidiaries (USD 271.2 million in new debt funding received as of December 2025) and consistent transaction pricing reflects sustained lender confidence and unchanged risk perception, and (iv) the Group does not provide parent guarantees. Moreover, as there are no cross\u2011default clauses in the loan agreements with the Group holdings or other Group microfinance institutions (\u2018MFIs\u2019), any potential lender response would likely be limited to delaying or declining new funding. Though the likelihood of such actions is seen as low as outlined above, senior management assessed this possibility in its stress tests which demonstrated the Group\u2019s ability to sustain its operations under such funding constraints over the assessment period. As of 31 December 2025, the Group\u2019s total outstanding debt principal amounted to USD 412.3 million (2024: USD 312.7 million). The Group has reduced credit lines subject to covenant breaches to USD 5.4 million (December 2024: USD 28.2 million), some of which are of a technical nature. The Group has a history of negotiating covenant waivers, where required, and has received waivers for all breaches in the past following the post-balance sheet date, which indicates that the chance of an early debt call is low. However, this does not guarantee that waivers necessary to avoid the immediate repayment of debt or further extension of loan terms will be forthcoming in the future. In the unlikely event of such potential debt recalls, the Group can mitigate by utilising its existing unrestricted cash, or raise additional liquidity by focusing on the collection of existing loans from clients while curtailing disbursements, which can generate cash across its operating entities. This is not a preferred action but can be utilised to quickly raise liquidity in any country\u2019s operations to settle any debt recalls. This capacity has been demonstrated in practice in the Philippines, Myanmar, Sierra Leone and Pakistan in the last 5 years when there were events that created funding gaps, with the institutions shrinking their loan portfolios to pay down maturing debt. Further, the holding entities within the Group did not provide parent guarantees nor cross\u2011default clauses to funders of the operating subsidiaries, which protects the Group. The Executive Committee and the Board of Directors extensively challenged the Projections and their underlying assumptions including the above considerations. They also considered the risks around economic uncertainties resulting from high inflation, devaluation of local currencies, delays in dividend distributions, and increased operational costs. The Group also prepared stress and reverse stress scenarios for cash flows including the mitigating actions which include distribution of dividends and short\u2011term loans from subsidiaries with sufficient cash reserves. Having assessed the Projections, downtrend analysis and mitigation plans, the Executive Committee and the Directors have a reasonable expectation that the Group has adequate resources to continue its operations for at least twelve months from the date of approval of the consolidated financial statements for 2025, and through to 31 May 2027. Therefore, they continue to adopt a going concern basis for the preparation of the consolidated financial statements for 2025. Accordingly, these financial statements do not include any adjustments to the carrying amount or classification of assets and liabilities that would result if the Group was unable to continue as a going concern. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "2.1.2. Statement of compliance The Group and Parent Company financial statements are prepared in accordance with UK adopted International Accounting Standards (\u2018IAS\u2019 or \u2018IFRS\u2019). The preparation of the consolidated financial statements in conformity with IFRS requires senior management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "2.1.3. Consideration of climate change In preparing these financial statements, the Group has given consideration to the recommendations laid out by the Task Force on Climate\u2011related Financial Disclosures (\u2018TCFD\u2019) and the requirements as per section 414CB of the Companies Act 2006. The relevant assessment of the climate\u2011related risks outlined in the Group\u2019s Annual Report on page 67 has been incorporated into judgements associated with recognition, measurement, presentation and disclosure, where so permitted by UK adopted IAS. The accounting judgements relating to climate change are presented in note 2.5.1(F) and note 30.5. While there is currently no significant impact expected from climate change, the Directors are aware of the constant evolving risks attached to climate change and will regularly assess these risks against judgements and estimates made in preparation of the financial statements. ", "dimensions": { "concept": "asainternational:DescriptionOfAccountingPolicyForConsiderationOfClimateChange", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "2.1.4. Basis of consolidation The consolidated financial statements comprise the financial statements of the Group and its subsidiaries as at 31 December for each year presented. The financial statements of subsidiaries are similarly prepared for the year ended 31 December 2025 applying similar accounting policies. All intra\u2011Group balances, transactions, income and expenses and profits and losses resulting from intercompany transactions are eliminated in full. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. The Company has control over a subsidiary when it is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. The results of subsidiaries acquired or disposed of during the year are included (if any) in the consolidated statement of comprehensive income from the date of acquisition or up to the date of disposal, as appropriate. Non\u2011controlling interests represent the portion of profit or loss and net assets not owned, directly or indirectly, by the Group and are presented separately in the consolidated statement of comprehensive income and within equity in the consolidated statement of financial position, separately from the equity attributable to equity holders of the parent. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "2.2.1. Foreign currency translation The consolidated financial statements of the Group are presented in USD, which is also the Group\u2019s functional currency. The presentation currency is thus USD whereas the local currency is GBP for the parent. Each entity in the Group determines its own functional currency which may or may not be their local currency. Items included in the financial statements of each entity are measured using that functional currency. Transactions and balances Transactions in foreign currency (not functional currency of the entity) are initially recorded by the Group\u2019s entities at their respective functional currency at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currency are translated at the functional currency spot rate of exchange at the reporting date. All differences are taken to \u2018Exchange rate differences\u2019 in the statement of profit or loss and other comprehensive income. Non\u2011monetary items that are measured in terms of historical cost in foreign currency are translated using the exchange rates as at the date of the initial transaction. Non\u2011monetary items measured at fair value in foreign currency are translated using the exchange rates at the date when the fair value was determined. Effective 1 January 2025, the Company revised its source of foreign exchange rates used for financial reporting of ASA Myanmar. Previously, the Company applied the Central Bank of Myanmar\u2019s published reference rate. It has since adopted the Central Bank of Myanmar\u2019s published online trading FX rate as the new reference. This change was implemented to more accurately reflect the economic substance of foreign currency transactions and balances in Myanmar, thereby enhancing the reliability and relevance of the Company\u2019s financial reporting. The change in reference foreign exchange rate source has been applied prospectively from the effective date. Comparative figures for prior period have not been restated. Group companies As at the reporting date, the assets and liabilities of subsidiaries are translated into the Group\u2019s presentation currency (USD) which is also the functional currency of the Group at the rate of exchange ruling at the reporting date. Investments in subsidiaries and issued capital are translated at historical rate, and their statements of profit or loss and other comprehensive income are translated at the monthly average exchange rates for the year. Currency translation differences have been recorded in the Group\u2019s consolidated statement of financial position as foreign currency translation reserve through other comprehensive income. All amounts (i.e. assets, liabilities, equity, income and expenses) of the entities whose functional currency are the currency of a hyperinflationary economy is translated at the closing rate at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "The consolidated financial statements of the Group are presented in USD, which is also the Group\u2019s functional currency. The presentation currency is thus USD whereas the local currency is GBP for the parent. Each entity in the Group determines its own functional currency which may or may not be their local currency. Items included in the financial statements of each entity are measured using that functional currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "
2.2.2. Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability
or equity instrument of another entity.
a) Financial assets \u2013 initial recognition and subsequent measurement
(1) Date of recognition
Purchases or sales of financial assets that require the delivery of assets within the time frame generally
established by regulation or convention in the marketplace are recognised on the trade date, i.e. the date
that the Group commits to purchase or sell the asset.
(2) Initial recognition and measurement
The Group recognises a financial asset in its statement of financial position, when, and only when, the
entity becomes a party to the contractual provisions of the instrument. Financial assets are classified, at
initial recognition, and measured at fair value. Subsequently they are measured at amortised cost, fair value
through Other Comprehensive Income (\u2018OCI\u2019), and Fair Value Through Profit or Loss (\u2018FVTPL\u2019). The
classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow
characteristics and the Group\u2019s business model for managing them.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are SPPI on the principal amount outstanding. This assessment is
referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for
managing financial assets refers to how it manages its financial assets in order to generate cash flows. The
business model determines whether cash flows will result from collecting contractual cash flows, selling the
financial assets, or both. Financial assets classified and measured at amortised cost are held within a
business model with the objective to hold financial assets in order to collect contractual cash flows while
financial assets classified and measured at fair value through OCI are held within a business model with the
objective of both holding to collect contractual cash flows and selling.
(3) Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in three categories:
\u2022 Financial assets at amortised cost (Loans and advances to customers, Other receivables, Cash at bank
and in hand and Due from banks);
\u2022 Financial assets designated at fair value through OCI (equity instruments, derivative instruments under
cash flow hedge); and
\u2022 Financial assets at FVTPL (Loans and advances to customers at FVTPL).
Financial assets at amortised cost Financial assets at amortised cost are subsequently measured using the effective interest rate (\u2018EIR\u2019) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost includes Loans and advances to customers, Other receivables, Cash at bank and in hand and Due from banks. Financial assets designated at fair value through OCI Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument\u2011by\u2011instrument basis. Investments at FVOCI are subsequently measured at fair value with unrealised gains or losses recognised in OCI and credited to the Investments at FVOCI reserve. Gains and losses on these financial assets are never recycled to profit or loss. Equity instruments designated at fair value through OCI are not subject to impairment assessment. Financial assets at FVTPL Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses are recognised in profit or loss. Derivatives at FVTPL are recognised in profit or loss. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised where: \u2022 The right to receive cash flows from the asset has expired; or \u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass\u2011through\u2019 arrangement; and \u2022 Either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass\u2011through arrangement, and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Group\u2019s continuing involvement in the asset (see note 2.5.3 to 2.5.4). Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. b) Impairment of financial assets The Group recognises an allowance for Expected Credit Losses (\u2018ECLs\u2019) on Loans and advances to customers at amortised cost, Related party receivables, Cash at bank and Due from banks. Loans and advances to customers at amortised cost Given the nature of the Group\u2019s loan exposures (generally short\u2011term exposures, <12 months) no distinction has been made between stage 1 (12 months ECL) and stage 2 loans (lifetime ECL) for the ECL calculation. For disclosure purposes normally stage 1 loans are defined as loans overdue between 1\u201330 days. Stage 2 loans are overdue loans between 31\u201390 days. To avoid the complexity of calculating separate probability of default and loss given default, the Group uses a \u2018loss rate approach\u2019 for the measurement of ECLs. The \u2018loss rates\u2019 are determined based on historical credit loss experience, adjusted for forward\u2011looking factors specific to the economic environment. The Group considers there to have been a significant increase in credit risk when contractual payments are at least 31 days past due. In addition, loans and advances are treated as credit impaired (stage 3) when contractual payments are greater than 90 days past due. Write-off The Group uses judgement to determine bad loans which are written off. Based on management experience in the local market and the microfinance industry practice, loans over 365 days past due are bracketed as bad, unless there are specific circumstances that lead local management to believe that there is a reasonable expectation of recovery. In Pakistan, loans over 209 days are treated as bad as per regulatory requirement. The write\u2011offs occur mainly two times in a year (June and December). However, management (Group and/ or subsidiary) can write off loans earlier if loans are deemed unrecoverable or delay write\u2011offs in case of national calamity or any regulatory reasons subject to Board approval. From an operational perspective, all overdue loans are monitored for recovery up to two years overdue. Cash at bank, Due from banks and Related party For Cash at bank, Due from banks and Related party receivables, the Group used the S&P matrix for default rates based on the most recent publicly made available credit ratings of each counterparty. In the S&P matrix for default rates, there is no specified default rate for each of our external counterparties. Thus, the Group applied the default rate for all financial institutions. Then, the Group calculated the adjusted Probability of Default (\u2018PD\u2019)/default rates by accommodating management estimates. However, for non\u2011credit rated external counterparties; the PD/default rate is determined by choosing the riskier one between the mid\u2011point of credit ratings of banks the Group has business with and a similar level rated entity. Senior management collects the credit ratings of the banks where the funds are deposited and related parties (where applicable) on a half\u2011yearly basis and calculates the ECL on such items using the default rate identified as above. The Group considers credit risk to have significantly increased when the credit ratings of the bank and the related parties have been downgraded which in turn increases the Probability of Default. The Group considers the closure of a counterparty bank, dissolution of a related party or a significant liquidity crisis or any objective evidence of impairment such as bankruptcy to be indicators for stage 3. 2.2.3. Financial liabilities \u2013 Initial recognition and subsequent measurement (1) Initial recognition and measurement On initial recognition, financial liabilities at FVTPL are initially measured at their fair value as defined in note 2.2.14. The initial measurement of other financial liabilities is based on their fair value but adjusted in respect of any transaction costs that are incremental and directly attributable to the acquisition or issue of the financial instrument. The Group\u2019s financial liabilities include Debt issued and other borrowed funds, Due to customers, Lease liabilities, Other liabilities and Derivative instruments. (2) Subsequent measurement For the purposes of subsequent measurement, financial liabilities are classified in two categories: \u2022 Financial liabilities at amortised cost (Debt issued and other borrowed funds, Due to customers, Lease liabilities and Other liabilities); and \u2022 Financial liabilities at FVTPL (Derivative instruments). Financial liabilities at amortised cost Debt issued and other borrowed funds, Other liabilities and Due to customers are classified as liabilities where the substance of the contractual arrangement results in the Group having an obligation either to deliver cash or another financial asset to the holder, or to satisfy the obligation other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of own equity shares. After initial measurement, Debt issued and other borrowed funds including Due to customers are subsequently measured at amortised cost using the EIR method. Amortised cost is calculated by considering any discount or premium on the issue and costs that are an integral part of the EIR. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position only if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously. 2.2.4. Derivative instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts and cross currency interest rate swaps to hedge its foreign currency risks and interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value at the end of every reporting period. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. For the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment. The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. The Group uses forward currency contracts and cross currency interest rate swaps agreements as hedges of its exposure to foreign currency risk and interest rate risk in forecast transactions and firm commitments. The Group designates only the spot element of forward contracts as a hedging instrument. The forward element and cross currency basis risk is recognised in OCI and accumulated in a separate component of equity under Other reserves. The forward points and foreign exchange basis spreads are amortised throughout the contract tenure and reclassified out of OCI into profit and loss (\u2018P&L\u2019) as interest expenses.
2.2.14. Fair value measurement
The Group measures financial instruments such as derivatives, at fair value at each balance sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is based on
the presumption that the transaction to sell the asset or transfer the liability takes place either: (i) in the
principal market for the asset or liability; or (ii) in the absence of a principal market, in the most
advantageous market for the asset or liability. The principal or the most advantageous market must be
accessible by the Group.
The fair value of an asset or a liability is measured using the assumptions that market participants would
use when pricing the asset or liability, assuming that market participants act in their economic best interest.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorised within the fair value hierarchy, described as follows, based on the lowest level input that is
significant to the fair value measurement as a whole:
Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable; and
Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable.
When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the discounted cash flow (\u2018DCF\u2019) model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs, such as liquidity risk, credit risk and volatility. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "a) Financial assets \u2013 initial recognition and subsequent measurement (1) Date of recognition Purchases or sales of financial assets that require the delivery of assets within the time frame generally established by regulation or convention in the marketplace are recognised on the trade date, i.e. the date that the Group commits to purchase or sell the asset. (2) Initial recognition and measurement The Group recognises a financial asset in its statement of financial position, when, and only when, the entity becomes a party to the contractual provisions of the instrument. Financial assets are classified, at initial recognition, and measured at fair value. Subsequently they are measured at amortised cost, fair value through Other Comprehensive Income (\u2018OCI\u2019), and Fair Value Through Profit or Loss (\u2018FVTPL\u2019). The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are SPPI on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows while financial assets classified and measured at fair value through OCI are held within a business model with the objective of both holding to collect contractual cash flows and selling. (3) Subsequent measurement For purposes of subsequent measurement, financial assets are classified in three categories: \u2022 Financial assets at amortised cost (Loans and advances to customers, Other receivables, Cash at bank and in hand and Due from banks); \u2022 Financial assets designated at fair value through OCI (equity instruments, derivative instruments under cash flow hedge); and \u2022 Financial assets at FVTPL (Loans and advances to customers at FVTPL). Financial assets at amortised cost Financial assets at amortised cost are subsequently measured using the effective interest rate (\u2018EIR\u2019) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost includes Loans and advances to customers, Other receivables, Cash at bank and in hand and Due from banks. Financial assets designated at fair value through OCI Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument\u2011by\u2011instrument basis. Investments at FVOCI are subsequently measured at fair value with unrealised gains or losses recognised in OCI and credited to the Investments at FVOCI reserve. Gains and losses on these financial assets are never recycled to profit or loss. Equity instruments designated at fair value through OCI are not subject to impairment assessment. Financial assets at FVTPL Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses are recognised in profit or loss. Derivatives at FVTPL are recognised in profit or loss. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised where: \u2022 The right to receive cash flows from the asset has expired; or \u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass\u2011through\u2019 arrangement; and \u2022 Either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass\u2011through arrangement, and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Group\u2019s continuing involvement in the asset (see note 2.5.3 to 2.5.4). Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. b) Impairment of financial assets The Group recognises an allowance for Expected Credit Losses (\u2018ECLs\u2019) on Loans and advances to customers at amortised cost, Related party receivables, Cash at bank and Due from banks. Loans and advances to customers at amortised cost Given the nature of the Group\u2019s loan exposures (generally short\u2011term exposures, <12 months) no distinction has been made between stage 1 (12 months ECL) and stage 2 loans (lifetime ECL) for the ECL calculation. For disclosure purposes normally stage 1 loans are defined as loans overdue between 1\u201330 days. Stage 2 loans are overdue loans between 31\u201390 days. To avoid the complexity of calculating separate probability of default and loss given default, the Group uses a \u2018loss rate approach\u2019 for the measurement of ECLs. The \u2018loss rates\u2019 are determined based on historical credit loss experience, adjusted for forward\u2011looking factors specific to the economic environment. The Group considers there to have been a significant increase in credit risk when contractual payments are at least 31 days past due. In addition, loans and advances are treated as credit impaired (stage 3) when contractual payments are greater than 90 days past due. Write-off The Group uses judgement to determine bad loans which are written off. Based on management experience in the local market and the microfinance industry practice, loans over 365 days past due are bracketed as bad, unless there are specific circumstances that lead local management to believe that there is a reasonable expectation of recovery. In Pakistan, loans over 209 days are treated as bad as per regulatory requirement. The write\u2011offs occur mainly two times in a year (June and December). However, management (Group and/ or subsidiary) can write off loans earlier if loans are deemed unrecoverable or delay write\u2011offs in case of national calamity or any regulatory reasons subject to Board approval. From an operational perspective, all overdue loans are monitored for recovery up to two years overdue. Cash at bank, Due from banks and Related party For Cash at bank, Due from banks and Related party receivables, the Group used the S&P matrix for default rates based on the most recent publicly made available credit ratings of each counterparty. In the S&P matrix for default rates, there is no specified default rate for each of our external counterparties. Thus, the Group applied the default rate for all financial institutions. Then, the Group calculated the adjusted Probability of Default (\u2018PD\u2019)/default rates by accommodating management estimates. However, for non\u2011credit rated external counterparties; the PD/default rate is determined by choosing the riskier one between the mid\u2011point of credit ratings of banks the Group has business with and a similar level rated entity. Senior management collects the credit ratings of the banks where the funds are deposited and related parties (where applicable) on a half\u2011yearly basis and calculates the ECL on such items using the default rate identified as above. The Group considers credit risk to have significantly increased when the credit ratings of the bank and the related parties have been downgraded which in turn increases the Probability of Default. The Group considers the closure of a counterparty bank, dissolution of a related party or a significant liquidity crisis or any objective evidence of impairment such as bankruptcy to be indicators for stage 3. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "
Financial assets at FVTPL
Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses are recognised in
profit or loss. Derivatives at FVTPL are recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets)
is derecognised where:
\u2022 The right to receive cash flows from the asset has expired; or
\u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to
pay the received cash flows in full without material delay to a third party under a \u2018pass\u2011through\u2019
arrangement; and
\u2022 Either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group
has neither transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has entered into a
pass\u2011through arrangement, and has neither transferred nor retained substantially all the risks and rewards
of the asset nor transferred control of the asset, the asset is recognised to the extent of the Group\u2019s
continuing involvement in the asset (see note 2.5.3 to 2.5.4). Continuing involvement that takes the form of
a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset
and the maximum amount of consideration that the Group could be required to repay.
Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "b) Impairment of financial assets The Group recognises an allowance for Expected Credit Losses (\u2018ECLs\u2019) on Loans and advances to customers at amortised cost, Related party receivables, Cash at bank and Due from banks. Loans and advances to customers at amortised cost Given the nature of the Group\u2019s loan exposures (generally short\u2011term exposures, <12 months) no distinction has been made between stage 1 (12 months ECL) and stage 2 loans (lifetime ECL) for the ECL calculation. For disclosure purposes normally stage 1 loans are defined as loans overdue between 1\u201330 days. Stage 2 loans are overdue loans between 31\u201390 days. To avoid the complexity of calculating separate probability of default and loss given default, the Group uses a \u2018loss rate approach\u2019 for the measurement of ECLs. The \u2018loss rates\u2019 are determined based on historical credit loss experience, adjusted for forward\u2011looking factors specific to the economic environment. The Group considers there to have been a significant increase in credit risk when contractual payments are at least 31 days past due. In addition, loans and advances are treated as credit impaired (stage 3) when contractual payments are greater than 90 days past due. Write-off The Group uses judgement to determine bad loans which are written off. Based on management experience in the local market and the microfinance industry practice, loans over 365 days past due are bracketed as bad, unless there are specific circumstances that lead local management to believe that there is a reasonable expectation of recovery. In Pakistan, loans over 209 days are treated as bad as per regulatory requirement. The write\u2011offs occur mainly two times in a year (June and December). However, management (Group and/ or subsidiary) can write off loans earlier if loans are deemed unrecoverable or delay write\u2011offs in case of national calamity or any regulatory reasons subject to Board approval. From an operational perspective, all overdue loans are monitored for recovery up to two years overdue. Cash at bank, Due from banks and Related party For Cash at bank, Due from banks and Related party receivables, the Group used the S&P matrix for default rates based on the most recent publicly made available credit ratings of each counterparty. In the S&P matrix for default rates, there is no specified default rate for each of our external counterparties. Thus, the Group applied the default rate for all financial institutions. Then, the Group calculated the adjusted Probability of Default (\u2018PD\u2019)/default rates by accommodating management estimates. However, for non\u2011credit rated external counterparties; the PD/default rate is determined by choosing the riskier one between the mid\u2011point of credit ratings of banks the Group has business with and a similar level rated entity. Senior management collects the credit ratings of the banks where the funds are deposited and related parties (where applicable) on a half\u2011yearly basis and calculates the ECL on such items using the default rate identified as above. The Group considers credit risk to have significantly increased when the credit ratings of the bank and the related parties have been downgraded which in turn increases the Probability of Default. The Group considers the closure of a counterparty bank, dissolution of a related party or a significant liquidity crisis or any objective evidence of impairment such as bankruptcy to be indicators for stage 3. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "b) Impairment of financial assets The Group recognises an allowance for Expected Credit Losses (\u2018ECLs\u2019) on Loans and advances to customers at amortised cost, Related party receivables, Cash at bank and Due from banks. Loans and advances to customers at amortised cost Given the nature of the Group\u2019s loan exposures (generally short\u2011term exposures, <12 months) no distinction has been made between stage 1 (12 months ECL) and stage 2 loans (lifetime ECL) for the ECL calculation. For disclosure purposes normally stage 1 loans are defined as loans overdue between 1\u201330 days. Stage 2 loans are overdue loans between 31\u201390 days. To avoid the complexity of calculating separate probability of default and loss given default, the Group uses a \u2018loss rate approach\u2019 for the measurement of ECLs. The \u2018loss rates\u2019 are determined based on historical credit loss experience, adjusted for forward\u2011looking factors specific to the economic environment. The Group considers there to have been a significant increase in credit risk when contractual payments are at least 31 days past due. In addition, loans and advances are treated as credit impaired (stage 3) when contractual payments are greater than 90 days past due. Write-off The Group uses judgement to determine bad loans which are written off. Based on management experience in the local market and the microfinance industry practice, loans over 365 days past due are bracketed as bad, unless there are specific circumstances that lead local management to believe that there is a reasonable expectation of recovery. In Pakistan, loans over 209 days are treated as bad as per regulatory requirement. The write\u2011offs occur mainly two times in a year (June and December). However, management (Group and/ or subsidiary) can write off loans earlier if loans are deemed unrecoverable or delay write\u2011offs in case of national calamity or any regulatory reasons subject to Board approval. From an operational perspective, all overdue loans are monitored for recovery up to two years overdue. Cash at bank, Due from banks and Related party For Cash at bank, Due from banks and Related party receivables, the Group used the S&P matrix for default rates based on the most recent publicly made available credit ratings of each counterparty. In the S&P matrix for default rates, there is no specified default rate for each of our external counterparties. Thus, the Group applied the default rate for all financial institutions. Then, the Group calculated the adjusted Probability of Default (\u2018PD\u2019)/default rates by accommodating management estimates. However, for non\u2011credit rated external counterparties; the PD/default rate is determined by choosing the riskier one between the mid\u2011point of credit ratings of banks the Group has business with and a similar level rated entity. Senior management collects the credit ratings of the banks where the funds are deposited and related parties (where applicable) on a half\u2011yearly basis and calculates the ECL on such items using the default rate identified as above. The Group considers credit risk to have significantly increased when the credit ratings of the bank and the related parties have been downgraded which in turn increases the Probability of Default. The Group considers the closure of a counterparty bank, dissolution of a related party or a significant liquidity crisis or any objective evidence of impairment such as bankruptcy to be indicators for stage 3.
2.2.13. Impairment of non-financial assets
Impairment exists when the carrying value of an asset or Cash Generating Unit exceeds its recoverable
amount, which is the higher of its fair value less costs of disposal and its value in use.
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If
any indication exists, or when annual impairment testing for an asset is required, the Group estimates the
asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or Cash Generating
Unit\u2019s (\u2018CGU\u2019s\u2019) fair value less costs of disposal and its value in use. The recoverable amount is determined
for an individual asset, unless the asset does not generate cash inflows that are largely independent of
those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its
recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
Impairment losses of continuing operations are recognised in the statement of profit or loss in expense
categories. For assets excluding goodwill, an assessment is made at each reporting date to determine
whether there is an indication that previously recognised impairment losses no longer exist or have
decreased. If such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A
previously recognised impairment loss is reversed only if there has been a change in the assumptions used
to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. For Property
and equipment, the fair value less costs of disposal calculation is based on available data from similar assets
or observable market prices less incremental costs of disposing of the asset. For right\u2011of\u2011use assets (\u2018ROU\u2019)
the fair value is determined based on estimated rental payments using the incremental borrowing rate
(\u2018IBR\u2019) used for each country where such ROU exists. If there is a significant change in discount rates, the
fair value is reviewed to assess if there is impairment. The sensitivity analysis on account of IBR changes is
shown in note 17.
The Group has identified the impairment of non\u2011financial assets as one of the areas in which it could be
exposed to the financial impacts of climate change risk, as a number of the Group\u2019s operating areas are
prone to natural disasters. However, as the Group manages a frugal cost operating model with minimum
investment in fixed assets and leases, the impact of climate\u2011related financial loss is expected to be
insignificant.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "
2.2.3. Financial liabilities \u2013 Initial recognition and subsequent measurement
(1) Initial recognition and measurement
On initial recognition, financial liabilities at FVTPL are initially measured at their fair value as defined in
note 2.2.14. The initial measurement of other financial liabilities is based on their fair value but adjusted in
respect of any transaction costs that are incremental and directly attributable to the acquisition or issue of
the financial instrument. The Group\u2019s financial liabilities include Debt issued and other borrowed funds,
Due to customers, Lease liabilities, Other liabilities and Derivative instruments.
(2) Subsequent measurement
For the purposes of subsequent measurement, financial liabilities are classified in two categories:
\u2022 Financial liabilities at amortised cost (Debt issued and other borrowed funds, Due to customers, Lease
liabilities and Other liabilities); and
\u2022 Financial liabilities at FVTPL (Derivative instruments).
Financial liabilities at amortised cost
Debt issued and other borrowed funds, Other liabilities and Due to customers are classified as liabilities
where the substance of the contractual arrangement results in the Group having an obligation either to
deliver cash or another financial asset to the holder, or to satisfy the obligation other than by the exchange
of a fixed amount of cash or another financial asset for a fixed number of own equity shares. After initial
measurement, Debt issued and other borrowed funds including Due to customers are subsequently
measured at amortised cost using the EIR method. Amortised cost is calculated by considering any discount
or premium on the issue and costs that are an integral part of the EIR.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires.
When an existing financial liability is replaced by another from the same lender on substantially different
terms, or the terms of an existing liability are substantially modified, such an exchange or modification is
treated as the derecognition of the original liability and the recognition of a new liability. The difference in
the respective carrying amounts is recognised in the statement of profit or loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated
statement of financial position only if there is a currently enforceable legal right to offset the recognised
amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities
simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position only if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "2.2.4. Derivative instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts and cross currency interest rate swaps to hedge its foreign currency risks and interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value at the end of every reporting period. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. For the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment. The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. The Group uses forward currency contracts and cross currency interest rate swaps agreements as hedges of its exposure to foreign currency risk and interest rate risk in forecast transactions and firm commitments. The Group designates only the spot element of forward contracts as a hedging instrument. The forward element and cross currency basis risk is recognised in OCI and accumulated in a separate component of equity under Other reserves. The forward points and foreign exchange basis spreads are amortised throughout the contract tenure and reclassified out of OCI into profit and loss (\u2018P&L\u2019) as interest expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "2.2.4. Derivative instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts and cross currency interest rate swaps to hedge its foreign currency risks and interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value at the end of every reporting period. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. For the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment. The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. The Group uses forward currency contracts and cross currency interest rate swaps agreements as hedges of its exposure to foreign currency risk and interest rate risk in forecast transactions and firm commitments. The Group designates only the spot element of forward contracts as a hedging instrument. The forward element and cross currency basis risk is recognised in OCI and accumulated in a separate component of equity under Other reserves. The forward points and foreign exchange basis spreads are amortised throughout the contract tenure and reclassified out of OCI into profit and loss (\u2018P&L\u2019) as interest expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "2.2.4. Derivative instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts and cross currency interest rate swaps to hedge its foreign currency risks and interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value at the end of every reporting period. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. For the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment. The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. The Group uses forward currency contracts and cross currency interest rate swaps agreements as hedges of its exposure to foreign currency risk and interest rate risk in forecast transactions and firm commitments. The Group designates only the spot element of forward contracts as a hedging instrument. The forward element and cross currency basis risk is recognised in OCI and accumulated in a separate component of equity under Other reserves. The forward points and foreign exchange basis spreads are amortised throughout the contract tenure and reclassified out of OCI into profit and loss (\u2018P&L\u2019) as interest expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "2.2.5. Recognition of income and expenses Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, considering contractually defined terms of payment and excluding taxes or duties. The Group has concluded that it is principal in all of its revenue arrangements except for loans under the Business Correspondence (\u2018BC\u2019) model where the Group works as an agent. The following specific recognition criteria must also be met before revenue is recognised: (1) Interest and similar income and expense Interest income and expense are recognised in the statement of profit or loss and other comprehensive income based on the EIR method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the EIR, the Group shall estimate cash flows considering all contractual terms of the financial instrument but shall not consider future credit losses. The calculation includes all amounts paid or received between parties to the contract that are an integral part of the EIR of a financial instrument including transaction costs, and all other premiums or discounts. Interest income also includes loan processing fees that are integral to the interest rate. The Group recognises interest income on the stage 3 loans on the net loan balance. (2) Dividend income Dividend income is recognised when the Group\u2019s right to receive the payment is established. (3) Other income Other income includes group members\u2019 admission fees, document, application and verification fees, proceeds from sale of passbooks, distribution fee MBA Philippines, commission income from insurance products and service fees from off\u2011book loans under the BC model. The Group earns other income from a diverse range of services it provides to its clients and BC partners. Other income is recognised at an amount that reflects the consideration to which the Group expects to be entitled in exchange for providing the services. The performance obligations, as well as the timing of their satisfaction, are identified, and determined, at the inception of the contract. When the Group provides a service, consideration is invoiced and generally due immediately upon satisfaction of a service provided at a point in time or at the end of the contract period for a service provided over time unless otherwise specified. The performance obligation related to members\u2019 admission, document, application and verification fees and proceeds from sale of passbooks are satisfied in point of time and revenue is recognised at that point. Service fees from off\u2011book loans under the BC model are recognised on the basis of loan disbursement as the amount is received only after completion of the service. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "(1) Interest and similar income and expense Interest income and expense are recognised in the statement of profit or loss and other comprehensive income based on the EIR method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the EIR, the Group shall estimate cash flows considering all contractual terms of the financial instrument but shall not consider future credit losses. The calculation includes all amounts paid or received between parties to the contract that are an integral part of the EIR of a financial instrument including transaction costs, and all other premiums or discounts. Interest income also includes loan processing fees that are integral to the interest rate. The Group recognises interest income on the stage 3 loans on the net loan balance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "(1) Interest and similar income and expense Interest income and expense are recognised in the statement of profit or loss and other comprehensive income based on the EIR method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the EIR, the Group shall estimate cash flows considering all contractual terms of the financial instrument but shall not consider future credit losses. The calculation includes all amounts paid or received between parties to the contract that are an integral part of the EIR of a financial instrument including transaction costs, and all other premiums or discounts. Interest income also includes loan processing fees that are integral to the interest rate. The Group recognises interest income on the stage 3 loans on the net loan balance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "(1) Interest and similar income and expense Interest income and expense are recognised in the statement of profit or loss and other comprehensive income based on the EIR method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the EIR, the Group shall estimate cash flows considering all contractual terms of the financial instrument but shall not consider future credit losses. The calculation includes all amounts paid or received between parties to the contract that are an integral part of the EIR of a financial instrument including transaction costs, and all other premiums or discounts. Interest income also includes loan processing fees that are integral to the interest rate. The Group recognises interest income on the stage 3 loans on the net loan balance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "Service fees from off\u2011book loans under the BC model are recognised on the basis of loan disbursement as the amount is received only after completion of the service. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "2.2.6. Cash and cash equivalents Cash and cash equivalents as referred to in the statement of cash flows comprises Cash in hand and Cash at bank, included in which is both restricted and unrestricted cash at bank. Restricted cash at bank relates to Loan Collateral Build Up (\u2018LCBU\u2019) in the Philippines and security deposits from clients in Tanzania as disclosed in note 12. Unrestricted cash at bank relates to current accounts, on demand accounts and term deposits that have a maturity date of three months or less from the date of acquisition, held with commercial banks. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "
2.2.7. Property and equipment
Property and equipment is stated at cost excluding the costs of day\u2011to\u2011day servicing, less accumulated
depreciation and accumulated impairment in value. Changes in the expected useful life are accounted for
by changing the depreciation period or method, as appropriate, and are treated as changes in accounting
estimates.
Depreciation is calculated using the straight\u2011line method to write down the cost of property and equipment
to their residual values over their estimated useful lives. The estimated useful lives are as follows:
Furniture and fixtures: 5 years
Vehicles: 5 years
Office equipment including IT: 3 years
Buildings: 50 years
An item of property and equipment is derecognised upon disposal or when no future economic benefits are
expected from its use or disposal.
Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is recognised in \u2018Other operating income\u2019 or \u2018Other
operating expenses\u2019 in the statement of profit or loss and other comprehensive income in the year the asset
is derecognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "2.2.7. Property and equipment Property and equipment is stated at cost excluding the costs of day\u2011to\u2011day servicing, less accumulated depreciation and accumulated impairment in value. Changes in the expected useful life are accounted for by changing the depreciation period or method, as appropriate, and are treated as changes in accounting estimates. Depreciation is calculated using the straight\u2011line method to write down the cost of property and equipment to their residual values over their estimated useful lives. The estimated useful lives are as follows: Furniture and fixtures: 5 years Vehicles: 5 years Office equipment including IT: 3 years Buildings: 50 years An item of property and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is recognised in \u2018Other operating income\u2019 or \u2018Other operating expenses\u2019 in the statement of profit or loss and other comprehensive income in the year the asset is derecognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "
2.2.8. Taxes
(1) Current tax
Current tax assets and liabilities for the current and prior years are measured at the amount expected to be
recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount
are those that are enacted or substantively enacted at the reporting date in the countries where the Group
operates and generates taxable income. Senior management periodically evaluates positions taken in the
tax returns with respect to situations in which applicable tax regulations are subject to interpretation and
establishes provisions where appropriate.
(2) Deferred tax
Deferred tax is provided on temporary differences at the reporting date between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are
recognised for all taxable temporary differences, except: (i) where the deferred tax liability arises from the
initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination
and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss, and (ii) in
respect of taxable temporary differences associated with investments in subsidiaries and associates, where
the timing of the reversal of the temporary differences can be controlled and it is probable that the
temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses, can be set off: (i) where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss, and (ii) in respect of deductible temporary differences associated with investments in subsidiaries and associates, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it becomes probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax assets and deferred tax liabilities can only be offset in the statement of financial position if the Group has the legal right to settle current tax amounts on a net basis and the deferred tax amounts are levied by the same taxing authority on the same entity or different entities that intend to realise the asset and settle the liability at the same time. The Group recognises deferred tax on undistributed dividends. Reference is made to note 2.5.6 and note 11. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "(2) Deferred tax Deferred tax is provided on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised for all taxable temporary differences, except: (i) where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss, and (ii) in respect of taxable temporary differences associated with investments in subsidiaries and associates, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses, can be set off: (i) where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss, and (ii) in respect of deductible temporary differences associated with investments in subsidiaries and associates, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it becomes probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax assets and deferred tax liabilities can only be offset in the statement of financial position if the Group has the legal right to settle current tax amounts on a net basis and the deferred tax amounts are levied by the same taxing authority on the same entity or different entities that intend to realise the asset and settle the liability at the same time. The Group recognises deferred tax on undistributed dividends. Reference is made to note 2.5.6 and note 11. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "2.2.9. Dividend distribution on ordinary shares Dividends on ordinary shares will be recognised as a liability and deducted from equity when they are approved by the Group\u2019s shareholders. Interim dividends are deducted from equity when they are declared and no longer at the discretion of the Group. Dividends for the year that were approved after the reporting date will be disclosed as an event after the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "2.2.10. Short-term employee benefits Short\u2011term benefits typically relate to the payment of salaries and wages. These benefits are recorded on an accrual basis. 2.2.11. Post-employment benefits 2.2.11.1. Defined benefit plan The Group maintains a defined benefit plan in some subsidiaries, which leads to retirement benefit obligations. The defined benefit obligation and the related charge for the year are determined using assumptions required under actuarial valuation techniques. Remeasurements, comprising actuarial gains and losses, the effect of the asset ceiling, excluding an amount included in net interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability) are recognised immediately in the statement of financial position with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods. Past service costs are recognised in profit or loss on the earlier of: (i) the date of the plan amendment or curtailment, and (ii) the date that the Group recognises related restructuring costs. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognises the following changes in the net defined benefit obligation under operating expenses in the consolidated statement of comprehensive income: (i) service costs comprising current service costs, past service costs, gains and losses on curtailments and non\u2011routine settlements, and (ii) net interest expense or income. Reference is made to note 2.5.2. 2.2.11.2. Defined contribution plan Defined contribution employee benefits are expensed as they are paid, with an accrual recorded for any benefits owed, but not yet paid. The expenses of the defined contribution plan are incurred by the employer. The contributions are to be remitted by the entities to the fund on a monthly basis. Employees are allowed to withdraw the accumulated contribution in their accounts from this fund as per the terms and conditions specified in the fund acts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "2.2.12. Intangible assets The Group has adopted a strategy of enriching the offering to its clients with product diversification by adding Digital Financial Services (\u2018DFS\u2019). The DFS will be offered to its clients through a smartphone app, where clients will be able to apply online for loans and other financial services like a current account and a savings or deposit account. They will be able to view their loan and account information and make payments including paying bills. The DFS app will also include additional functions and services such as digital group meetings and a chat function. As part of the DFS, the Group is also developing a Supplier Market Place app (\u2018SMP\u2019) where clients can purchase goods for their businesses. SMP is a separate app, but is part of the DFS model to retain and attract loan and savings clients and generate payment transactions. For the introduction of current accounts and savings and deposits accounts and other digital services to our clients, the Group has procured a licence for a Core Banking System (\u2018CBS\u2019) for its IT infrastructure. The Group made upfront payments to buy the core banking software licence. The licence for the software is granted for ten years. Research and development costs Research costs are expensed as incurred. Development expenditures on an individual software project are recognised as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use; \u2022 Its intention to complete and its ability to use it or sell it; \u2022 How the asset will generate future economic benefits; \u2022 The availability of resources to complete the asset and use or sell it; and/or \u2022 The ability to measure reliably the expenditure during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete, and the asset is available for use. It is amortised over the period of expected future benefit. During the period of development, the asset is tested for impairment annually. The breakdown is presented in note 20. A summary of the policies applied to intangible asset is, as follows:
Initial licence and set-up costs
Development costs
Useful life
Finite (eight years)
Finite (eight years)
Amortisation starts
After installation for use
After installation for use
Amortisation method used
Amortised on a straight-line basis
Amortised on a straight-line basis
over the period of licence over the period of expected usage
Internally generated or acquired
Acquired
Internally generated
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "2.2.12. Intangible assets The Group has adopted a strategy of enriching the offering to its clients with product diversification by adding Digital Financial Services (\u2018DFS\u2019). The DFS will be offered to its clients through a smartphone app, where clients will be able to apply online for loans and other financial services like a current account and a savings or deposit account. They will be able to view their loan and account information and make payments including paying bills. The DFS app will also include additional functions and services such as digital group meetings and a chat function. As part of the DFS, the Group is also developing a Supplier Market Place app (\u2018SMP\u2019) where clients can purchase goods for their businesses. SMP is a separate app, but is part of the DFS model to retain and attract loan and savings clients and generate payment transactions. For the introduction of current accounts and savings and deposits accounts and other digital services to our clients, the Group has procured a licence for a Core Banking System (\u2018CBS\u2019) for its IT infrastructure. The Group made upfront payments to buy the core banking software licence. The licence for the software is granted for ten years. Research and development costs Research costs are expensed as incurred. Development expenditures on an individual software project are recognised as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use; \u2022 Its intention to complete and its ability to use it or sell it; \u2022 How the asset will generate future economic benefits; \u2022 The availability of resources to complete the asset and use or sell it; and/or \u2022 The ability to measure reliably the expenditure during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete, and the asset is available for use. It is amortised over the period of expected future benefit. During the period of development, the asset is tested for impairment annually. The breakdown is presented in note 20.
A summary of the policies applied to intangible asset is, as follows:
Initial licence and set-up costs
Development costs
Useful life
Finite (eight years)
Finite (eight years)
Amortisation starts
After installation for use
After installation for use
Amortisation method used
Amortised on a straight-line basis
Amortised on a straight-line basis
over the period of licence over the period of expected usage
Internally generated or acquired
Acquired
Internally generated
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "Research and development costs Research costs are expensed as incurred. Development expenditures on an individual software project are recognised as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use; \u2022 Its intention to complete and its ability to use it or sell it; \u2022 How the asset will generate future economic benefits; \u2022 The availability of resources to complete the asset and use or sell it; and/or \u2022 The ability to measure reliably the expenditure during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete, and the asset is available for use. It is amortised over the period of expected future benefit. During the period of development, the asset is tested for impairment annually. The breakdown is presented in note 20. A summary of the policies applied to intangible asset is, as follows:
Initial licence and set-up costs
Development costs
Useful life
Finite (eight years)
Finite (eight years)
Amortisation starts
After installation for use
After installation for use
Amortisation method used
Amortised on a straight-line basis
Amortised on a straight-line basis
over the period of licence over the period of expected usage
Internally generated or acquired
Acquired
Internally generated
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "2.2.13. Impairment of non-financial assets Impairment exists when the carrying value of an asset or Cash Generating Unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or Cash Generating Unit\u2019s (\u2018CGU\u2019s\u2019) fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. Impairment losses of continuing operations are recognised in the statement of profit or loss in expense categories. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. For Property and equipment, the fair value less costs of disposal calculation is based on available data from similar assets or observable market prices less incremental costs of disposing of the asset. For right\u2011of\u2011use assets (\u2018ROU\u2019) the fair value is determined based on estimated rental payments using the incremental borrowing rate (\u2018IBR\u2019) used for each country where such ROU exists. If there is a significant change in discount rates, the fair value is reviewed to assess if there is impairment. The sensitivity analysis on account of IBR changes is shown in note 17. The Group has identified the impairment of non\u2011financial assets as one of the areas in which it could be exposed to the financial impacts of climate change risk, as a number of the Group\u2019s operating areas are prone to natural disasters. However, as the Group manages a frugal cost operating model with minimum investment in fixed assets and leases, the impact of climate\u2011related financial loss is expected to be insignificant. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "value": "2.2.14. Fair value measurement The Group measures financial instruments such as derivatives, at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: (i) in the principal market for the asset or liability; or (ii) in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities; Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; and Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
When the fair values of financial assets and financial liabilities recorded in the statement of financial
position cannot be measured based on quoted prices in active markets, their fair value is measured using
valuation techniques including the discounted cash flow (\u2018DCF\u2019) model. The inputs to these models are
taken from observable markets where possible, but where this is not feasible, a degree of judgement is
required in establishing fair values. Judgements include considerations of inputs, such as liquidity risk,
credit risk and volatility.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "
2.2.15. Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract
conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
The Group determines the lease term as the non\u2011cancellable term of the lease. Any period covered by an
option to extend the lease is not considered unless it is reasonably certain to be exercised.
Right-of-use assets
The Group recognises ROU assets at the commencement date of the lease (i.e. the date the underlying
asset is available for use). ROU assets are measured at cost, less any accumulated depreciation and
impairment losses. ROU assets are depreciated on a straight-line basis over the shorter of the lease term
and the estimated useful life of the asset.
The ROU assets are also subject to impairment. Refer to the accounting policies in note 2.2.13 \u2018Impairment
of non\u2011financial assets\u2019.
Lease liabilities
(1) Initial measurement
At the commencement date of the lease, the Group recognises lease liabilities measured at the present
value of lease payments to be made over the lease term. There are no obligatory extension clauses in the
rental agreements. Although some lease contracts comprise the optional extension clauses, these are not
included on initial recognition because it is not always reasonably certain that the Group will take the
option. In calculating the present value of lease payments, ASA International uses the IBR at the lease
commencement date due to the reason that the interest rate implicit in the lease is not available. The IBR is
calculated using a reference rate (derived as country\u2011specific risk\u2011free rate) and adjusting it with Company\u2011
specific financing spread and integrating lease\u2011specific factors. Refer to note 2.5.5 on accounting estimates
and assumptions used to determine the IBR rates.
(2) Subsequent measurement
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest
and reduced for the lease payments made.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "
2.2.16. Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a
past event, it is probable that an outflow of resources embodying economic benefits will be required to
settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group
expects some or all of a provision to be reimbursed, for example, under an insurance contract, the
reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The
expense relating to a provision is presented in the statement of comprehensive income net of any
reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pre\u2011tax rate
that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in
the provision due to the passage of time is recognised as a finance cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "2.2.17. Share-based payments The Group granted options (\u2018Options\u2019) in the Group Company under its Long\u2011Term Incentive Plan (\u2018LTIP\u2019) to certain Executive Directors and Persons Discharging Managerial Responsibilities (\u2018PDMRs\u2019) and other staff in 2022, 2023, 2024 and 2025. The Company\u2019s LTIP is designed to incentivise and retain Directors and senior staff, along with aligning them with shareholders\u2019 interest to create long\u2011term value. The transaction is determined as an equity\u2011settled transaction. The cost of equity\u2011settled transactions is determined by the fair value at the date when the grant is made using anappropriate valuation model, further details of which are given in note 32.1. That cost is recognised within personnel expenses, together with a corresponding increase in equity (Other reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cost is booked from the date that the beneficiary accepted the grant. The cumulative expense recognised for equity\u2011settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "2.3. New standards, interpretations and amendments adopted by the Group The Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2025 (unless otherwise stated). The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. 2.3.1. Lack of exchangeability \u2013 Amendments to IAS 21 The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity\u2019s financial performance, financial position and cash flows. The amendments are effective for annual reporting periods beginning on or after 1 January 2025. When applying the amendments, an entity is not required to restate comparative information. Given the current economic environment in Myanmar, which includes ongoing geopolitical challenges and foreign exchange restrictions that have made the official reference rate not reliably observable for exchangeability, the Group has changed its source for the Myanmar exchange rate, as outlined in section 2.2.1. 2.4. Standards issued but not yet effective The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. 2.4.1. Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 On 30 May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments. The amendments include: i) Clarifications of the requirements for recognition and derecognition of financial assets and liabilities; ii) A clarification that a financial liability is derecognised on the \u2018settlement date\u2019 and the introduction of an accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an electronic payment system before the settlement date; iii) Additional guidance on how the contractual cash flows for financial assets with environmental, social and governance (\u2018ESG\u2019) and similar features should be assessed; iv) Clarifications on what constitute \u2018non\u2011recourse features\u2019 and what are the characteristics of contractually linked instruments; and v) The introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through OCI. The amendments are effective for annual periods starting on or after 1 January 2026. Early adoption is permitted, with an option to early adopt the amendments for classification of financial assets and related disclosures only. These amendments are not expected to have a material impact on the financial statements, however, the assessment is yet to be concluded. 2.4.2. Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7 In December 2024, the IASB issued Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing Nature\u2011 dependent Electricity. The amendments apply only to contracts that reference nature\u2011dependent electricity. The amendments: i) Clarify the application of the \u2018own\u2011use\u2019 requirements for in\u2011scope contracts; ii) Amend the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts; and iii) Add new disclosure requirements to enable investors to understand the effect of these contracts on a company\u2019s financial performance and cash flows. The amendments will take effect for annual reporting periods starting on or after 1 January 2026. Early adoption is allowed, but it must be disclosed. The amendments concerning the own\u2011use exception are to be applied retrospectively, while the hedge accounting amendments should be applied prospectively to new hedging relationships designated from the initial application date. Additionally, the IFRS 7 disclosure amendments must be implemented alongside the IFRS 9 amendments. If an entity does not restate comparative information, it cannot present comparative disclosures. The Group does not expect that the amendments will have a material impact on its consolidated financial statements. 2.4.3. IFRS 18 Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly defined management\u2011defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (\u2018PFS\u2019) and the notes. In addition, narrow\u2011scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January 2027, but early application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify the impact the amendments will have on the primary financial statements and notes to the financial statements. 2.4.4. IFRS 19 Subsidiaries without Public Accountability: Disclosures In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards. IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early application permitted. This standard is not expected to have a material impact on the financial statements, however, the assessment is yet to be concluded. 2.4. Standards issued but not yet effective (continued) ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-372": { "value": "2.3. New standards, interpretations and amendments adopted by the Group The Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2025 (unless otherwise stated). The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. 2.3.1. Lack of exchangeability \u2013 Amendments to IAS 21 The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity\u2019s financial performance, financial position and cash flows. The amendments are effective for annual reporting periods beginning on or after 1 January 2025. When applying the amendments, an entity is not required to restate comparative information. Given the current economic environment in Myanmar, which includes ongoing geopolitical challenges and foreign exchange restrictions that have made the official reference rate not reliably observable for exchangeability, the Group has changed its source for the Myanmar exchange rate, as outlined in section 2.2.1. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "value": "2.4. Standards issued but not yet effective The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. 2.4.1. Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 On 30 May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments. The amendments include: i) Clarifications of the requirements for recognition and derecognition of financial assets and liabilities; ii) A clarification that a financial liability is derecognised on the \u2018settlement date\u2019 and the introduction of an accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an electronic payment system before the settlement date; iii) Additional guidance on how the contractual cash flows for financial assets with environmental, social and governance (\u2018ESG\u2019) and similar features should be assessed; iv) Clarifications on what constitute \u2018non\u2011recourse features\u2019 and what are the characteristics of contractually linked instruments; and v) The introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through OCI. The amendments are effective for annual periods starting on or after 1 January 2026. Early adoption is permitted, with an option to early adopt the amendments for classification of financial assets and related disclosures only. These amendments are not expected to have a material impact on the financial statements, however, the assessment is yet to be concluded. 2.4.2. Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7 In December 2024, the IASB issued Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing Nature\u2011 dependent Electricity. The amendments apply only to contracts that reference nature\u2011dependent electricity. The amendments: i) Clarify the application of the \u2018own\u2011use\u2019 requirements for in\u2011scope contracts; ii) Amend the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts; and iii) Add new disclosure requirements to enable investors to understand the effect of these contracts on a company\u2019s financial performance and cash flows. The amendments will take effect for annual reporting periods starting on or after 1 January 2026. Early adoption is allowed, but it must be disclosed. The amendments concerning the own\u2011use exception are to be applied retrospectively, while the hedge accounting amendments should be applied prospectively to new hedging relationships designated from the initial application date. Additionally, the IFRS 7 disclosure amendments must be implemented alongside the IFRS 9 amendments. If an entity does not restate comparative information, it cannot present comparative disclosures. The Group does not expect that the amendments will have a material impact on its consolidated financial statements. 2.4.3. IFRS 18 Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly defined management\u2011defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (\u2018PFS\u2019) and the notes. In addition, narrow\u2011scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January 2027, but early application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify the impact the amendments will have on the primary financial statements and notes to the financial statements. 2.4.4. IFRS 19 Subsidiaries without Public Accountability: Disclosures In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards. IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early application permitted. This standard is not expected to have a material impact on the financial statements, however, the assessment is yet to be concluded. 2.4. Standards issued but not yet effective (continued) ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "2.5. Significant accounting judgements and estimates In the process of applying the Group\u2019s accounting policies, judgements and estimates are applied in determining the amounts recognised in the financial statements. Significant use of judgements and estimates are as follows: 2.5.1. Allowance for ECL on loans and advances The Group calculates the allowance for ECL in a three\u2011step process as described below under A to D. The Group reviews its loans at each reporting date to assess the adequacy of the ECL as recorded in the financial statements. In particular, judgement is required in the estimation of the amount and timing of future cash flows when determining the level of allowance required. Such estimates are based on certain assumptions such as the financial situation of the borrowers, types of loan, maturity of the loans, ageing of the portfolio, economic factors, etc. The actual performance of loans may differ from such estimates resulting in future changes to the allowance. Due to the nature of the industry in which the Group operates, i.e. micro credit to low\u2011income clients, the loan portfolio consists of a very high number of individual customers with low\u2011value exposures. These characteristics lead the Group to use a provisioning methodology based on a collective assessment of similar loans. The Group\u2019s policy for calculating the allowance for ECL is described below: a) Determination of loan staging The Group monitors the changes in credit risk in order to allocate the exposure to the correct staging bucket. Given the nature of the Group\u2019s loan exposures (generally short\u2011term exposures, <12 months) no distinction has been made between stage 1 (12 months ECL) and stage 2 loans (lifetime ECL) for calculating the ECL provision. The current and loans overdue below 31 days are considered as stage 1. Any loans overdue for 31\u201390 days are recognised as stage 2 loans. Loans overdue more than 90 days are recognised as stage 3 loans.
Overdue age
Staging
Current Stage 1
Bucket based 1\u201330 days
on overdue age
31\u201390 days
Stage 2
> 90 days
Stage 3
b) Calculating ECL for stage 1\u20132 loans To avoid the complexity of calculating the separate probabilities of default and loss given default, the Group uses a \u2018loss rate approach\u2019 for the measurement of ECLs under IFRS 9. Using this approach, the Group developed loss\u2011rate statistics on the basis of the net amounts written off over the last five years (Gross write\u2011off less subsequent recovery). The historical loss rates include the impact of security deposits held by the Group, which is adjusted with overdue amounts The forward\u2011looking element of the ECL model is constructed through looking at the trend in net write\u2011off information from the prior three years and applying a projected loss rate in order to anticipate future loss events. ECL as per the forward\u2011looking element comes to USD 1.5 million (2024: USD 126K). Changing the write\u2011off trend to two years, rather than three years for the forward\u2011looking assessment, would reduce ECL by USD 2K. c) Calculating ECL for stage 3 loans The Group considers a loan to be credit impaired when it is overdue for more than 90 days. The ECL applied to net stage 3 loans (after adjusting the security deposit which is held as collateral in certain countries) is at a rate below:
Loss %
ECL for stage 3 loans
2025
2024
Overdue age
91\u2013180 day s
40 and 50%
50 and 80%
181\u2013365 days
50 and 60%
70 and 100%
Over 365 days
90%
100%
In 2025, senior management considered a higher loss rate 50% (2024: 80%) for the loans bucketed between 91\u2013180 days, 60% (2024: 100%) for the loans bucketed between 181\u2013365 days and 90% (2024: 100%) for loans over 365 days overdue) in India, Myanmar, Pakistan, Nigeria, the Philippines, Sri Lanka, Tanzania, Sierra Leone and Zambia in view of operating challenges faced in these countries on account of high Portfolio at Risk (\u2018PAR\u2019), market challenges and political instability which might lead to a reduction in recoveries. In other countries, the loss rates considered are 40% (2024: 50%) for the loans bucketed between 91\u2013180 days, 50% (2024: 70%) for the loans bucketed between 181\u2013365 days and 90% (2024: 100%) for loans over 365 days overdue. The Group applies above two categories of loss rates for estimating ECL on stage 3 loans. Subsidiaries demonstrating comparatively stronger asset quality are assigned loss rates under Category 2, while higher loss rates under Category 1 are applied to subsidiaries with historically weaker asset quality. During the current year, ASAI has reduced the loss rates across both categories, as mentioned above The updated loss rates better reflect the improved collections on overdue loans and increased portfolio quality in recent years and therefor more appropriately reflect the current credit risk conditions of the loan portfolio at balance sheet date. Based on the above, the ECL for stage 3 loans amounts to USD 4.9 million (2024: USD 7.4 million). A sensitivity analysis on the stage 3 loss rates considers that a 100% loss rate applied across the entire stage 3 population (net of security deposit) would increase total ECLs by USD 2.7 million. d) Management overlay Under management overlay, ASAI typically builds up an additional ECL provision to cover potential risk exposures that may not be adequately reflected in the Group\u2019s existing ECL model, as explained under A\u2011C above. These additional risks include political, regulatory, environmental (including climate\u2011related), operational, and other market\u2011specific risks relevant to the regions where the Group operates which are not fully reflected in loss rates, overdue loan instalments and forward considerations. In 2025, no management overlay was taken (2024: USD 0.9M). e) Impact of macroeconomic indicators The Group provides small loans to clients who are not employed but operate their own small businesses in the informal sector and are less impacted by macroeconomic trends than other business sectors. In addition, the Group\u2019s loans average six months until maturity at the year end and so the impact of macroeconomic factors on the repayment of loans is inherently limited. Hence, senior management concluded that changes in macroeconomic indicators do not have any direct correlation with the ASA business model and, therefore, no adjustment was made to consider forecasts for such macroeconomic indicators in the forward\u2011looking element of its ECL provision calculation. f) Impact of climate change The Group and its customers are exposed to the physical risks from climate change and risks of transitioning to a net-zero economy. Most climate-related physical risks are expected to manifest over a term that is generally much longer than the maturity of most of the outstanding exposures. The following balances may be impacted by physical and transition risks. The Group has identified the ECL provision as one of the main areas in which it could be exposed to the financial impacts of climate change risk, as a number of the Group\u2019s operating areas are prone to natural disasters such as typhoons, flash floods or droughts. The Group\u2019s ECL model captures the expected impact of the climate\u2011related risks through the historical loss data that feeds the model, which also includes write\u2011offs due to such natural disasters. In addition, senior management monitors the situation in each of its operating territories post the balance sheet date for any factors that should be considered in its year\u2011end ECL calculations. As the Group\u2019s loans are short term, the impact of such events over the life of the loans would naturally be limited. Hence, no additional changes have been made in the existing model on account of climate\u2011related risks. However, given the evolving risks associated with climate change, senior management will continue to monitor whether adjustments to its ECL models are required for future periods. g) BC portfolio, Direct Assignment (\u2018DA\u2019) Portfolio and Securitisation portfolio of ASA India A similar assessment has been performed for the off\u2011book BC portfolio of ASA India (see note 13 for details of the BC portfolio). The off\u2011book BC portfolio consists of disbursements on behalf of IDFC First Bank (\u2018IDFC\u2019), JSFB, Ujjivan Small Finance Bank Limited (\u2018Ujjivan\u2019) and ESAF Small Finance Bank Limited (\u2018ESAF\u2019). IDFC BC is subject to a maximum provision of 5% of Outstanding Loan Portfolio (\u2018OLP\u2019), which is the maximum credit risk exposure for ASA India as per the agreement with IDFC. Credit risk exposure for ESAF is 5% and Ujjivan 100% of overdue portfolio. Risk exposure for JSFB is up to the loan outstanding. ECL for these off\u2011book BC portfolios (except JSFB) are assessed in line with ASA India\u2019s own OLP. For JSFB an average default rate of ASA India\u2019s own portfolio and JSFB\u2019s portfolio is considered. ECL for the off\u2011book BC portfolio comes to USD 1.3 million (2024: USD 2.2 million). The portion of the DA portfolio of ASA India which is on-book has also been treated the same as the regular portfolio. No provision for the off\u2011book portion of the DA portfolio was made because, as per the agreement with the State Bank of India, ASA India has no credit risk on this part of the DA portfolio. The Securitisation portfolio of ASA India has been assessed in line with ASA India\u2019s own portfolio. h) ECL on interest receivable ECL for interest receivable is assessed in the same line as OLP. ECL for interest receivable comes to USD 633K (2024: USD 551K). Based on the above assessment, the total provision for ECLs for loans and advances to customers can be summarised as follows:
2025
2024
Own Off-book Interest Own Off-book Interest
portfolio portfolio receivable portfolio portfolio receivable
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Particulars
ECL as per historical default rate
1,524
160
34
1,480
1,185
3
Forward considerations
1,495
133
51
126
-
3
ECL under stage 3 loans
4,911
997
548
7,357
719
545
Management overlay
\u2013
\u2013
\u2013
608
300
\u2013
7,93 0
1,290
633
9,571
2,204
551
2025
2024
Gross Gross
outstanding ECL Coverage outstanding ECL Coverage
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Allocated to:
Own portfolio
(note 13.1 and 13.4)
581,563
7,930
1%
420,355
9,571
2%
Off\u2011book BC portfolio
(note 13.2 and note 28)
28,778
1,290
4%
37, 255
2,204
6%
Interest receivable
(note 13.1 and note 13.4)
12,035
633
5%
7,294
551
8%
622,376
9,853
2%
464,904
12,326
3%
2.5.2. Defined benefit plans The cost of the defined benefit plan is determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, staff turnover and retirement age. Due to the complexities involved in the valuation and its long\u2011term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. The assumptions used in December 2025 and December 2024 are as follows: Assumptions defined benefit plan:
2025
2024
ASA ASA ASA ASA ASA ASA
Lak Jaya
Pakistan
ASA India
Nigeria
Kenya
PPFC
Uganda
Lak Jaya
Pakistan
ASA India
Nigeria
Kenya
PPFC
Discount rate
9.0%
11.0%
7.3%
15.5%
12.8%
6.7%
16.1%
10.0%
12.3%
7.0%
17. 5%
13.8%
6.2%
Salary increment
5.0%
11.0%
7.0%
15.0%
11.0%
5.0%
3.0%
10.0%
12.3%
6.3%
15.0%
11.0%
5.0%
Staff turnover
29.0%
14.6%
25.4%
5.0%
10.7%
41.0%
30.0%
22.0%
18.2%
30.7%
5.0%
6.9%
43.4%
Retirement age
60 years
60 years
65 years
60 years
60 years
60 years
55 years
60 years
60 years
60-65 years
60 years
60 years
60 years
The parameter most subject to change is the discount rate. Senior management engages third\u2011party actuaries to conduct the valuation. The defined benefit costs have been disclosed in note 8.2. The sensitivity analysis of the plan on account of any change in discount rate and salary increment is disclosed in note 8.3. Sensitivity analysis for changes in the other two assumptions were not done as the effect is determined immaterial. 2.5.4. Direct Assignment Between 2019 and 2020 ASA India entered into two DA agreements with the State Bank of India (\u2018SBI\u2019), through which the entity sold a pool of customers\u2019 loans amounting to USD 16.5 million against a purchase consideration of USD 14 million. The balance (15%) was kept as minimum retention as per guidelines issued by the Reserve Bank of India (\u2018RBI\u2019). Based on the agreements, 85% of the loans were derecognised on the books on the grounds that the entity transferred substantially all the risks and rewards of ownership of financial assets. 15% remained on\u2011book. Further information is available in note 13. 2.5.3. BC and partnership models The portfolios under the BC and partnership models in ASA India (\u2018BC model\u2019) are recognised on the statement of financial position based on whether the entity has the right to receive rewards. ASA India operates a BC model with IDFC, JSFB, Ujjivan and ESAF. The arrangement with Fincare has been dissolved this year. ASA India operates as an agent, whereby ASA India selects borrowers based on the selection criteria of the BC partner. The loans to borrowers of IDFC, JSFB, Ujjivan and ESAF and related funding are not recognised on the balance sheet since the loan agreements are made between the partners and the borrowers or the risk exposure related to the loans are capped at 5%. More information is available in note 13. 2.5.5. Leases \u2013 estimating the IBR The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the ROU asset in a similar economic environment. The Group applied a discount rate per country based on leases with similar characteristics applying a portfolio approach instead of a lease\u2011by\u2011lease approach which had no material impact for the Group. The starting point for estimating the reference rate is the local risk\u2011free rate. The Group developed an approach to determine the BR that is closely aligned with the definitions and requirements prescribed in IFRS 16. In this approach the Group first determined the country risk\u2011free rate and adjusted that with the Group\u2011 specific financing spread and lease\u2011specific adjustments to consider IBR rates. The Group used country sovereign rates to determine the risk\u2011free rate. If no sovereign risk\u2011free rate is available, a build\u2011up approach is applied that adjusts the USD based United States Treasury bond for: (i) the country risk premium, to capture country\u2011specific risk, and (ii) the long\u2011term inflation differential, to capture any currency risk. The Group\u2011specific financing spread is determined based on: (i) the Group\u2011specific perspective/credit rating, (ii) the credit rating of the legal entities (lessees) of ASA International, and (iii) the market interest rates/yields on industry\u2011specific bonds. The lease\u2011specific adjustment depends on the type/ nature of asset, and relates to the fact that a secured bond will have a lower yield compared to an unsecured bond. However, the yield difference varies based on the type/nature of the asset that is used as collateral. The IBRs used for different entities in 2025 and 2024 are as follows:
Lease Credit Approach
2025
2024
Country currency rating reference
IBR at different lease duration (year)
IBR at different lease duration (year)
Tenure of lease
1
2\u20134
5\u20136
7\u20139
1
2\u20134
5\u20136
7\u20139
Ghana
GHS
BBB
Local
23.3%
26.7%
22.8%
19.3%
22.8%
27.4%
23.8%
20.4%
Nigeria
NGN
BBB
Local
21.5%
21.6%
21.7%
21.4%
20.6%
20.8%
20.6%
20.2%
Sierra Leone
SLE
BB+
Build\u2011Up
27. 8%
27.8%
27.8%
27. 8%
28.0%
27.8%
27.8%
27.8%
Kenya
KES
BB-
Local
13.5%
14.8%
15.6%
15.8%
18.4%
19.5%
19.7%
19.2%
Rwanda
RWF
B+
Build\u2011Up
17.6%
17.6%
17.6%
17.6%
18.6%
18.6%
18.5%
18.5%
Tanzania
TZS
BBB-
Local
9.5%
9.7%
10.2%
11.2%
8.9%
9.5%
10.7%
12.1%
Uganda
UGX
BB-
Local
17.0%
17. 5%
17.9%
18.0%
15.9%
17.3%
18.2%
18.4%
Zambia
ZMW
BB-
Local
17.6%
21.2%
23.1%
23.7%
20.0%
24.2%
26.3%
27.6%
Bangladesh
BDT
BBB-
Local
13.0%
13.3%
13.2%
13.1%
13.0%
14.5%
14.7%
14.7%
India
INR
BB
Local
8.2%
8.1%
8.0%
7.9%
8.3%
8.9%
9.2%
9.2%
Pakistan
PKR
BBB
Local
13.5%
13.5%
13.3%
13.1%
19.9%
18.2%
17. 2%
16.5%
Sri Lanka
LKR
BB
Local
10.6%
11.3%
12.2%
12.5%
11.6%
12.8%
13.7%
14.3%
Myanmar
MMK
BBB-
Build\u2011Up
26.4%
26.5%
26.5%
26.5%
28.2%
28.1%
28.1%
28.1%
Philippines
PHP
BBB-
Local
7.1%
7.0%
6.9%
6.8%
7. 2%
7.9%
8.3%
8.4%
The Netherlands
EUR
BBB
Local
3.3%
3.1%
3.1%
3.2%
4.2%
4.3%
4.5%
4.6%
2.5.6. Taxes Deferred tax assets Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profits will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. In assessing the probability of recovery, the Group has used its five\u2011year business plan which is consistent with last year\u2019s assessment. This business plan was also used for the Going concern and Viability assessment. As at 31 December, the gross amount and expiry dates of losses available for carry forward are as follows:
Expiring Expiring Expiring
within within beyond
1 year 2\u20135\u202fyears 5\u202fyears Unlimited Total
2025 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Losses for which deferred tax asset
is recognised
\u2013
\u2013
\u2013
\u2013
\u2013
Losses for which deferred tax asset
is not recognised
1,308
5,943
41,485
46,074
94,810
1,308
5,943
41,485
46,074
94,810
Expiring Expiring Expiring
within within beyond
1 year 2\u20135\u202fyears 5\u202fyears Unlimited Total
2024 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Losses for which deferred tax asset
is recognised
\u2013
\u2013
\u2013
\u2013
\u2013
Losses for which deferred tax asset
is not recognised
2,851
5,338
38,221
36,200
82,610
2,851
5,338
38,221
36,200
82,610
If the Group was able to recognise all unrecognised deferred tax assets, profit and equity would have increased by USD 23.2 million (2024: USD 18.9 million). Deferred tax liabilities As of 31 December 2025, the Group has undistributed profits in its subsidiaries amounting to USD 108.1 million (2024: USD 68.9 million). The Group recognised a deferred tax liability amounting to USD 6.0 million (see note 11.4) on USD 80.7 million (2024: USD 4.4 million on USD 50.0 million) of undistributed profits on the assessment that these will be distributed in the foreseeable future. No deferred tax liability was recognised on the balance of USD 27.4 million (2024: USD 19.0 million) due to regulatory uncertainty on when those can be distributed. If the Group recognises a deferred tax liability on these profits, profit and equity would decrease by USD 2.5 million (2024: USD 2.9 million). 2.5.7. Hyperinflation Under IAS 29, \u2018Financial Reporting in Hyperinflationary Economies\u2019, consolidated financial statements prepared based on historical cost must be adjusted with the current purchasing power when operations are in an economy with hyperinflation. This involves applying a general price index that enables the financial information of the subsidiaries operating in a hyperinflationary economy to be presented in the measuring unit in force at the reporting date. All non\u2011monetary assets and liabilities of the subsidiaries operating in a hyperinflationary economy must therefore be adjusted for inflation in order to reflect changes in purchasing power at the reporting date. Similarly, the income statement is adjusted for inflation during the period. Monetary items do not need to be restated/adjusted as they already reflect purchasing power at the reporting date. IAS 29 does not establish an absolute rate at which hyperinflation is deemed to arise. It is a matter of judgement when restatement of financial statements in accordance with this standard becomes necessary. One of the key quantitative indicators is that the cumulative inflation rate over three years is approaching, or exceeds, 100%. 2.5.8. Hyperinflation ASA International operates in thirteen countries across Asia and Africa, and monitors the inflation rates in an inflation dashboard which is used as one indication of the existence of hyperinflation, together with an assessment of other economic conditions. ASA International applied hyperinflation accounting across its operations in Ghana and Sierra Leone in 2024. It continued applying hyperinflation accounting for its operation in Sierra Leone as of 31 December 2025 as the three\u2011year cumulative inflation in this country exceeded 100%, but ceased its application in Ghana as of 30 June 2025. The general price index used by ASA International for purposes of measuring inflation movements is the Consumer Price Index (\u2018CPI\u2019) of the specific country and is obtained from the International Monetary Fund World Economic Outlook Database. The application of IAS 29 includes the following adjustments: \u2022 Adjustment of historical cost non\u2011monetary assets, liabilities and stated capital for the change in purchasing power caused by inflation from the date of initial recognition or contribution to the balance sheet date; \u2022 Adjustment or contribution of the income statement for inflation during the year; \u2022 The income statement is translated at the year-end foreign exchange rate instead of a monthly average rate; \u2022 A net monetary gain or loss adjustment, recognised in the income statement, to reflect the impact of inflation on holding monetary assets and liabilities in local currency; and \u2022 Adjustment in the cash flow statement to reflect the current purchasing power. The impact of the implementation of IAS 29 in the consolidated financial statements of the Group is as follows:
31 Dec 2025
31 Dec 2024
Impact of Impact of
Before IAS\u202f29 After Before IAS\u202f29 After
Consolidated statement adjustment adjustment adjustment adjustment adjustment adjustment
of financial position USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Total assets
796,616
489
797,105
567,759
743
568,502
Total liabilities
635,052
207
635,259
471,879
132
472,011
Total equity
161,564
282
161,846
95,880
611
96,491
2025
2024
Impact of Impact of
Before IAS\u202f29 After Before IAS\u202f29 After
adjustment adjustment adjustment adjustment adjustment adjustment
Consolidated income statement USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Profit for the period
54,030
2,503
56,533
32,434
(3,901)
28,533
Total comprehensive income/(loss)
73,287
282
73,569
21,459
611
22,070
Breakdown of P&L impact for IAS 29
Loss on net monetary position
(1,863)
(5,401)
Impact of CPI adjustment on other
P&L items
4,366
1,500
Total impact of IAS 29 adjustments
on net profit
2,503
(3,901)
A net monetary loss of USD 1.9 million (2024: USD 5.4 million) is recognised in the income statement, to reflect the impact of inflation and exchange rate movement on holding monetary assets and liabilities in local currency in the subsidiaries in Ghana and Sierra Leone. A contribution of USD 4.4 million (2024: USD 1.5 million) is recognised in P&L resulting from the adjustment of other P&L items to the current purchasing power. As a result of no longer applying IAS 29 for the operations in Ghana as per 30 June 2025, the Company continues to use the adjusted historical cost of non\u2011monetary assets and calculated depreciation of property and equipment and amortisation of right\u2011of\u2011use assets based on the adjusted historical cost as at 30 June 2025. Summary of material judgements and estimates A summary of material judgements and estimates are as follows:
Policy
Judgements
Estimates
Note ref.
Allowance for \u2022 Identification of staging of the \u2022 Back-testing based on the historical 2.5.1
ECL on loans loan portfolio. default trend.
and advances \u2022 Criteria for a significant increase \u2022 Forward-looking considerations.
in credit risk. \u2022 Management overlay.
\u2022 Identification of credit\u2011impaired loans.
\u2022 Monitoring impact of climate change.
Defined
\u2022
Changes in assumptions.
\u2022 Determination of discounting rate.
2.5.2
benefit plans \u2022 Salary increment rate.
BC models
\u2022 Recognition of the IDFC portfolio
\u2022 ECL related to the BC loans.
2.5.4
as off\u2011book because the credit risk and
is limited to 5% of the portfolio. 2.5.1
Direct \u2022 Whether the transfer constitutes a \u2022 ECL related to the DA loans 2.5.5
Assignment sale and whether all risk and rewards retained by ASA India.
of ownership have been transferred.
Leases \u2013 \u2022 Determining whether a contract \u2022 IBR used for the calculation of 2.5.6
estimating contains a lease under IFRS 16. ROU assets and lease liabilities.
the IBR
Deferred \u2022 Determining whether it is probable \u2022 Estimating the amount of DTA 2.5.7
tax assets that future profit will be available based on timing and likelihood
to utilise DTA. of future taxable profit.
\u2022 Estimation of future tax rates
for DTA.
Deferred \u2022 Determining whether there are any \u2022 Estimating the amount of DTL 2.5.7
tax liability constraints or regulatory restrictions based on timing and likelihood
to distribute retained earnings of future taxable amount and
as dividend. undistributed dividends from
subsidiaries.
\u2022 Estimation of future tax rates
for DTL.
Policy
Judgements
Estimates
Note ref.
Hyperinflation
\u2022 Determining whether the economy
\u2022 Estimation of daily CPI rates.
2.5.8
of a country meets the criteria for
hyperinflation as per IAS 29.
\u2022 Selection of appropriate sources
for CPIs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "
3. Segment information
For management purposes, the Group is organised into reportable segments based on its geographical
areas and has five reportable segments, as follows:
\u2022 West Africa, which includes Ghana, Nigeria and Sierra Leone.
\u2022 East Africa, which includes Kenya, Uganda, Tanzania, Rwanda and Zambia.
\u2022 South Asia, which includes India, Pakistan and Sri Lanka.
\u2022 South East Asia, which includes Myanmar and the Philippines.
\u2022 Holding and other non\u2011operating entities, which includes holding entities and other entities without
microfinance activities.
No operating segments have been aggregated to form the above reportable operating segments. The
Company primarily provides only one type of service to its microfinance clients being small microfinance
loans which are managed under the same ASA Model in all countries. The reportable operating segments
have been identified on the basis of organisational overlap like common Board members, regional
management structure and cultural and political similarity due to their geographical proximity to each
other.
The Executive Committee is the Chief Operating Decision Maker (\u2018CODM\u2019) and monitors the operating
results of its reportable segments separately for the purpose of making decisions about resource allocation
and performance assessment. Segment performance is evaluated based on operational profits and losses
and is measured consistently with profit or loss in the consolidated financial statements. Transfer prices
between operating and non-operating segments are on an arm\u2019s length basis in a manner similar to
transactions with third parties and are based on the Group\u2019s transfer pricing framework.
Revenues and expenses as well as assets and liabilities of those entities that are not assigned to the four
reportable operating segments are reported under \u2018Holding and other non\u2011operating entities\u2019. Inter\u2011
segment revenues, expenses and balance sheet items are eliminated on consolidation.
No revenue from transactions with a single external customer or counterparty amounted to 10% or more
of the Group\u2019s total revenue in 2025 or 2024.
Holding
and\u202fother
non-operating Adjustments and
West Africa East Africa South Asia South East Asia entities Total segments eliminations Consolidated
As at 31 December 2025 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
External interest and similar income
97,256
106,001
56,738
39,442
428
299,865
\u2013
299,865
Inter-segment interest income
\u2013
\u2013
\u2013
\u2013
1,781
1,781
(1,781)
\u2013
External interest expense
(8,956)
(21,824)
(12,585)
(6,256)
(5,797)
(55,418)
\u2013
(55,418)
Inter-segment interest expense
(274)
(730)
(307)
(470)
\u2013
(1,781)
1,781
\u2013
Net interest income
88,026
83,447
43,846
32,716
(3,588)
244,447
\u2013
244,447
External other operating income
694
4,123
3,355
7,124
396
15,692
\u2013
15,692
Inter-segment other operating income
1
\u2013
\u2013
\u2013
\u2013
87, 556
87, 566
(87, 556)
\u2013
Other inter-segment expense
269
(6,651)
(168)
(3,366)
\u2013
(9,916)
9,916
\u2013
Total operating income
88,989
80,919
47,033
36,474
84,364
337,779
(77,640)
260,139
Credit loss expense
(1,603)
(1,928)
822
(1,971)
(3,140)
(7, 82 0)
(11)
(7,831)
Net operating income
87,386
78,991
47, 855
34,503
81,224
329,959
(77,651)
252,308
Personnel expenses
(15,056)
(25,041)
(19,239)
(13,423)
(7,616)
(80,375)
\u2013
(80,375)
Exchange rate differences
(33)
(1,031)
(16)
(1,090)
(973)
(3,143)
\u2013
(3,143)
Depreciation of property and equipment
(723)
(664)
(892)
(178)
(80)
(2,537)
\u2013
(2,537)
Amortisation of intangible assets
(64)
\u2013
(251)
\u2013
(1,015)
(1,330)
\u2013
(1,330)
Amortisation of ROU assets
(897)
(1,372)
(739)
(1,253)
(181)
(4,442)
\u2013
(4,442)
Other operating expenses
(12,295)
(17,4 38)
(7, 219)
(12,524)
(5,218)
(54,694)
\u2013
(54,694)
Gain/(loss) on net monetary position
(1,855)
\u2013
\u2013
\u2013
(8)
(1,863)
\u2013
(1,863)
Tax expenses
(17,754)
(12,425)
(9,362)
(1,229)
(6,621)
(47,391)
\u2013
(47,391)
Segment profit after tax
38,709
21,020
10,137
4,806
59,512
134,184
(77,651)
56,533
Total assets
211,302
260,669
171,590
121,498
276,033
1,041,092
(243,987)
797,105
Total liabilities
125,837
209,426
156,172
104,640
77,495
673,570
(38,311)
635,259
Explanation: Segment profit is net profit after tax.
1 Inter-segment operating income includes intercompany dividends, service charge fees and share in results of the subsidiaries.
The Group recorded a total external interest and similar income of USD 299.9 million (2024: 213.9 million). Ghana, Pakistan, and Tanzania are the key contributors, generating external interest and similar income of USD
82.9 million (2024: 40.8 million), USD 53.1 million (2024: 44.9 million) and USD 49.5 million (2024: 37.2 million) respectively.
The following table presents operating income and profit information for the Group\u2019s operating segments for the year ended 31 December 2024.
Holding
and\u202fother
non-operating Adjustments and
West Africa East Africa South Asia South East Asia entities Total segments eliminations Consolidated
As at 31 December 2024 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
External interest and similar income
50,896
74,873
47,829
40,218
58
213,874
\u2013
213,874
Inter-segment interest income
\u2013
\u2013
\u2013
\u2013
1,167
1,167
(1,167)
\u2013
External interest expense
(2,919)
(15,204)
(12,318)
(6,632)
(6,378)
(43,451)
\u2013
(43,451)
Inter-segment interest expense
(282)
(194)
(277)
(414)
\u2013
(1,167)
1,167
\u2013
Net interest income
47,695
59,475
35,234
33,172
(5,153)
170,423
\u2013
170,423
External other operating income
376
3,835
3,552
6,381
3,144
17,288
\u2013
17, 288
Inter-segment other operating income1
\u2013
\u2013
\u2013
\u2013
57,266
57,266
(57,266)
\u2013
Other inter-segment expense
(385)
(5,449)
(262)
(3,543)
368
(9,271)
9,271
\u2013
Total operating income
47,686
57,861
38,524
36,010
55,625
235,706
(47,995)
187,711
Credit loss expense
(875)
(1,257)
(2,290)
(2,467)
62
(6,827)
\u2013
(6,827)
Net operating income
46,811
56,604
36,234
33,543
55,687
228,879
(47,995)
180,884
Personnel expenses
(9,980)
(19,345)
(16,718)
(12,470)
(6,280)
(64,793)
\u2013
(64,793)
Exchange rate differences
(351)
17
15
(346)
(209)
(874)
\u2013
(874)
Depreciation of property and equipment
(278)
(519)
(732)
(340)
(105)
(1,974)
\u2013
(1,974)
Amortisation of ROU assets
(564)
(1,205)
(653)
(1,169)
(119)
(3,710)
\u2013
(3,710)
Other operating expenses
(6,124)
(11,044)
(6,753)
(10,897)
(4,922)
(39,740)
\u2013
(39,740)
Gain/(loss) on net monetary position
(5,350)
\u2013
\u2013
\u2013
(51)
(5,401)
\u2013
(5,401)
Tax expenses
(8,794)
(9,127)
(8,656)
(1,968)
(6,457)
(35,002)
\u2013
(35,002)
Segment profit after tax
15,370
15,381
2,554
6,353
36,870
76,528
(47,995)
28,533
Total assets
101,612
199,377
124,652
125,881
202,947
754,469
(185,967)
568,502
Total liabilities
58,254
159,435
108,451
109,479
58,439
494,058
(22,047)
472,011
Explanation: Segment profit is net profit after tax.
1 Inter-segment operating income includes intercompany dividends, service charge fees and share in results of the subsidiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "
4. Interest and similar income
Interest and similar income consists of interest income on microfinance loans to customers, and interest
income on bank balances and fixed\u2011term deposits.
2025 2024
Notes USD\u2019000 USD\u2019000
Interest income calculated using EIR
4.1.
295,296
206,598
Other interest and similar income
4.2.
4,569
7, 276
299,865
213,874
4.1. Interest income calculated using EIR
2025 2024
USD\u2019000 USD\u2019000
Interest income on loans and advances to customers
264,721
187,772
Loan processing fees
30,575
18,826
295,296
206,598
The increase in interest income and loan processing fees compared to last year is mainly due to growth of
the loan portfolio.
4.2. Other interest and similar income
2025 2024
USD\u2019000 USD\u2019000
Interest income on short-term deposits
3,881
4,470
Fair value movement of financial assets at FVTPL
222
2,712
Other interest income
466
94
4,569
7, 276
Interest income of loans reclassified to FVTPL for Kenya, Uganda, Sri Lanka and the Philippines has been
recognised under fair value movement of financial assets at FVTPL. The entities have stopped disbursing
loans with old insurance product resulting in reduction of the income.
5. Interest and similar expense
Included in interest and similar expense are accruals for interest payments to lenders, customers and other
charges from banks.
2025 2024
Notes USD\u2019000 USD\u2019000
Interest expense on debt and other borrowed funds
(43,990)
(35,068)
Interest expense on security deposits and others
(6,761)
(4,585)
Interest expense on lease liability
(533)
(479)
Commitment and processing fees
(287)
(104)
Amortisation of forward points of forward contracts
and currency basis spread of swap contracts
37.
(3,847)
(3,215)
(55,418)
(43,451)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "4. Interest and similar income Interest and similar income consists of interest income on microfinance loans to customers, and interest income on bank balances and fixed\u2011term deposits.
2025 2024
Notes USD\u2019000 USD\u2019000
Interest income calculated using EIR
4.1.
295,296
206,598
Other interest and similar income
4.2.
4,569
7, 276
299,865
213,874
4.1. Interest income calculated using EIR
2025 2024
USD\u2019000 USD\u2019000
Interest income on loans and advances to customers
264,721
187,772
Loan processing fees
30,575
18,826
295,296
206,598
The increase in interest income and loan processing fees compared to last year is mainly due to growth of the loan portfolio. 4.2. Other interest and similar income
2025 2024
USD\u2019000 USD\u2019000
Interest income on short-term deposits
3,881
4,470
Fair value movement of financial assets at FVTPL
222
2,712
Other interest income
466
94
4,569
7, 276
Interest income of loans reclassified to FVTPL for Kenya, Uganda, Sri Lanka and the Philippines has been recognised under fair value movement of financial assets at FVTPL. The entities have stopped disbursing loans with old insurance product resulting in reduction of the income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "4. Interest and similar income Interest and similar income consists of interest income on microfinance loans to customers, and interest income on bank balances and fixed\u2011term deposits.
2025 2024
Notes USD\u2019000 USD\u2019000
Interest income calculated using EIR
4.1.
295,296
206,598
Other interest and similar income
4.2.
4,569
7, 276
299,865
213,874
4.1. Interest income calculated using EIR
2025 2024
USD\u2019000 USD\u2019000
Interest income on loans and advances to customers
264,721
187,772
Loan processing fees
30,575
18,826
295,296
206,598
The increase in interest income and loan processing fees compared to last year is mainly due to growth of the loan portfolio. 4.2. Other interest and similar income
2025 2024
USD\u2019000 USD\u2019000
Interest income on short-term deposits
3,881
4,470
Fair value movement of financial assets at FVTPL
222
2,712
Other interest income
466
94
4,569
7, 276
Interest income of loans reclassified to FVTPL for Kenya, Uganda, Sri Lanka and the Philippines has been recognised under fair value movement of financial assets at FVTPL. The entities have stopped disbursing loans with old insurance product resulting in reduction of the income. 5. Interest and similar expense Included in interest and similar expense are accruals for interest payments to lenders, customers and other charges from banks.
2025 2024
Notes USD\u2019000 USD\u2019000
Interest expense on debt and other borrowed funds
(43,990)
(35,068)
Interest expense on security deposits and others
(6,761)
(4,585)
Interest expense on lease liability
(533)
(479)
Commitment and processing fees
(287)
(104)
Amortisation of forward points of forward contracts
and currency basis spread of swap contracts
37.
(3,847)
(3,215)
(55,418)
(43,451)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-373": { "value": "4. Interest and similar income Interest and similar income consists of interest income on microfinance loans to customers, and interest income on bank balances and fixed\u2011term deposits.
2025 2024
Notes USD\u2019000 USD\u2019000
Interest income calculated using EIR
4.1.
295,296
206,598
Other interest and similar income
4.2.
4,569
7, 276
299,865
213,874
4.1. Interest income calculated using EIR
2025 2024
USD\u2019000 USD\u2019000
Interest income on loans and advances to customers
264,721
187,772
Loan processing fees
30,575
18,826
295,296
206,598
The increase in interest income and loan processing fees compared to last year is mainly due to growth of the loan portfolio. 4.2. Other interest and similar income
2025 2024
USD\u2019000 USD\u2019000
Interest income on short-term deposits
3,881
4,470
Fair value movement of financial assets at FVTPL
222
2,712
Other interest income
466
94
4,569
7, 276
Interest income of loans reclassified to FVTPL for Kenya, Uganda, Sri Lanka and the Philippines has been recognised under fair value movement of financial assets at FVTPL. The entities have stopped disbursing loans with old insurance product resulting in reduction of the income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "5. Interest and similar expense Included in interest and similar expense are accruals for interest payments to lenders, customers and other charges from banks.
2025 2024
Notes USD\u2019000 USD\u2019000
Interest expense on debt and other borrowed funds
(43,990)
(35,068)
Interest expense on security deposits and others
(6,761)
(4,585)
Interest expense on lease liability
(533)
(479)
Commitment and processing fees
(287)
(104)
Amortisation of forward points of forward contracts
and currency basis spread of swap contracts
37.
(3,847)
(3,215)
(55,418)
(43,451)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "value": "5. Interest and similar expense Included in interest and similar expense are accruals for interest payments to lenders, customers and other charges from banks.
2025 2024
Notes USD\u2019000 USD\u2019000
Interest expense on debt and other borrowed funds
(43,990)
(35,068)
Interest expense on security deposits and others
(6,761)
(4,585)
Interest expense on lease liability
(533)
(479)
Commitment and processing fees
(287)
(104)
Amortisation of forward points of forward contracts
and currency basis spread of swap contracts
37.
(3,847)
(3,215)
(55,418)
(43,451)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "
6. Other operating income
2025 2024
USD\u2019000 USD\u2019000
Document, application and verification fees
7,337
6,965
Members\u2019 admission fees
1,071
1,410
Proceeds from sale of passbooks
206
195
Service fees income from off\u2011book BC model (ASA India)
1,982
3,120
Amortisation of deferred income
212
\u2013
Distribution fee MBA Philippines
2,208
1,695
Gain on purchase of loans
\u2013
3,024
Loan early settlement fee
591
45
Commission and service fee income from insurance products
495
\u2013
Other
1,590
834
15,692
17,288
ASA Uganda, ASA Kenya, ASA Zambia and ASA Nigeria have entered into arrangements with Turaco Micro
Insurance Company Limited in 2025, where ASAI entities act as an agent on a commission basis. Under the
arrangements, ASAI NV serves as an outsourced service provider to Turaco and receives a service fee as
compensation.
Other includes a number of small items that are smaller than USD 500K on an individual basis.
9. Other operating expenses
Other operating expenses includes the following items:
2025 2024
Notes USD\u2019000 USD\u2019000
Administrative expenses
9.1.
(47, 220)
(32,993)
Professional fees
9.2.
(3,709)
(3,215)
Audit fees
9.3.
(1,991)
(2,013)
International travel
(847)
(749)
CSR expenses
(383)
(209)
Other
(544)
(561)
(54,694)
(39,740)
9.1. Administrative expenses
2025 2024
USD\u2019000 USD\u2019000
Transport and representation expenses
(13,396)
(10,320)
Office expenses
(9,693)
(5,867)
Telecommunications and internet expenses
(6,231)
(4,770)
VAT/Output tax/Service tax
(8,413)
(4,736)
Gas, water and electricity
(1,357)
(1,256)
Bank charges
(1,525)
(1,119)
Insurance expenses
(1,303)
(974)
Training and seminar expenses
(646)
(397)
Fines and penalties for tax
(11)
(621)
Entertainment and amusement
(1,132)
(408)
Medical expense
(520)
(251)
Other administrative expenses
(2,993)
(2,274)
(47,220)
(32,993)
Office expenses increased due to business expansion. Increase in VAT/Output tax/Service tax is due to
growth in related income.
Other administrative expenses includes several small items that are smaller than USD 500K on an
individual basis.
9.2. Professional fees
2025 2024
USD\u2019000 USD\u2019000
Legal services fees
(536)
(418)
Other professional fees
(3,173)
(2,797)
(3,709)
(3,215)
Other professional fees includes fees for various consultants on tax, IT, accounting and actuary
valuation services.
9.3. Audit fees:
2025 2024
USD\u2019000 USD\u2019000
Auditor\u2019s remuneration is included within other operating expenses and comprises:
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s
annual accounts
(1,432)
(1,296)
Fees payable to the Company\u2019s auditor and its associates for other services:
Audit of the accounts of subsidiaries
(301)
(278)
Audit\u2011related assurance services
(253)
(422)
Other assurance services
(5)
(17)
(1,991)
(2,013)
Total audit fees
(1,733)
(1,574)
Total non\u2011audit services
(258)
(439)
Total fees
(1,991)
(2,013)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-375": { "value": "6. Other operating income
2025 2024
USD\u2019000 USD\u2019000
Document, application and verification fees
7,337
6,965
Members\u2019 admission fees
1,071
1,410
Proceeds from sale of passbooks
206
195
Service fees income from off\u2011book BC model (ASA India)
1,982
3,120
Amortisation of deferred income
212
\u2013
Distribution fee MBA Philippines
2,208
1,695
Gain on purchase of loans
\u2013
3,024
Loan early settlement fee
591
45
Commission and service fee income from insurance products
495
\u2013
Other
1,590
834
15,692
17,288
ASA Uganda, ASA Kenya, ASA Zambia and ASA Nigeria have entered into arrangements with Turaco Micro Insurance Company Limited in 2025, where ASAI entities act as an agent on a commission basis. Under the arrangements, ASAI NV serves as an outsourced service provider to Turaco and receives a service fee as compensation. Other includes a number of small items that are smaller than USD 500K on an individual basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "
7. Expected credit loss expense
2025 2024
Notes USD\u2019000 USD\u2019000
ECL on loans and advances to customers
13.3.
(4,011)
(6,934)
ECL on interest receivable
139
(340)
Other ECL expense
(5,468)
(2,696)
Recovery of previously written\u2011off loans
1,509
3,143
(7, 831)
(6,827)
The key assumptions applied for the ECL provision and related expense are explained in note 2.5.1.
Other ECL includes loss allowance provided against the off\u2011book portfolio in India and other receivables.
This also includes an impairment loss of USD 2.9 million which was paid for purchasing securitised notes
linked to the non\u2011convertible debentures (\u2018NCDs\u2019) issued by ASA India amounting to USD 11.0 million from
a fund managed by Symbiotics. This investment in NCDs is considered as stage 3 credit impaired;
consequently, the impairment loss is recognised provided that the amount is unlikely to be recovered.
The Group was able to collect a significant amount of previously written off loans, mainly in India.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "
8. Personnel expenses
Personnel expenses include total base salary expenses and employee pension plans:
2025 2024
Notes USD\u2019000 USD\u2019000
Personnel expenses
(72,343)
(58,337)
Defined contribution plans
(5,418)
(4,416)
Defined benefit plans
8.2.
(2,614)
(2,040)
(80,375)
(64,793)
8.1. Retirement benefit liability
2025 2024
Notes USD\u2019000 USD\u2019000
Retirement benefit liability
Retirement benefit liability as at beginning of period
6,856
4,838
Payments made during the period
(981)
(836)
Charge for the period
8.2.
2,614
2,040
Actuarial gains and losses on defined benefit liabilities (OCI)
(36)
1,243
Foreign exchange differences
61
(429)
Retirement benefit liability as at end of the period
8,514
6,856
ASA India, ASA Pakistan, Lak Jaya, Pagasa Philippines, ASA Nigeria, ASA Kenya, ASA Uganda, ASA Zambia,
ASA Sierra Leone and AMSL are maintaining defined benefit pension plans in the form of gratuity plans at
retirement, death, incapacitation and termination of employment for eligible employees. The funds for the
plans in ASA Pakistan, Pagasa Philippines, Lak Jaya, ASA Nigeria, ASA Kenya, ASA Uganda, ASA Zambia,
ASA Sierra Leone and AMSL are maintained by the entity itself and no plan assets have been established
separately. The funds for the plan of ASA India are being maintained with Life Insurance Corporation of
India and the entity\u2019s obligation is determined by actuarial valuation. There are no other post\u2011retirement
benefit plans available to the employees of the Group.
8.2. Charge for the period
2025 2024
USD\u2019000 USD\u2019000
Current service cost for the period
(1,299)
(1,353)
Past service cost
(569)
(80)
Interest cost for the period
(746)
(607)
(2,614)
(2,040)
8.3. Sensitivity analysis
A quantitative sensitivity analysis for significant assumptions as at 31 December 2025 and 31 December
2024 is shown below.
Assumptions
Discount rate
Future salary increases
1% 1% 1% 1%
increase decrease increase decrease
Sensitivity level
Year
 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Impact on defined benefit obligation
2025
(497)
1,252
1,254
(513)
Impact on defined benefit obligation
2024
(264)
1,209
1,218
(284)
8.4. Share-based payments
Personnel expenses for 2025 includes an amount of USD 421K (2024: USD 709K) against share\u2011based
payment expenses. Out of USD 421K, expenses related to key management personnel is USD 264K.
In October 2022, July 2023, July 2024, July 2025 and October 2025, the Group granted options (\u2018Options\u2019)
for 4.4 million ordinary shares of GBP 0.01 each in the Group Company under its LTIP to certain Executive
Directors and other senior staff. The Company\u2019s LTIP is designed to incentivise and retain Directors and
senior staff, along with aligning them with shareholders\u2019 interest to create long\u2011term value.
The Options will normally vest, subject to continued employment, on the following schedule:
a) 20% each year between the first and fifth anniversaries of the Grant Date; or
b) For Executive Directors only, 60% on the third anniversary and 20% on each of the fourth and fifth
anniversaries of the Grant Date.
To the extent they vest, the Options are exercisable at a price of GBP 0.93, GBP 0.84, GBP 0.82, GBP 1.34
and GBP 1.79 per ordinary share for options granted in 2022, 2023, 2024, July 2025 and October 2025
respectively, being the average share price for the three business days before the Grant Date. The Group
has issued certificates to the participants to the plan. During 2025 a total number of 0.09 million
(2024: 0.56 million) Options lapsed due to staff leaving the Group. Since the grant dates, 1.1 million option
rights have expired because the employees concerned have left the Company.
The fair value of Options granted during the year 2025 was estimated on the Grant Date based on the
Black\u2011Scholes model using the following assumptions:
Expected volatility (%) 66%, 65%, 65% and 70%
Risk-free interest rate (%) 3.7%, 5.2%, 5.4%, 4.3% and 4.0%
Expected life of share options (years) Ten years
Current share price (\u00a3) 1.90
Dividend yield (%) 0%
The weighted average fair value of the Options granted during the 12 months ended 31 December 2025
was GBP 1.15 (2024: GBP 0.69).
The following table illustrates the number and weighted average exercise prices (\u2018WAEP\u2019) of, and
movements in, share options during the year:
2025
2024
WAEP WAEP
Number
(in\u202fUSD)
Number
(in\u202fUSD)
Outstanding at beginning of the period
2,441,350
1.28
2,137,282
1.27
Granted during the period
877,676
1.32
867,372
1.28
Forfeited during the period
-
-
-
Exercised during the period
(41,440)
1.29
-
-
Expired during the period
(91,465)
1.27
(563,304)
1.27
Outstanding at end of the period
3,186,121
1.29
2,441,350
1.28
Exercisable at end of the period
1,370,356
1.28
892,195
1.28
Vesting of the 278K options granted to the ExCo members during October 2025 are subject to meeting
targets related to the growth in book value of the Company. The Threshold, Target and Stretch targets have
been formulated as a sliding scale:
3-year growth in book value per share
Maximum % of options vesting
<10% CAGR (i.e. <33.1% total growth)
0
Threshold
10% CAGR (i.e. 33.1% total growth)
25
Target
15% CAGR (i.e. 52.09% total growth)
50
Stretch
\u226520% CAGR (i.e. 72.8% total growth
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-376": { "value": "8.1. Retirement benefit liability
2025 2024
Notes USD\u2019000 USD\u2019000
Retirement benefit liability
Retirement benefit liability as at beginning of period
6,856
4,838
Payments made during the period
(981)
(836)
Charge for the period
8.2.
2,614
2,040
Actuarial gains and losses on defined benefit liabilities (OCI)
(36)
1,243
Foreign exchange differences
61
(429)
Retirement benefit liability as at end of the period
8,514
6,856
ASA India, ASA Pakistan, Lak Jaya, Pagasa Philippines, ASA Nigeria, ASA Kenya, ASA Uganda, ASA Zambia, ASA Sierra Leone and AMSL are maintaining defined benefit pension plans in the form of gratuity plans at retirement, death, incapacitation and termination of employment for eligible employees. The funds for the plans in ASA Pakistan, Pagasa Philippines, Lak Jaya, ASA Nigeria, ASA Kenya, ASA Uganda, ASA Zambia, ASA Sierra Leone and AMSL are maintained by the entity itself and no plan assets have been established separately. The funds for the plan of ASA India are being maintained with Life Insurance Corporation of India and the entity\u2019s obligation is determined by actuarial valuation. There are no other post\u2011retirement benefit plans available to the employees of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "value": "8.4. Share-based payments Personnel expenses for 2025 includes an amount of USD 421K (2024: USD 709K) against share\u2011based payment expenses. Out of USD 421K, expenses related to key management personnel is USD 264K. In October 2022, July 2023, July 2024, July 2025 and October 2025, the Group granted options (\u2018Options\u2019) for 4.4 million ordinary shares of GBP 0.01 each in the Group Company under its LTIP to certain Executive Directors and other senior staff. The Company\u2019s LTIP is designed to incentivise and retain Directors and senior staff, along with aligning them with shareholders\u2019 interest to create long\u2011term value. The Options will normally vest, subject to continued employment, on the following schedule: a) 20% each year between the first and fifth anniversaries of the Grant Date; or b) For Executive Directors only, 60% on the third anniversary and 20% on each of the fourth and fifth anniversaries of the Grant Date. To the extent they vest, the Options are exercisable at a price of GBP 0.93, GBP 0.84, GBP 0.82, GBP 1.34 and GBP 1.79 per ordinary share for options granted in 2022, 2023, 2024, July 2025 and October 2025 respectively, being the average share price for the three business days before the Grant Date. The Group has issued certificates to the participants to the plan. During 2025 a total number of 0.09 million (2024: 0.56 million) Options lapsed due to staff leaving the Group. Since the grant dates, 1.1 million option rights have expired because the employees concerned have left the Company. The fair value of Options granted during the year 2025 was estimated on the Grant Date based on the Black\u2011Scholes model using the following assumptions: Expected volatility (%) 66%, 65%, 65% and 70% Risk-free interest rate (%) 3.7%, 5.2%, 5.4%, 4.3% and 4.0% Expected life of share options (years) Ten years Current share price (\u00a3) 1.90 Dividend yield (%) 0% The weighted average fair value of the Options granted during the 12 months ended 31 December 2025 was GBP 1.15 (2024: GBP 0.69). The following table illustrates the number and weighted average exercise prices (\u2018WAEP\u2019) of, and movements in, share options during the year:
2025
2024
WAEP WAEP
Number
(in\u202fUSD)
Number
(in\u202fUSD)
Outstanding at beginning of the period
2,441,350
1.28
2,137,282
1.27
Granted during the period
877,676
1.32
867,372
1.28
Forfeited during the period
-
-
-
Exercised during the period
(41,440)
1.29
-
-
Expired during the period
(91,465)
1.27
(563,304)
1.27
Outstanding at end of the period
3,186,121
1.29
2,441,350
1.28
Exercisable at end of the period
1,370,356
1.28
892,195
1.28
Vesting of the 278K options granted to the ExCo members during October 2025 are subject to meeting targets related to the growth in book value of the Company. The Threshold, Target and Stretch targets have been formulated as a sliding scale:
3-year growth in book value per share
Maximum % of options vesting
<10% CAGR (i.e. <33.1% total growth)
0
Threshold
10% CAGR (i.e. 33.1% total growth)
25
Target
15% CAGR (i.e. 52.09% total growth)
50
Stretch
\u226520% CAGR (i.e. 72.8% total growth
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "9. Other operating expenses Other operating expenses includes the following items:
2025 2024
Notes USD\u2019000 USD\u2019000
Administrative expenses
9.1.
(47, 220)
(32,993)
Professional fees
9.2.
(3,709)
(3,215)
Audit fees
9.3.
(1,991)
(2,013)
International travel
(847)
(749)
CSR expenses
(383)
(209)
Other
(544)
(561)
(54,694)
(39,740)
9.1. Administrative expenses
2025 2024
USD\u2019000 USD\u2019000
Transport and representation expenses
(13,396)
(10,320)
Office expenses
(9,693)
(5,867)
Telecommunications and internet expenses
(6,231)
(4,770)
VAT/Output tax/Service tax
(8,413)
(4,736)
Gas, water and electricity
(1,357)
(1,256)
Bank charges
(1,525)
(1,119)
Insurance expenses
(1,303)
(974)
Training and seminar expenses
(646)
(397)
Fines and penalties for tax
(11)
(621)
Entertainment and amusement
(1,132)
(408)
Medical expense
(520)
(251)
Other administrative expenses
(2,993)
(2,274)
(47,220)
(32,993)
Office expenses increased due to business expansion. Increase in VAT/Output tax/Service tax is due to growth in related income. Other administrative expenses includes several small items that are smaller than USD 500K on an individual basis. 9.2. Professional fees
2025 2024
USD\u2019000 USD\u2019000
Legal services fees
(536)
(418)
Other professional fees
(3,173)
(2,797)
(3,709)
(3,215)
Other professional fees includes fees for various consultants on tax, IT, accounting and actuary valuation services. 9.3. Audit fees:
2025 2024
USD\u2019000 USD\u2019000
Auditor\u2019s remuneration is included within other operating expenses and comprises:
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s
annual accounts
(1,432)
(1,296)
Fees payable to the Company\u2019s auditor and its associates for other services:
Audit of the accounts of subsidiaries
(301)
(278)
Audit\u2011related assurance services
(253)
(422)
Other assurance services
(5)
(17)
(1,991)
(2,013)
Total audit fees
(1,733)
(1,574)
Total non\u2011audit services
(258)
(439)
Total fees
(1,991)
(2,013)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "9. Other operating expenses Other operating expenses includes the following items:
2025 2024
Notes USD\u2019000 USD\u2019000
Administrative expenses
9.1.
(47, 220)
(32,993)
Professional fees
9.2.
(3,709)
(3,215)
Audit fees
9.3.
(1,991)
(2,013)
International travel
(847)
(749)
CSR expenses
(383)
(209)
Other
(544)
(561)
(54,694)
(39,740)
9.1. Administrative expenses
2025 2024
USD\u2019000 USD\u2019000
Transport and representation expenses
(13,396)
(10,320)
Office expenses
(9,693)
(5,867)
Telecommunications and internet expenses
(6,231)
(4,770)
VAT/Output tax/Service tax
(8,413)
(4,736)
Gas, water and electricity
(1,357)
(1,256)
Bank charges
(1,525)
(1,119)
Insurance expenses
(1,303)
(974)
Training and seminar expenses
(646)
(397)
Fines and penalties for tax
(11)
(621)
Entertainment and amusement
(1,132)
(408)
Medical expense
(520)
(251)
Other administrative expenses
(2,993)
(2,274)
(47,220)
(32,993)
Office expenses increased due to business expansion. Increase in VAT/Output tax/Service tax is due to growth in related income. Other administrative expenses includes several small items that are smaller than USD 500K on an individual basis. 9.2. Professional fees
2025 2024
USD\u2019000 USD\u2019000
Legal services fees
(536)
(418)
Other professional fees
(3,173)
(2,797)
(3,709)
(3,215)
Other professional fees includes fees for various consultants on tax, IT, accounting and actuary valuation services. 9.3. Audit fees:
2025 2024
USD\u2019000 USD\u2019000
Auditor\u2019s remuneration is included within other operating expenses and comprises:
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s
annual accounts
(1,432)
(1,296)
Fees payable to the Company\u2019s auditor and its associates for other services:
Audit of the accounts of subsidiaries
(301)
(278)
Audit\u2011related assurance services
(253)
(422)
Other assurance services
(5)
(17)
(1,991)
(2,013)
Total audit fees
(1,733)
(1,574)
Total non\u2011audit services
(258)
(439)
Total fees
(1,991)
(2,013)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "9.1. Administrative expenses
2025 2024
USD\u2019000 USD\u2019000
Transport and representation expenses
(13,396)
(10,320)
Office expenses
(9,693)
(5,867)
Telecommunications and internet expenses
(6,231)
(4,770)
VAT/Output tax/Service tax
(8,413)
(4,736)
Gas, water and electricity
(1,357)
(1,256)
Bank charges
(1,525)
(1,119)
Insurance expenses
(1,303)
(974)
Training and seminar expenses
(646)
(397)
Fines and penalties for tax
(11)
(621)
Entertainment and amusement
(1,132)
(408)
Medical expense
(520)
(251)
Other administrative expenses
(2,993)
(2,274)
(47,220)
(32,993)
Office expenses increased due to business expansion. Increase in VAT/Output tax/Service tax is due to growth in related income. Other administrative expenses includes several small items that are smaller than USD 500K on an individual basis. 9.2. Professional fees
2025 2024
USD\u2019000 USD\u2019000
Legal services fees
(536)
(418)
Other professional fees
(3,173)
(2,797)
(3,709)
(3,215)
Other professional fees includes fees for various consultants on tax, IT, accounting and actuary valuation services. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "9.3. Audit fees:
2025 2024
USD\u2019000 USD\u2019000
Auditor\u2019s remuneration is included within other operating expenses and comprises:
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s
annual accounts
(1,432)
(1,296)
Fees payable to the Company\u2019s auditor and its associates for other services:
Audit of the accounts of subsidiaries
(301)
(278)
Audit\u2011related assurance services
(253)
(422)
Other assurance services
(5)
(17)
(1,991)
(2,013)
Total audit fees
(1,733)
(1,574)
Total non\u2011audit services
(258)
(439)
Total fees
(1,991)
(2,013)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "
10. Exchange rate differences
The Group incurred certain foreign exchange losses on monetary assets denominated in currencies other
than the Group\u2019s functional currency.
2025 2024
USD\u2019000 USD\u2019000
Foreign currency losses
(6,199)
(7,527)
Foreign currency gains
3,056
6,653
(3,143)
(874)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "
11. Income tax and withholding tax expense
2025 2024
USD\u2019000 USD\u2019000
Income tax expense
Income tax for current period
(39,646)
(27,477)
Income tax for previous period
(401)
(2,061)
Changes in deferred income tax
(763)
980
(40,810)
(28,558)
11.1. Current tax liability
2025 2024
USD\u2019000 USD\u2019000
Balance as at beginning of period
14,179
9,326
Tax charge:
Current period
39,646
27,477
Previous period
401
2,061
Tax paid
(38,240)
(24,481)
Foreign exchange adjustment
(1,190)
(204)
Balance as at end of period
14,796
14,179
11.2. Deferred tax assets
2025 2024
USD\u2019000 USD\u2019000
Balance as at beginning of period
7, 277
5,769
Addition during the period
(141)
1,998
Impact of hyperinflation for the period
(202)
(52)
Foreign exchange adjustment
37
(438)
Balance as at end of period
6,971
7,277
Deferred tax assets are temporary differences recognised in accordance with local tax regulations and with
reasonable certainty that sufficient future taxable income will be available against which such deferred tax
assets can be realised.
11.3. Deferred tax liability
2025 2024
USD\u2019000 USD\u2019000
Balance as at beginning of period
4,635
2,406
Charge during the period
2,565
2,110
Impact of hyperinflation for the period
207
132
Foreign exchange adjustment
92
(13)
Balance as at end of period
7,499
4,635
11.4. Deferred tax relates to:
2025
2024
Deferred Deferred tax Income Deferred Deferred tax Income
tax\u202fassets liabilities statement tax\u202fassets liabilities statement
Deferred tax relates to: USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Allowance for ECL
2,514
\u2013
303
1,951
\u2013
832
Provision for retirement liabilities
2,407
\u2013
789
1,544
\u2013
240
Provision on FX loss
600
\u2013
413
184
\u2013
3
Other temporary differences
1,902
371
(1,810)
2,738
(124)
(137)
IFRS 16 Lease
\u2013
854
(295)
\u2013
416
67
Undistributed profit of subsidiary
\u2013
6,056
(1,667)
\u2013
4,388
(2,258)
Modification loss
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Impact of hyperinflation
\u2013
218
(395)
\u2013
(27)
(209)
Other comprehensive income/
Revaluation of cash flow hedge
(452)
\u2013
(453)
860
(18)
1,166
6,971
7,499
(3,115)
7, 277
4,635
(296)
11.5. Reconciliation of the total tax charge
2025 2024
USD\u2019000 USD\u2019000
Accounting result before tax
103,924
63,535
Income tax expense at nominal rate of consolidated entities
(33,832)
(20,967)
(Under) provision for income tax of previous period
(401)
(2,061)
Movement in unrecognised deferred taxes
(5,035)
(3,410)
Exempt income
115
294
Tax impact on elimination
528
528
Impact for hyperinflation
(689)
(1,572)
Permanent differences (non\u2011deductible expenses)
(1,496)
(1,370)
Total income tax expense for the period
(40,810)
(28,558)
Weighted average nominal rate of consolidated entities
33%
33%
Consolidated effective tax rate (without withholding taxes)
39%
45%
11.6. Income tax per region
2025 2024
USD\u2019000 USD\u2019000
Corporate income tax \u2013 West Africa
(17,754)
(8,794)
Corporate income tax \u2013 South Asia
(9,362)
(8,650)
Corporate income tax \u2013 East Africa
(12,425)
(9,127)
Corporate income tax \u2013 South East Asia
(1,192)
(1,926)
Corporate income tax \u2013 Holding and other non\u2011operating entities
(77)
(61)
Total income tax per region
(40,810)
(28,558)
11.7. Withholding tax expense
2025 2024
USD\u2019000 USD\u2019000
Withholding tax on interest income, dividend, royalties and service fees
(1,697)
(1,521)
Deferred tax on undistributed dividend
(4,884)
(4,923)
Total withholding tax expense
(6,581)
(6,444)
Interest income, dividends, royalties and service fees are subject to withholding tax in certain jurisdictions.
The applicable withholding tax rates vary per country and per type of income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "11.2. Deferred tax assets
2025 2024
USD\u2019000 USD\u2019000
Balance as at beginning of period
7, 277
5,769
Addition during the period
(141)
1,998
Impact of hyperinflation for the period
(202)
(52)
Foreign exchange adjustment
37
(438)
Balance as at end of period
6,971
7,277
Deferred tax assets are temporary differences recognised in accordance with local tax regulations and with reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised. 11.3. Deferred tax liability
2025 2024
USD\u2019000 USD\u2019000
Balance as at beginning of period
4,635
2,406
Charge during the period
2,565
2,110
Impact of hyperinflation for the period
207
132
Foreign exchange adjustment
92
(13)
Balance as at end of period
7,499
4,635
11.4. Deferred tax relates to:
2025
2024
Deferred Deferred tax Income Deferred Deferred tax Income
tax\u202fassets liabilities statement tax\u202fassets liabilities statement
Deferred tax relates to: USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Allowance for ECL
2,514
\u2013
303
1,951
\u2013
832
Provision for retirement liabilities
2,407
\u2013
789
1,544
\u2013
240
Provision on FX loss
600
\u2013
413
184
\u2013
3
Other temporary differences
1,902
371
(1,810)
2,738
(124)
(137)
IFRS 16 Lease
\u2013
854
(295)
\u2013
416
67
Undistributed profit of subsidiary
\u2013
6,056
(1,667)
\u2013
4,388
(2,258)
Modification loss
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Impact of hyperinflation
\u2013
218
(395)
\u2013
(27)
(209)
Other comprehensive income/
Revaluation of cash flow hedge
(452)
\u2013
(453)
860
(18)
1,166
6,971
7,499
(3,115)
7, 277
4,635
(296)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "
12. Cash at bank and in hand
2025 2024
USD\u2019000 USD\u2019000
Cash at bank
107,141
78,906
Cash in hand
280
239
107,421
79,145
An amount of USD 28.4 million (2024: USD 28.9 million) of cash at bank is restricted and cannot be readily
available. Of this, USD 19.2 million (2024: USD 18.4 million) in the Philippines is restricted as per the
Securities and Exchange Commission (\u2018SEC\u2019) regulations as it relates to LCBU, the collection of security
collateral from clients of a lending company. LCBU is placed into a segregated account. In Tanzania
USD 9.2 million (2024: USD 10.5 million) is restricted and maintained in a separate account as per the Bank
of Tanzania\u2019s requirement for non\u2011deposit\u2011taking MFIs as it relates to security deposits from the clients.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "13. Loans and advances to customers
2025 2024
Notes USD\u2019000 USD\u2019000
Loans and advances to customers at amortised cost
13.1.
574,365
409,910
Loans and advances to customers at FVTPL
\u2013
67
574,365
409,977
13.1. Loans and advances to customers at amortised cost Loans and advances to customers are net of allowance for ECL.
2025 2024
Notes USD\u2019000 USD\u2019000
Gross loan portfolio
13.2.
581,563
420,355
Interest receivable on loans to customers
12,035
7, 294
Unamortised processing fee
(10,670)
(7,617)
Gross loans
582,927
420,032
Allowance for expected credit loss
13.3.
(8,563)
(10,122)
Net loan portfolio
574,365
409,910
13.2. Gross loan portfolio As of 31 December 2025, the gross loan portfolio amounts to USD 581.6 million (31 December 2024: USD 420.4 million). Interest receivable on loans to customers is realisable in line with the loan repayment schedules. ASA India operates a BC model with IDFC, JSFB, Ujjivan and ESAF. ASA India operates as an agent, whereby ASA India selects borrowers based on the selection criteria of the BC partner. After approval of the selected borrowers, the BC partners disburse the loans through ASA India and ASA India collects the interest and repayments from the borrowers on behalf of the BC partners. In exchange for these services, ASA India receives service fees and processing fees. The loans to borrowers of IDFC, JSFB, Ujjivan and ESAF and related funding are not recognised on the balance sheet since the loan agreements are made between the partners and the borrowers. In the case of IDFC and ESAF, ASA India has a limited liability for the non\u2011performing loans under this agreement. The service fees received are reported under \u2018Other operating income\u2019 in note 6. Under the agreements with the BC partners, ASA India is liable for payment of non\u2011performing loans, which is regarded as a financial guarantee. This liability for BC partners is reported under \u2018Provisions\u2019 in note 28. This liability is based on the Group\u2019s ECL policy as explained in note 2.5.3, taking into account any limits in the liability towards the BC partners, because it is the best estimate for the expected outflow of cash at reporting date. The related expense is reported under credit loss expenses in note 7
ASA India provided security deposits to the BC partners as collateral for the financial guarantees provided.
These security deposits are reported under \u2018Due from banks\u2019 in note 14. Other receivables and payables
related to the BC model are reported under \u2018Other assets\u2019 and \u2018Other liabilities\u2019. More information is
available in note 2.5.
ASA India entered into DA agreement with the SBI. Under the agreement the entity transferred a pool of
its loans to customers amounting to USD 16.5 million to the SBI against a purchase consideration of
USD 14 million which is 85% of the loan portfolio. 15% is retained by ASA India as the Minimum Retention
Rate (\u2018MRR\u2019) as per the guidance of the RBI. ASA India will continue to collect the instalments from all the
borrowers and transfer the amount to the SBI where the SBI will retain collections from 85% of the clients
and adjust that with the purchase consideration (borrowings) and repay collections from 15% of the
customers to ASA India. The 85% of the pool is hence not recognised in the books of ASA India as the
Company transferred all significant risks and rewards of such loans to the SBI.
The outstanding loans to borrowers under the BC model and DA model which are not recognised on the
balance sheet at 31 December 2025 amounted to USD 28.8 million and USD 632K respectively
(2024: USD 37.3 million and USD 717K).
13.3. Allowance for ECL
2025 2024
Notes USD\u2019000 USD\u2019000
Balance as at beginning of the period
(10,122)
(6,912)
ECL charge on loans and advances
7.
(4,011)
(6,934)
ECL charge on interest receivable
139
(340)
Write-off of loans and interest
5,412
3,478
Adjustment for interest on stage 3 loans
(574)
(348)
Exchange rate differences
593
934
Balance at end of the period
(8,563)
(10,122)
The key assumptions applied for the ECL provision are explained in note 2.5.1.
13.4. The breakdown of the allowance for ECL is as follows:
2025 2024
USD\u2019000 USD\u2019000
ECL on loans and advances
(7,930)
(9,571)
ECL on interest receivable
(633)
(551)
(8,563)
(10,122)
ECL provision has been increased mainly due to the increase of the portfolio.
13.5. The following tables explain the movement of gross OLP and Interest receivable and related provisions in stages.
Stage 1
Stage 2
Stage 3
Total
USD\u2019000
USD\u2019000
USD\u2019000
USD\u2019000
Gross Interest Gross Interest Gross Interest Gross Interest
OLP
receivable
Total
ECL
OLP
receivable
Total
ECL
OLP
receivable
Total
ECL
OLP
receivable
Total
ECL
At 1 January 2025
408,865
6,465
415,330
(2,207)
2,501
224
2,725
(15)
8,989
605
9,594
(7,900)
420,355
7, 294
427,649
(10,122)
New assets originated
1,488,495
\u2013
1,488,495
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,488,495
\u2013
1,488,495
\u2013
Interest revenue
\u2013
237,375
237,375
\u2013
\u2013
6,394
6,394
\u2013
\u2013
20,953
20,953
(574)
\u2013
264,722
264,722
(574)
Collections
(1,336,892)
(231,747)
(1,568,639)
\u2013
(1,881)
(6,531)
(8,412)
\u2013
(7,159)
(21,338)
(28,497)
\u2013
(1,345,932)
(259,616)
(1,605,548)
\u2013
ECL (charges)/releases
\u2013
\u2013
\u2013
(1,179)
\u2013
\u2013
\u2013
9
\u2013
\u2013
\u2013
(2,702)
\u2013
\u2013
\u2013
(3,872)
Transfers:
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Stage 1 to stage 2
(3,359)
(243)
(3,602)
19
3,359
243
3,602
(19)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Stage 1 to stage 3
(11,994)
(982)
(12,976)
69
\u2013
\u2013
\u2013
\u2013
11,994
982
12,976
(69)
\u2013
\u2013
\u2013
\u2013
Stage 2 to stage 1
1
\u2013
1
\u2013
(1)
\u2013
(1)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Stage 2 to stage 3
\u2013
\u2013
\u2013
\u2013
(619)
(87)
(706)
4
619
87
706
(4)
\u2013
\u2013
\u2013
\u2013
Stage 3 to stage 1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Stage 3 to stage 2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Write-off
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(5,047)
(365)
(5,412)
5,412
(5,047)
(365)
(5,412)
5,412
FX impact
23,698
\u2013
23,698
214
213
\u2013
213
1
(219)
\u2013
(219)
378
23,692
\u2013
23,692
593
At 31 December 2025
568,814
10,868
579,682
(3,084)
3,572
243
3,815
(20)
9,177
924
10,101
(5,459)
581,563
12,035
593,598
(8,563)
At 1 January 2024
296,875
4,127
301,002
(1,540)
1,911
156
2,067
(12)
6,462
181
6,643
(5,360)
305,248
4,464
309,712
(6,912)
New assets originated
1,079,502
\u2013
1,079,502
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,079,502
\u2013
1,079,502
\u2013
Interest revenue
\u2013
169,120
169,120
\u2013
\u2013
6,079
6,079
\u2013
\u2013
12,573
12,573
(348)
\u2013
187,772
187,772
(348)
Collections
(944,794)
(165,890)
(1,110,684)
\u2013
(1,180)
(6,148)
(7,328)
\u2013
(4,584)
(12,596)
(17,180)
\u2013
(950,558)
(184,634)
(1,135,192)
\u2013
ECL (charges)/releases
\u2013
\u2013
\u2013
(912)
\u2013
\u2013
\u2013
9
\u2013
\u2013
\u2013
(6,371)
\u2013
\u2013
\u2013
(7,274)
Transfers:
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Stage 1 to stage 2
(2,614)
(223)
(2,837)
15
2,614
223
2,837
(15)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Stage 1 to stage 3
(10,168)
(669)
(10,837)
55
\u2013
\u2013
\u2013
\u2013
10,168
669
10,837
(55)
\u2013
\u2013
\u2013
\u2013
Stage 2 to stage 1
56
\u2013
56
\u2013
(56)
\u2013
(56)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Stage 2 to stage 3
\u2013
\u2013
\u2013
\u2013
(668)
(86)
(754)
4
668
86
754
(4)
\u2013
\u2013
\u2013
\u2013
Stage 3 to stage 1
34
\u2013
34
(28)
\u2013
\u2013
\u2013
\u2013
(34)
\u2013
(34)
28
\u2013
\u2013
\u2013
\u2013
Stage 3 to stage 2
\u2013
\u2013
\u2013
\u2013
3
\u2013
3
(2)
(3)
\u2013
(3)
2
\u2013
\u2013
\u2013
\u2013
Write-off
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(3,170)
(308)
(3,478)
3,478
(3,170)
(308)
(3,478)
3,478
FX impact
(10,026)
\u2013
(10,026)
203
(123)
\u2013
(123)
1
(518)
\u2013
(518)
730
(10,667)
\u2013
(10,667)
934
At 31 December 2024
408,865
6,465
415,330
(2,207)
2,501
224
2,725
(15)
8,989
605
9,594
(7,90 0)
420,355
7,294
427,649
(10,122)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "
14. Due from banks
2025 2024
Notes USD\u2019000 USD\u2019000
Due from banks
43,120
29,263
43,120
29,263
Due from banks includes term deposits in different banks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "
15. Equity investments at FVOCI
2025 2024
USD\u2019000 USD\u2019000
MFX Solutions, LLC
Balance at the beginning of the period
315
273
Gain on revaluation through OCI
55
42
Balance at the end of the period
370
315
The Group purchased 153,315 shares of MFX Solutions, LLC USA on 7 April 2017. This represents 1% of
the total number of issued shares of 15,331,330. The purchase price per share was USD 1.3045. These
unlisted equity investments were irrevocably designated at initial recognition as held at FVOCI. Their fair
value has been classified as Level 2. The valuation technique used to assess the fair value is the book value
of MFX Solutions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "15. Equity investments at FVOCI
2025 2024
USD\u2019000 USD\u2019000
MFX Solutions, LLC
Balance at the beginning of the period
315
273
Gain on revaluation through OCI
55
42
Balance at the end of the period
370
315
The Group purchased 153,315 shares of MFX Solutions, LLC USA on 7 April 2017. This represents 1% of the total number of issued shares of 15,331,330. The purchase price per share was USD 1.3045. These unlisted equity investments were irrevocably designated at initial recognition as held at FVOCI. Their fair value has been classified as Level 2. The valuation technique used to assess the fair value is the book value of MFX Solutions.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfEachInvestmentInEquityInstrumentsDesignatedAsMeasuredAtFairValueThroughOtherComprehensiveIncomeExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "
16. Property and equipment
Property and equipment consists of land and buildings, office furniture and equipment. Depreciation policies are described in detail in the accounting policies. The movements are as follows:
2025
2024
Office Office
Furniture equipment Furniture equipment
and\u202ffixtures Vehicles including IT Buildings Total and\u202ffixtures Vehicles including IT Buildings Total
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Cost at the beginning of the period
1,659
394
11,026
3,204
16,283
1,395
346
10,180
3,266
15,187
Accumulated depreciation at the beginning of the period
(1,066)
(263)
(8,129)
(178)
(9,636)
(935)
(214)
(7,114)
(159)
(8,422)
Carrying value at the beginning of the period
593
131
2,897
3,026
6,647
460
132
3,066
3,107
6,765
Impact of IAS 29 (hyperinflation)
32
10
141
767
950
25
11
142
294
472
Adjusted balance at the beginning of period
625
141
3,038
3,793
7, 597
485
143
3,208
3,401
7, 237
Additions during the period at cost
533
845
4,798
(3,274)
2,902
325
60
1,355
483
2,223
Foreign currency adjustment
129
44
580
1,263
2,016
(58)
(12)
(440)
(545)
(1,055)
Disposal during the period
\u2013
(8)
(15)
\u2013
(23)
(3)
\u2013
(69)
\u2013
(72)
Depreciation during the period
(302)
(158)
(2,046)
(31)
(2,537)
(184)
(55)
(1,650)
(26)
(1,915)
Adjustment of depreciation for disposals
3
35
1,131
\u2013
1,169
(4)
4
156
\u2013
156
Impact of hyperinflation for the period
(1)
(5)
1
\u2013
(5)
7
(1)
(1)
473
478
Foreign currency differences
(86)
(28)
(507)
3
(618)
57
2
479
7
545
Carrying value at the end of the period
901
866
6,980
1,754
10,501
625
141
3,038
3,793
7, 597
Cost at the end of the period
2,321
1,275
16,389
1,193
21,178
1,659
394
11,026
3,204
16,283
Accumulated depreciation at the end of the period
(1,451)
(414)
(9,551)
(206)
(11,622)
(1,066)
(263)
(8,129)
(178)
(9,636)
Impact of IAS 29 (hyperinflation)
31
5
142
767
945
32
10
141
767
950
Carrying value at the end of the period
901
866
6,980
1,754
10,501
625
141
3,038
3,793
7, 597
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "
17. ROU assets and lease liabilities
2025 2024
USD\u2019000 USD\u2019000
ROU assets at the beginning of the period
5,372
4,785
Additions during the period
7,950
3,616
Depreciation during the period
(4,442)
(3,710)
Impact of hyperinflation for the period
251
(17)
Exchange rate differences
247
698
ROU assets at the end of the period
9,378
5,372
2025 2024
USD\u2019000 USD\u2019000
Lease liabilities at the beginning of the period
3,925
3,272
Interest expense of lease liabilities
533
479
Additions on lease liabilities during the period
7,950
3,616
Payment of lease liabilities
(8,371)
(3,916)
Exchange rate differences
552
474
Lease liabilities at the end of the period
4,589
3,925
The Group recognises leased office premises under ROU assets.
Between January and December 2025, the Group entered into 1,257 new contracts and renewal contracts
(2024: 1,243). This excludes the new/renewal contracts of Ghana, Nigeria and Tanzania as they have fully
prepaid contracts and are not impacted by IBRs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "
18. Other assets
2025 2024
Notes USD\u2019000 USD\u2019000
Receivables from related parties
18.1.
2,756
1,858
Prepayments
4,948
3,907
Employee advances
4,430
2,844
Advance income tax
11,621
6,884
Security deposit
381
310
Receivables under off\u2011book BC model (ASA India)
175
399
Insurance claim receivable
432
317
Interest receivable on due from banks
1,146
873
Other receivables
18.2.
3,089
1,394
28,978
18,786
Prepayments and employee advances are in line with security against housing contracts, funding
agreements and employee receivables. Advance income tax will be set off against current tax payable after
completion of the tax assessment.
18.1. Receivables from related parties
2025 2024
USD\u2019000 USD\u2019000
CMI
\u2013
58
Sequoia BV
20
65
MBA Philippines
783
709
CMII
30
\u2013
Catalyst Investment Management services
1
27
ASAIG plc EBT
1,922
972
Catalyst Continuity
\u2013
18
Continuity EBT Ltd.
\u2013
9
2,756
1,858
The receivables from related parties are short term in nature and do not accrue interest.
18.2. Other receivables
Other receivables includes various advances in relation to employee\u2019s insurance, receivable from VAT and
service tax authorities etc. Individually none of the advances are over USD 500K.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "18. Other assets
2025 2024
Notes USD\u2019000 USD\u2019000
Receivables from related parties
18.1.
2,756
1,858
Prepayments
4,948
3,907
Employee advances
4,430
2,844
Advance income tax
11,621
6,884
Security deposit
381
310
Receivables under off\u2011book BC model (ASA India)
175
399
Insurance claim receivable
432
317
Interest receivable on due from banks
1,146
873
Other receivables
18.2.
3,089
1,394
28,978
18,786
Prepayments and employee advances are in line with security against housing contracts, funding agreements and employee receivables. Advance income tax will be set off against current tax payable after completion of the tax assessment. 18.1. Receivables from related parties
2025 2024
USD\u2019000 USD\u2019000
CMI
\u2013
58
Sequoia BV
20
65
MBA Philippines
783
709
CMII
30
\u2013
Catalyst Investment Management services
1
27
ASAIG plc EBT
1,922
972
Catalyst Continuity
\u2013
18
Continuity EBT Ltd.
\u2013
9
2,756
1,858
The receivables from related parties are short term in nature and do not accrue interest. 18.2. Other receivables Other receivables includes various advances in relation to employee\u2019s insurance, receivable from VAT and service tax authorities etc. Individually none of the advances are over USD 500K.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "18. Other assets
2025 2024
Notes USD\u2019000 USD\u2019000
Receivables from related parties
18.1.
2,756
1,858
Prepayments
4,948
3,907
Employee advances
4,430
2,844
Advance income tax
11,621
6,884
Security deposit
381
310
Receivables under off\u2011book BC model (ASA India)
175
399
Insurance claim receivable
432
317
Interest receivable on due from banks
1,146
873
Other receivables
18.2.
3,089
1,394
28,978
18,786
Prepayments and employee advances are in line with security against housing contracts, funding agreements and employee receivables. Advance income tax will be set off against current tax payable after completion of the tax assessment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "
19. Derivatives
2025 2024
USD\u2019000 USD\u2019000
Forward contracts
304
\u2013
Swap agreements
146
258
Derivative assets total
450
258
Forward contracts
(2,307)
(1,869)
Swap agreements
(861)
(1,383)
Derivative liabilities total
(3,168)
(3,252)
Total derivatives at fair value
(2,718)
(2,994)
19.1. The Group is holding the following foreign exchange forward contracts:
Maturity
<30 days 1\u20133 months 3\u201312 months >12 months Total
As of 31 December 2025 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Pakistan
Notional amount (in USD)
\u2013
\u2013
38,000
\u2013
38,000
Average forward rate (USD/PKR)
\u2013
\u2013
299
\u2013
299
Carrying amount (in USD)
\u2013
\u2013
(251)
\u2013
(251)
Tanzania
Notional amount (in USD)
500
\u2013
4,500
\u2013
5,000
Average forward rate (USD/TZS)
2,843
\u2013
2,978
\u2013
2,955
Carrying amount (in USD)
(81)
\u2013
(584)
\u2013
(665)
Sierra Leone
Notional amount (in USD)
500
\u2013
1,000
1,300
2,800
Average forward rate (USD/SLE)
27
\u2013
31
30
28
Carrying amount (in USD)
(85)
\u2013
(278)
45
(318)
Zambia
Notional amount (in USD)
250
\u2013
1,000
850
2,100
Average forward rate (USD/ZMW)
31
\u2013
33
31
32
Carrying amount (in USD)
(99)
\u2013
(393)
(145)
(637)
Uganda
Notional amount (in USD)
\u2013
\u2013
2,666
4,332
6,998
Average forward rate (USD/KES)
\u2013
\u2013
3,865
4,033
3,940
Carrying amount (in USD)
\u2013
\u2013
(78)
(100)
(178)
ASAI NV
Notional amount (in USD)
\u2013
\u2013
919
\u2013
919
Average forward rate (USD/INR)
\u2013
\u2013
92
\u2013
92
Carrying amount (in USD)
\u2013
\u2013
6
\u2013
6
Philippines
Notional amount (in USD)
\u2013
\u2013
\u2013
5,000
5,000
Average forward rate (USD/PHP)
\u2013
\u2013
\u2013
61
61
Carrying amount (in USD)
\u2013
\u2013
\u2013
41
41
Maturity
<30 days 1\u20133 months 3\u201312 months >12 months Total
As of 31 December 2024 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Pakistan
Notional amount (in USD)
\u2013
519
21,500
\u2013
22,019
Average forward rate (USD/PKR)
\u2013
324
310
\u2013
312
Carrying amount (in USD)
\u2013
(74)
(1,551)
\u2013
(1,625)
Sierra Leone
Notional amount (in USD)
\u2013
\u2013
\u2013
1,000
1,000
Average forward rate (USD/SLE)
\u2013
\u2013
\u2013
31
31
Carrying amount (in USD)
\u2013
\u2013
\u2013
(127)
(127)
Zambia
Notional amount (in USD)
\u2013
\u2013
750
500
1,250
Average forward rate (USD/ZMW)
\u2013
\u2013
30
35
32
Carrying amount (in USD)
\u2013
\u2013
(17)
(42)
(59)
Kenya
Notional amount (in USD)
\u2013
\u2013
1,000
\u2013
1,000
Average forward rate (USD/KES)
\u2013
\u2013
144
\u2013
144
Carrying amount (in USD)
\u2013
\u2013
(28)
\u2013
(28)
ASAI NV
Notional amount (in USD)
\u2013
\u2013
\u2013
965
965
Average forward rate (USD/INR)
\u2013
\u2013
\u2013
92
92
Carrying amount (in USD)
\u2013
\u2013
\u2013
(30)
(30)
Please see note 36 and 37 for more information.
19.2. The Group also holds the below swap contracts:
2025 2024
USD\u2019000 USD\u2019000
Cross\u2011currency interest rate swap
Notional value
18,507
17,031
Carrying value
(715)
(1,125)
At 31 December 2025, the Group had ten cross\u2011currency interest rate swap agreements in place.
ASA Sierra Leone has a swap agreement with a notional amount of USD 1.0 million. The entity entered into
this contract on 30 October 2024 where ASA Sierra Leone pays a fixed rate of interest of 23.57% in SLE
and receives interest at a fixed rate of 8.5% in USD notional amount.
ASA Kenya also has nine swap agreements in place. A swap agreement with notional amount of
USD 2 million where ASA Kenya pays at a fixed interest rate of 17.90% in KES and receives at 6.25% in USD
notional amount. A swap agreement of USD 3 million where ASA Kenya pays at 20.95% in KES and receives
at 7.5% in USD. A swap agreement of USD 2 million where ASA Kenya pays at 19.35% in KES and receives
at 7.5% in USD. A swap agreement of USD 3 million where ASA Kenya pays at 21.25% in KES and receives
at 7.5% in USD. ASA Kenya has another swap agreement of USD 1 million. ASA Kenya\u2019s swap arrangements
also include a swap of EUR 1.5 million where ASA Kenya pays at a fixed interest rate of 17.85% in KES and
receives at 5% in EUR notional amount. During 2025, ASA Kenya entered in more three swap contracts of
USD 2 million (where ASA Kenya pays at 16.90% in KES and receives at 7.5% in USD), USD 2 million (where
ASA Kenya pays at 15.95% in KES and receives at 7.5% in USD) and USD 3 million (where ASA Kenya pays
at 16.60% in KES and receives at 7.5% in USD).
The swaps are being used to hedge the exposure to changes in the cash flow of its interest on USD and EU
loans.
Observable market data is used for the valuation of the derivative contracts. The applied valuation
techniques include forward pricing and swap models, using present value calculations by estimating future
cash flows using future exchange rates and discounting them with the appropriate interest rate curves.
These derivative contracts are classified as Level 2 financial instruments.
25. Debt issued and other borrowed funds
2025 2024
Notes USD\u2019000 USD\u2019000
Debt issued and other borrowed funds by operating subsidiaries
25.1.
346,852
249,804
Symbiotics\u2011managed funds (ASAI NV)
25.2.
6,000
1,500
Oikocredit (ASAI NV)
25.3.
2,500
5,000
BIO (ASAIH)
25.4.
5,000
10,000
OeEB (ASAI NV/ASAIH)
25.5.
15,000
16,875
Ninety one (ASAI NV)
25.6.
5,000
10,000
responsAbility\u2011managed funds (ASAI NV)
25.7.
\u2013
4,500
DFC (ASAI NV)
25.8.
15,000
15,000
FMO (ASAI NV)
25.9.
12,000
\u2013
Ineco Bank
25.10.
5,000
\u2013
Interest payable on third-party loans
11,611
8,171
423,963
320,850
25.1. Breakdown of borrowings by operating subsidiaries are shown below:
2025 2024
USD\u2019000 USD\u2019000
ASA India
13,110
14,764
PPFC
52,426
53,334
ASA Pakistan
98,787
48,554
ASA Tanzania
72,089
59,225
ASA Kenya
50,517
44,427
ASA S&L
28,550
6,209
ASA Myanmar
2,505
8,576
ASA Uganda
21,843
8,717
Lak Jaya
2,750
2,176
Others
4,275
3,822
346,852
249,804
Most of the loan agreements are subject to covenant clauses, whereby the subsidiary is required to meet
certain key financial ratios. Some subsidiaries did not fulfil some of the ratios as required in agreements. As
of 31 December 2025, out of the total outstanding debt of USD 412.4 million (2024: USD 312.7 million),
the balance for credit lines with breached covenants that did not have waivers amounted to USD 4.8 million
(2024: USD 11.3 million). Waivers have been received subsequently for USD 0.6 million
(2024: USD 0.7 million), but for a period of less than 12 months going forward. Additionally, a breach of
USD 3.5 million as of 31 December 2025 was resolved subsequently. Due to these breaches of covenant
clauses, the lenders are contractually entitled to request for immediate repayment of the outstanding loan
amounts. The outstanding balance is presented as on demand as at 31 December 2025. The lenders have
not requested any early repayment of loans as of the date when these financial statements were approved
by the Board of Directors. Substantial growth of debt issued and borrowed funds in ASA Pakistan, ASA
Tanzania, ASA S&L and ASA Kenya is mainly due to the business expansion.
25.2. Symbiotics-managed funds (ASAI NV)
In December 2023, ASAI NV entered into a loan agreement with an investment fund managed by
Symbiotics Sicav (Lux) under which it received a loan of USD 1.50 million at 9% per annum. This loan was
repaid within 2025. ASAIH is a guarantor for this loan.
In September 2025, ASAI NV entered into a USD 6 million loan agreement with an investment fund
managed by Symbiotics SA. The full amount of USD 6 million was disbursed in September 2025 and bears
interest at 8.75% per annum, with interest payable semi\u2011annually. The facility has a tenor of three years and
is repayable in two equal instalments. ASAIH acts as guarantor in respect of this loan.
25.3. Oikocredit (ASAI NV)
On 3 September 2024, ASAI NV entered into a loan agreement with Oikocredit for a USD 10 million credit
facility. The facility has a final maturity of 60 months, with each disbursement repayable within 24 months
from the respective drawdown date. The loan bears interest at a rate of six\u2011month SOFR plus a margin of
3.25% per annum.
25.4. BIO (ASAIH)
ASAIH entered into a USD 10.0 million subordinated loan agreement with Belgian Investment Company for
Developing Countries SA/NV (\u2018BIO\u2019) in December 2019. The facility has a tenor of seven years and is
repayable in four equal instalments. As at December 2025, two instalments have been paid. Interest
amounts to six\u2011month SOFR plus 5.9% margin per annum with an adjustment spread of 0.42826%.
25.5. OeEB (ASAIH/ ASAI NV)
ASAIH entered into a USD 15.0 million loan agreement with Oesterreichische Entwicklungsbank Ag
(\u2018OeEB\u2019) in March 2020 of which USD 10 million is drawn up to June 2020. The loan was fully repaid in
eight equal instalments by 2025. Interest amounts to six\u2011month SOFR plus 3.5% margin per annum with an
adjustment spread of 0.42826%. ASAI NV is also a co\u2011borrower of the loan.
ASAI NV entered into another USD 15.0 million loan agreement with Oesterreichische Entwicklungsbank
Ag (\u2018OeEB\u2019) in July 2024. The loan is repayable in eight equal instalments and the term of this loan is five
years. Interest amounts to six\u2011month SOFR plus 3.5% margin per annum. ASAI NV is also a co\u2011borrower of
the loan.
25.6. Ninety one (ASAI NV)
ASAI NV entered into a USD 10.0 million loan agreement with Ninety one Proprietary Limited in October
2022. The loan is repayable in four equal instalments and the term of this loan is four years. Interest
amounts to three\u2011month SOFR plus 5.5% per annum. ASAIH is also a co\u2011borrower of the loan.
25.7. responsAbility managed fund (ASAI NV)
ASAI NV entered into a USD 5 million loan agreement with the responsAbility Managed Fund and received
the proceeds in March 2023. Subsequently, an additional USD 3 million loan agreement was executed in
December 2023. All scheduled instalments under both facilities were repaid in the ordinary course of
business by 2025.The loans carried interest at a rate of three\u2011month SOFR plus a margin of 5.50% per
annum. ASAIH acted as a co\u2011borrower in respect of these loan facilities.
25.8. DFC (ASAI NV)
ASAI NV entered into a USD 15.0 million loan agreement with United States International Development
Finance Corporation (\u2018DFC\u2019) in September 2023 of which USD 15.0 million is drawn up to December 2024.
The loan is repayable in four equal instalments and the term of this loan is five years. Interest amounts to
6% per annum. ASAIH is also a co\u2011borrower of the loan.
25.9. FMO (ASAI NV) ASAI NV entered into a USD 15 million loan agreement with NEDERLANDSE FINANCIERINGS\u2011 MAATSCHAPPIJ voor ONTWIKKELINGSLANDEN N.V (\u2018FMO\u2019) in March 2025, of which USD 12 million is drawn up to December 2025. The loan is repayable in six equal instalments and the term of this loan is five years. Interest on the loans is six\u2011month SOFR plus 3.50% margin per annum. ASAIH is also a co\u2011borrower of the loan. 25.10. Ineco Bank (ASAI NV) In December 2025, ASAI NV obtained a USD 5 million term loan from Ineco Bank, with the entire facility utilised upon inception. The loan matures three years from the drawdown date and carries interest at 7.6% per annum, payable every six months. ASAIH is jointly liable as co\u2011borrower in respect of this facility. 25.11. Debt issued and borrowed funds linked with covenants The Group has number of lenders and various covenants were agreed. The main covenants include capital adequacy ratio (\u2018CAR\u2019), liquidity ratio, cost\u2011to\u2011income ratio, solvency ratio, loan portfolio quality ratio, debt to equity ratio, return on assets (\u2018ROA\u2019), current ratio etc. As at 31 December 2025, 79.3% (2024: 61.6%) of outstanding debts are linked with covenants.
2025 2024
USD\u2019000 USD\u2019000
Principal outstanding debt issued and borrowed funds
412,352
312,679
Principal outstanding debt issued and borrowed funds linked with
covenants
326,964
192,472
% of debts linked with covenants
79.3%
61.6%
As of 31 December 2025, the Group has USD 5.4 million (2024: USD 28.2 million) of debts with covenant breaches, of which the waiver received within the reporting date amounting to USD nil (2024: USD 16.9 million). The Group also received waivers of USD 0.6 million (2024: USD 0.7 million) after the balance sheet date. A breach of USD 3.5 million as of 31 December 2025 was also resolved subsequently. For further information regarding compliance with covenants after the balance sheet date, refer to 2.1.1.
36. Financial instruments
The carrying value of the Group\u2019s financial assets and liabilities as of 31 December 2025 are the best
approximation of the fair value.
\u2022 The carrying amounts of Cash and cash equivalents, Due from banks, Due to customers, Other assets
and Other liabilities approximate the fair value due to the short\u2011term maturities of these items
\u2022 Loans and advances to customers are short term and small ticket loans (six to 12 months) and, therefore,
the carrying value of these loans are the best approximate of their fair value
\u2022 Regarding the Debt issued and other borrowed funds, this amount reflects the loans from third parties
on a holding level, as well as the loans provided by third parties directly to the subsidiaries of ASA
International. The loans are held at amortised cost. The carrying amount is the best approximation of
the fair value because the EIR of funding is mostly equal to the market interest rate
37. Hedge accounting Forward contracts The Group applies hedge accounting to USD and EUR loans provided to subsidiaries reporting in foreign currencies and the related forward contracts. The foreign currency risk exposure of the USD and EUR loans and the potential negative impact on net result of the subsidiaries are being mitigated by way of these forward contracts. Any positive impact is therefore also limited. ASA International has only entered into non\u2011deliverable forward contracts. Senior management considers the hedges as cash flow hedges. The formal designation and documentation of the hedging relationship and the entity\u2019s risk management objective and strategy for undertaking the hedge are documented for every forward contract. Swaps As at 31 December 2025, the Group has ten cross\u2011currency interest rate swap agreements in place. Please refer to note 19.2 for details. The Group applies the qualitative approach for prospective testing effectiveness because the critical terms of the hedged items and hedging instruments are identical. The Group applies a rollover hedge strategy when no forward instruments are available at reasonable pricing for the full term of the hedged item. In those cases, the Group accepts a rollover risk. Retrospective effectiveness is measured by comparing the change in the fair value of the actual derivative designated as the hedging instrument and the change in the fair value of a hypothetical derivative representing the hedged item. There is an economic relationship between the hedged item and the hedging instrument as the terms of the forward contracts and swap match the terms of the fixed rate loan (i.e. notional amount, maturity, payment and reset dates). The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the interest rate swap and forward contracts are identical to the hedged risk component. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging instrument against the changes in fair value of the hedged item attributable to the hedged risk. The hedge ineffectiveness can arise from: \u2022 Different interest rate curve applied to discount the hedged item and hedging instrument; and \u2022 Differences in the timing of the cash flows of the hedged items and the hedging instruments. The Group assessed it had no ineffectiveness during 2025 in relation to the foreign currency hedges.
Reference is made to note 30.4.3 for the strategy for currency exchange risk. Additional information on the hedged items and hedging instruments as per 31 December 2025 is provided below:
ASA ASA ASA ASAI ASA ASA ASA
Pakistan Sierra Leone Kenya NV Zambia Tanzania PPFC Uganda ASAI H Total
As at 31 December 2025 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Fair value of derivative assets
212
92
99
6
\u2013
\u2013
41
\u2013
\u2013
450
Fair value of derivative liabilities
464
363
861
\u2013
637
665
\u2013
178
\u2013
3,168
Notional amount hedged foreign currency loans
38,000
3,872
17,435
919
2,100
5,000
5,000
6,998
\u2013
79,324
Period in which the cash flows are expected to occur:
cash flows in 2026
38,000
2,572
8,367
919
1,250
5,000
\u2013
2,666
\u2013
58,774
cash flows in 2027
\u2013
\u2013
\u2013
\u2013
850
\u2013
2,500
4,332
\u2013
7,682
cash flows in 2028
\u2013
\u2013
2,418
\u2013
\u2013
\u2013
2,500
\u2013
\u2013
4,918
Total cash flows
38,000
2,572
10,785
919
2,100
5,000
5,000
6,998
\u2013
71,374
Expected period to enter into the determination of profit or loss:
amortisation of forward points in 2026
1,810
300
8,367
18
202
269
77
429
\u2013
11,472
amortisation of forward points in 2027
\u2013
\u2013
\u2013
\u2013
52
\u2013
57
98
\u2013
207
amortisation of forward points in 2028
\u2013
\u2013
2,418
\u2013
\u2013
\u2013
19
\u2013
\u2013
2,437
Total amortisation of forward points
1,810
300
10,785
18
254
269
153
527
\u2013
14,116
Amounts recognised in OCI during the period:
for amortisation of forward points/currency basis spread
1,642
378
876
41
263
363
2
116
166
3,847
for adjustment of net interest on swap
\u2013
141
1,322
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,463
for changes in fair value of the forward contracts/swaps
(939)
(336)
(1,522)
36
(683)
(664)
41
(183)
(186)
(4,436)
for recycling of FX result of foreign currency loans
(140)
(10)
(76)
(46)
472
365
(15)
9
20
579
Total amounts recognised in OCI during the period
563
173
600
31
52
64
28
(58)
\u2013
1,453
Recycling of FX result of foreign currency loans is included in \u2018exchange rate differences\u2019 (note 10).
ASA ASA ASA ASAI ASA
Pakistan Sierra Leone Kenya NV Zambia Total
As at 31 December 2024 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Fair value of derivative assets
\u2013
258
\u2013
\u2013
\u2013
258
Fair value of derivative liabilities
1,625
127
1,410
30
59
3,251
Notional amount hedged foreign currency loans
22,019
2,977
16,053
965
1,250
43,264
Period in which the cash flows are expected to occur:
cash flows in 2025
22,019
905
7,209
\u2013
750
30,883
cash flows in 2026
\u2013
\u2013
\u2013
965
\u2013
965
cash flows in 2027
\u2013
\u2013
2,507
\u2013
\u2013
2,507
Total cash flows
22,019
905
9,716
965
750
34,355
Expected period to enter into the determination of profit or loss:
amortisation of forward points in 2025
936
248
371
41
128
1,724
amortisation of forward points in 2026
\u2013
\u2013
\u2013
18
\u2013
18
amortisation of forward points in 2027
\u2013
\u2013
65
\u2013
\u2013
65
Total amortisation of forward points
936
248
436
59
128
1,807
Amounts recognised in OCI during the period:
for amortisation of forward points/currency basis spread
2,326
228
506
41
114
3,215
for adjustment of net interest on swap
\u2013
47
938
\u2013
\u2013
985
for changes in fair value of the forward contracts/ swaps
(3,576)
(421)
(4,604)
(21)
(90)
(8,712)
for recycling of FX result of foreign currency loans
67
20
2,368
(28)
(75)
2,352
Total amounts recognised in OCI during the period
(1,183)
(126)
(792)
(8)
(51)
(2,160)
Recycling of FX result of foreign curre5ncy loans is included in \u2018exchange rate differences\u2019 (note 10).
As at 31 December 2025
Changes in fair value of hedging instruments
Hedge
Effective ineffectiveness:
portion: recognised in
recognised income
in OCI statement Total
USD\u2019000 USD\u2019000 USD\u2019000
Cash flow hedge
Forward contracts
842
\u2013
842
Cross\u2011currency interest rate swaps
611
\u2013
611
1,453
\u2013
1,453
Changes in fair value of hedging instruments
Hedge
Effective ineffectiveness:
portion: recognised
recognised in\u202fincome
in OCI statement Total
As at 31 December 2024 USD\u2019000 USD\u2019000 USD\u2019000
Cash flow hedge
Forward contracts
(1,724)
\u2013
(1,724)
Cross\u2011currency interest rate swaps
(436)
\u2013
(436)
(2,160)
\u2013
(2,160)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "19. Derivatives
2025 2024
USD\u2019000 USD\u2019000
Forward contracts
304
\u2013
Swap agreements
146
258
Derivative assets total
450
258
Forward contracts
(2,307)
(1,869)
Swap agreements
(861)
(1,383)
Derivative liabilities total
(3,168)
(3,252)
Total derivatives at fair value
(2,718)
(2,994)
19.1. The Group is holding the following foreign exchange forward contracts:
Maturity
<30 days 1\u20133 months 3\u201312 months >12 months Total
As of 31 December 2025 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Pakistan
Notional amount (in USD)
\u2013
\u2013
38,000
\u2013
38,000
Average forward rate (USD/PKR)
\u2013
\u2013
299
\u2013
299
Carrying amount (in USD)
\u2013
\u2013
(251)
\u2013
(251)
Tanzania
Notional amount (in USD)
500
\u2013
4,500
\u2013
5,000
Average forward rate (USD/TZS)
2,843
\u2013
2,978
\u2013
2,955
Carrying amount (in USD)
(81)
\u2013
(584)
\u2013
(665)
Sierra Leone
Notional amount (in USD)
500
\u2013
1,000
1,300
2,800
Average forward rate (USD/SLE)
27
\u2013
31
30
28
Carrying amount (in USD)
(85)
\u2013
(278)
45
(318)
Zambia
Notional amount (in USD)
250
\u2013
1,000
850
2,100
Average forward rate (USD/ZMW)
31
\u2013
33
31
32
Carrying amount (in USD)
(99)
\u2013
(393)
(145)
(637)
Uganda
Notional amount (in USD)
\u2013
\u2013
2,666
4,332
6,998
Average forward rate (USD/KES)
\u2013
\u2013
3,865
4,033
3,940
Carrying amount (in USD)
\u2013
\u2013
(78)
(100)
(178)
ASAI NV
Notional amount (in USD)
\u2013
\u2013
919
\u2013
919
Average forward rate (USD/INR)
\u2013
\u2013
92
\u2013
92
Carrying amount (in USD)
\u2013
\u2013
6
\u2013
6
Philippines
Notional amount (in USD)
\u2013
\u2013
\u2013
5,000
5,000
Average forward rate (USD/PHP)
\u2013
\u2013
\u2013
61
61
Carrying amount (in USD)
\u2013
\u2013
\u2013
41
41
Maturity
<30 days 1\u20133 months 3\u201312 months >12 months Total
As of 31 December 2024 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Pakistan
Notional amount (in USD)
\u2013
519
21,500
\u2013
22,019
Average forward rate (USD/PKR)
\u2013
324
310
\u2013
312
Carrying amount (in USD)
\u2013
(74)
(1,551)
\u2013
(1,625)
Sierra Leone
Notional amount (in USD)
\u2013
\u2013
\u2013
1,000
1,000
Average forward rate (USD/SLE)
\u2013
\u2013
\u2013
31
31
Carrying amount (in USD)
\u2013
\u2013
\u2013
(127)
(127)
Zambia
Notional amount (in USD)
\u2013
\u2013
750
500
1,250
Average forward rate (USD/ZMW)
\u2013
\u2013
30
35
32
Carrying amount (in USD)
\u2013
\u2013
(17)
(42)
(59)
Kenya
Notional amount (in USD)
\u2013
\u2013
1,000
\u2013
1,000
Average forward rate (USD/KES)
\u2013
\u2013
144
\u2013
144
Carrying amount (in USD)
\u2013
\u2013
(28)
\u2013
(28)
ASAI NV
Notional amount (in USD)
\u2013
\u2013
\u2013
965
965
Average forward rate (USD/INR)
\u2013
\u2013
\u2013
92
92
Carrying amount (in USD)
\u2013
\u2013
\u2013
(30)
(30)
Please see note 36 and 37 for more information. 19.2. The Group also holds the below swap contracts:
2025 2024
USD\u2019000 USD\u2019000
Cross\u2011currency interest rate swap
Notional value
18,507
17,031
Carrying value
(715)
(1,125)
At 31 December 2025, the Group had ten cross\u2011currency interest rate swap agreements in place. ASA Sierra Leone has a swap agreement with a notional amount of USD 1.0 million. The entity entered into this contract on 30 October 2024 where ASA Sierra Leone pays a fixed rate of interest of 23.57% in SLE and receives interest at a fixed rate of 8.5% in USD notional amount. ASA Kenya also has nine swap agreements in place. A swap agreement with notional amount of USD 2 million where ASA Kenya pays at a fixed interest rate of 17.90% in KES and receives at 6.25% in USD notional amount. A swap agreement of USD 3 million where ASA Kenya pays at 20.95% in KES and receives at 7.5% in USD. A swap agreement of USD 2 million where ASA Kenya pays at 19.35% in KES and receives at 7.5% in USD. A swap agreement of USD 3 million where ASA Kenya pays at 21.25% in KES and receives at 7.5% in USD. ASA Kenya has another swap agreement of USD 1 million. ASA Kenya\u2019s swap arrangements also include a swap of EUR 1.5 million where ASA Kenya pays at a fixed interest rate of 17.85% in KES and receives at 5% in EUR notional amount. During 2025, ASA Kenya entered in more three swap contracts of USD 2 million (where ASA Kenya pays at 16.90% in KES and receives at 7.5% in USD), USD 2 million (where ASA Kenya pays at 15.95% in KES and receives at 7.5% in USD) and USD 3 million (where ASA Kenya pays at 16.60% in KES and receives at 7.5% in USD). The swaps are being used to hedge the exposure to changes in the cash flow of its interest on USD and EU loans. Observable market data is used for the valuation of the derivative contracts. The applied valuation techniques include forward pricing and swap models, using present value calculations by estimating future cash flows using future exchange rates and discounting them with the appropriate interest rate curves. These derivative contracts are classified as Level 2 financial instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "
20. Intangible assets
2025 2024
USD\u2019000 USD\u2019000
Balance as at beginning of the period
10,512
7,340
Additions
4,294
3,918
Amortisation
(1,330)
(857)
Impact of hyperinflation for the period
301
332
Exchange rate differences
1,774
(221)
Balance at end of the period
15, 551
10,512
Addition of intangible assets includes the development and implementation costs for the project to develop
a digital financial services (\u2018DFS\u2019) platform. The implementation was completed in Ghana and is currently in
progress in Tanzania.
For the introduction of current accounts and savings and deposits accounts and other digital services to the
clients, the Group decided to add a CBS to its IT infrastructure. The Group procured a ten\u2011year licence to
the Temenos Financial Inclusion suite, which is an off\u2011the\u2011shelf CBS system. In 2024, clients in Pakistan
were migrated from the incumbent loan system to the Temenos Core Banking System. Implementation of
the CBS in Ghana alongside the DFS (excluding client app) was completed in 2025 and Tanzania is in
progress.
Following the successful implementation of Temenos Transact (T24) in Pakistan and Ghana, the Group
negotiated an additional agreement with Temenos Headquarters S.A. which was signed on 24 December
2025. The contract has been extended to 2035 to ensure stability in our CBS cost base and to facilitate the
expected client growth over the next ten years.
Total spent during the year against DFS and CBS are as follows:
2025
USD\u2019000
2024
USD\u2019000
Charged to Charged to
Particulars
Capitalised
P&L
Total
Capitalised
P&L
Total
Development fees
1,164
\u2013
1,164
828
\u2013
828
Licence fees
1,770
384
2,154
697
384
1,081
Implementation cost
851
\u2013
851
2,004
39
2,043
Consultancy
1
\u2013
1
17
\u2013
17
Salary and travelling
508
\u2013
508
372
16
388
4,294
384
4,678
3,918
439
4,357
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "value": "20. Intangible assets
2025 2024
USD\u2019000 USD\u2019000
Balance as at beginning of the period
10,512
7,340
Additions
4,294
3,918
Amortisation
(1,330)
(857)
Impact of hyperinflation for the period
301
332
Exchange rate differences
1,774
(221)
Balance at end of the period
15, 551
10,512
Addition of intangible assets includes the development and implementation costs for the project to develop a digital financial services (\u2018DFS\u2019) platform. The implementation was completed in Ghana and is currently in progress in Tanzania. For the introduction of current accounts and savings and deposits accounts and other digital services to the clients, the Group decided to add a CBS to its IT infrastructure. The Group procured a ten\u2011year licence to the Temenos Financial Inclusion suite, which is an off\u2011the\u2011shelf CBS system. In 2024, clients in Pakistan were migrated from the incumbent loan system to the Temenos Core Banking System. Implementation of the CBS in Ghana alongside the DFS (excluding client app) was completed in 2025 and Tanzania is in progress. Following the successful implementation of Temenos Transact (T24) in Pakistan and Ghana, the Group negotiated an additional agreement with Temenos Headquarters S.A. which was signed on 24 December 2025. The contract has been extended to 2035 to ensure stability in our CBS cost base and to facilitate the expected client growth over the next ten years. Total spent during the year against DFS and CBS are as follows:
2025
USD\u2019000
2024
USD\u2019000
Charged to Charged to
Particulars
Capitalised
P&L
Total
Capitalised
P&L
Total
Development fees
1,164
\u2013
1,164
828
\u2013
828
Licence fees
1,770
384
2,154
697
384
1,081
Implementation cost
851
\u2013
851
2,004
39
2,043
Consultancy
1
\u2013
1
17
\u2013
17
Salary and travelling
508
\u2013
508
372
16
388
4,294
384
4,678
3,918
439
4,357
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "
21. Issued capital
ASA International Group plc 100 million shares of GBP 0.01 each.
No movements in issued capital during 2025 and 2024.
2025 2024
USD\u2019000 USD\u2019000
ASA International Group plc 100 million shares of GBP 0.01 each
1,310
1,310
1,310
1,310
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "21. Issued capital ASA International Group plc 100 million shares of GBP 0.01 each. No movements in issued capital during 2025 and 2024.
2025 2024
USD\u2019000 USD\u2019000
ASA International Group plc 100 million shares of GBP 0.01 each
1,310
1,310
1,310
1,310
22. Retained earnings Total retained earnings are calculated as follows:
2025 2024
USD\u2019000 USD\u2019000
Balance at the beginning of the period
212,102
185,864
Dividend
(8,728)
(2,952)
Transferred to NCI and others
(33)
(59)
Result for the period
57,092
29,249
Balance at the end of the period
260,433
212,102
Profit for the period
Attributable to equity holders of the parent
57,092
29,249
Non-controlling interest
(559)
(716)
56,533
28,533
Part of retained earnings relates to Non-governmental Organisations (\u2018NGOs\u2019) which are consolidated in these financial statements. The retained earnings of these NGOs cannot be distributed to their respective members. Retained earnings relating to NGOs amounted to USD 2.3 million at 31 December 2025 (2024: USD 2.3 million). ASA S&L, ASA India, ASA Nigeria have statutory requirements to add a percentage of the net profits to a legal reserve. Therefore, part of retained earnings cannot be distributed to shareholders. Retained earnings relating to these legal reserves amounted to USD 38.7 million in December 2025 (2024: USD 24.8 million). A dividend of USD 8.7 million (including an interim dividend of USD 4.7 million) was declared and paid out in 2025 (2024: USD 3.0 million). 23. Other reserves Total other reserves are calculated as follows:
2025 2024
Notes USD\u2019000 USD\u2019000
Balance at the beginning of the period
1,371
2,758
Actuarial gains and losses on defined benefit liabilities
8.1.
36
(1,243)
Share-based payments
421
709
Movement in hedge accounting reserve
1,453
(2,160)
Gain on revaluation of MFX investment
15.
55
42
Tax on OCI and others
(452)
1,265
Balance at the end of the period
2,884
1,371
Tax on OCI and others includes USD \u2013 452K (2024: USD 1.2 million) of tax on OCI. 24. Foreign currency translation reserve The translation of the Company\u2019s subsidiaries and overseas branches from local currency into the Group\u2019s presentation currency (USD) results in the following currency translation differences that reduces overall equity and total comprehensive income:
2025 2024
USD\u2019000 USD\u2019000
Balance at the beginning of the period
(116,311)
(111,998)
Translation of assets and liabilities of subsidiaries to USD
15,944
(4,313)
Balance at the end of the period
(100,367)
(116,311)
The country\u2011wise breakdown of the translation adjustment is as follows:
2025 2024
USD\u2019000 USD\u2019000
Ghana
15,767
(1,087)
Pakistan
(206)
138
Nigeria
581
(5,819)
Sri Lanka
(70)
126
Philippines
(200)
(559)
Sierra Leone
55
127
Kenya
24
1,524
Rwanda
(79)
(144)
Zambia
565
(163)
Tanzania
(103)
889
Others
(391)
655
15,944
(4,313)
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "
22. Retained earnings
Total retained earnings are calculated as follows:
2025 2024
USD\u2019000 USD\u2019000
Balance at the beginning of the period
212,102
185,864
Dividend
(8,728)
(2,952)
Transferred to NCI and others
(33)
(59)
Result for the period
57,092
29,249
Balance at the end of the period
260,433
212,102
Profit for the period
Attributable to equity holders of the parent
57,092
29,249
Non-controlling interest
(559)
(716)
56,533
28,533
Part of retained earnings relates to Non-governmental Organisations (\u2018NGOs\u2019) which are consolidated in
these financial statements. The retained earnings of these NGOs cannot be distributed to their respective
members. Retained earnings relating to NGOs amounted to USD 2.3 million at 31 December 2025
(2024: USD 2.3 million).
ASA S&L, ASA India, ASA Nigeria have statutory requirements to add a percentage of the net profits to a
legal reserve. Therefore, part of retained earnings cannot be distributed to shareholders. Retained earnings
relating to these legal reserves amounted to USD 38.7 million in December 2025 (2024: USD 24.8 million).
A dividend of USD 8.7 million (including an interim dividend of USD 4.7 million) was declared and paid out
in 2025 (2024: USD 3.0 million).
23. Other reserves
Total other reserves are calculated as follows:
2025 2024
Notes USD\u2019000 USD\u2019000
Balance at the beginning of the period
1,371
2,758
Actuarial gains and losses on defined benefit liabilities
8.1.
36
(1,243)
Share-based payments
421
709
Movement in hedge accounting reserve
1,453
(2,160)
Gain on revaluation of MFX investment
15.
55
42
Tax on OCI and others
(452)
1,265
Balance at the end of the period
2,884
1,371
Tax on OCI and others includes USD \u2013 452K (2024: USD 1.2 million) of tax on OCI.
24. Foreign currency translation reserve
The translation of the Company\u2019s subsidiaries and overseas branches from local currency into the Group\u2019s
presentation currency (USD) results in the following currency translation differences that reduces overall
equity and total comprehensive income:
2025 2024
USD\u2019000 USD\u2019000
Balance at the beginning of the period
(116,311)
(111,998)
Translation of assets and liabilities of subsidiaries to USD
15,944
(4,313)
Balance at the end of the period
(100,367)
(116,311)
The country\u2011wise breakdown of the translation adjustment is as follows:
2025 2024
USD\u2019000 USD\u2019000
Ghana
15,767
(1,087)
Pakistan
(206)
138
Nigeria
581
(5,819)
Sri Lanka
(70)
126
Philippines
(200)
(559)
Sierra Leone
55
127
Kenya
24
1,524
Rwanda
(79)
(144)
Zambia
565
(163)
Tanzania
(103)
889
Others
(391)
655
15,944
(4,313)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "25. Debt issued and other borrowed funds
2025 2024
Notes USD\u2019000 USD\u2019000
Debt issued and other borrowed funds by operating subsidiaries
25.1.
346,852
249,804
Symbiotics\u2011managed funds (ASAI NV)
25.2.
6,000
1,500
Oikocredit (ASAI NV)
25.3.
2,500
5,000
BIO (ASAIH)
25.4.
5,000
10,000
OeEB (ASAI NV/ASAIH)
25.5.
15,000
16,875
Ninety one (ASAI NV)
25.6.
5,000
10,000
responsAbility\u2011managed funds (ASAI NV)
25.7.
\u2013
4,500
DFC (ASAI NV)
25.8.
15,000
15,000
FMO (ASAI NV)
25.9.
12,000
\u2013
Ineco Bank
25.10.
5,000
\u2013
Interest payable on third-party loans
11,611
8,171
423,963
320,850
25.1. Breakdown of borrowings by operating subsidiaries are shown below:
2025 2024
USD\u2019000 USD\u2019000
ASA India
13,110
14,764
PPFC
52,426
53,334
ASA Pakistan
98,787
48,554
ASA Tanzania
72,089
59,225
ASA Kenya
50,517
44,427
ASA S&L
28,550
6,209
ASA Myanmar
2,505
8,576
ASA Uganda
21,843
8,717
Lak Jaya
2,750
2,176
Others
4,275
3,822
346,852
249,804
Most of the loan agreements are subject to covenant clauses, whereby the subsidiary is required to meet certain key financial ratios. Some subsidiaries did not fulfil some of the ratios as required in agreements. As of 31 December 2025, out of the total outstanding debt of USD 412.4 million (2024: USD 312.7 million), the balance for credit lines with breached covenants that did not have waivers amounted to USD 4.8 million (2024: USD 11.3 million). Waivers have been received subsequently for USD 0.6 million (2024: USD 0.7 million), but for a period of less than 12 months going forward. Additionally, a breach of USD 3.5 million as of 31 December 2025 was resolved subsequently. Due to these breaches of covenant clauses, the lenders are contractually entitled to request for immediate repayment of the outstanding loan amounts. The outstanding balance is presented as on demand as at 31 December 2025. The lenders have not requested any early repayment of loans as of the date when these financial statements were approved by the Board of Directors. Substantial growth of debt issued and borrowed funds in ASA Pakistan, ASA Tanzania, ASA S&L and ASA Kenya is mainly due to the business expansion. 25.2. Symbiotics-managed funds (ASAI NV) In December 2023, ASAI NV entered into a loan agreement with an investment fund managed by Symbiotics Sicav (Lux) under which it received a loan of USD 1.50 million at 9% per annum. This loan was repaid within 2025. ASAIH is a guarantor for this loan. In September 2025, ASAI NV entered into a USD 6 million loan agreement with an investment fund managed by Symbiotics SA. The full amount of USD 6 million was disbursed in September 2025 and bears interest at 8.75% per annum, with interest payable semi\u2011annually. The facility has a tenor of three years and is repayable in two equal instalments. ASAIH acts as guarantor in respect of this loan. 25.3. Oikocredit (ASAI NV) On 3 September 2024, ASAI NV entered into a loan agreement with Oikocredit for a USD 10 million credit facility. The facility has a final maturity of 60 months, with each disbursement repayable within 24 months from the respective drawdown date. The loan bears interest at a rate of six\u2011month SOFR plus a margin of 3.25% per annum. 25.4. BIO (ASAIH) ASAIH entered into a USD 10.0 million subordinated loan agreement with Belgian Investment Company for Developing Countries SA/NV (\u2018BIO\u2019) in December 2019. The facility has a tenor of seven years and is repayable in four equal instalments. As at December 2025, two instalments have been paid. Interest amounts to six\u2011month SOFR plus 5.9% margin per annum with an adjustment spread of 0.42826%. 25.5. OeEB (ASAIH/ ASAI NV) ASAIH entered into a USD 15.0 million loan agreement with Oesterreichische Entwicklungsbank Ag (\u2018OeEB\u2019) in March 2020 of which USD 10 million is drawn up to June 2020. The loan was fully repaid in eight equal instalments by 2025. Interest amounts to six\u2011month SOFR plus 3.5% margin per annum with an adjustment spread of 0.42826%. ASAI NV is also a co\u2011borrower of the loan. ASAI NV entered into another USD 15.0 million loan agreement with Oesterreichische Entwicklungsbank Ag (\u2018OeEB\u2019) in July 2024. The loan is repayable in eight equal instalments and the term of this loan is five years. Interest amounts to six\u2011month SOFR plus 3.5% margin per annum. ASAI NV is also a co\u2011borrower of the loan. 25.6. Ninety one (ASAI NV) ASAI NV entered into a USD 10.0 million loan agreement with Ninety one Proprietary Limited in October 2022. The loan is repayable in four equal instalments and the term of this loan is four years. Interest amounts to three\u2011month SOFR plus 5.5% per annum. ASAIH is also a co\u2011borrower of the loan. 25.7. responsAbility managed fund (ASAI NV) ASAI NV entered into a USD 5 million loan agreement with the responsAbility Managed Fund and received the proceeds in March 2023. Subsequently, an additional USD 3 million loan agreement was executed in December 2023. All scheduled instalments under both facilities were repaid in the ordinary course of business by 2025.The loans carried interest at a rate of three\u2011month SOFR plus a margin of 5.50% per annum. ASAIH acted as a co\u2011borrower in respect of these loan facilities. 25.8. DFC (ASAI NV) ASAI NV entered into a USD 15.0 million loan agreement with United States International Development Finance Corporation (\u2018DFC\u2019) in September 2023 of which USD 15.0 million is drawn up to December 2024. The loan is repayable in four equal instalments and the term of this loan is five years. Interest amounts to 6% per annum. ASAIH is also a co\u2011borrower of the loan. 25.9. FMO (ASAI NV) ASAI NV entered into a USD 15 million loan agreement with NEDERLANDSE FINANCIERINGS\u2011 MAATSCHAPPIJ voor ONTWIKKELINGSLANDEN N.V (\u2018FMO\u2019) in March 2025, of which USD 12 million is drawn up to December 2025. The loan is repayable in six equal instalments and the term of this loan is five years. Interest on the loans is six\u2011month SOFR plus 3.50% margin per annum. ASAIH is also a co\u2011borrower of the loan. 25.10. Ineco Bank (ASAI NV) In December 2025, ASAI NV obtained a USD 5 million term loan from Ineco Bank, with the entire facility utilised upon inception. The loan matures three years from the drawdown date and carries interest at 7.6% per annum, payable every six months. ASAIH is jointly liable as co\u2011borrower in respect of this facility. 25.11. Debt issued and borrowed funds linked with covenants The Group has number of lenders and various covenants were agreed. The main covenants include capital adequacy ratio (\u2018CAR\u2019), liquidity ratio, cost\u2011to\u2011income ratio, solvency ratio, loan portfolio quality ratio, debt to equity ratio, return on assets (\u2018ROA\u2019), current ratio etc. As at 31 December 2025, 79.3% (2024: 61.6%) of outstanding debts are linked with covenants.
2025 2024
USD\u2019000 USD\u2019000
Principal outstanding debt issued and borrowed funds
412,352
312,679
Principal outstanding debt issued and borrowed funds linked with
covenants
326,964
192,472
% of debts linked with covenants
79.3%
61.6%
As of 31 December 2025, the Group has USD 5.4 million (2024: USD 28.2 million) of debts with covenant breaches, of which the waiver received within the reporting date amounting to USD nil (2024: USD 16.9 million). The Group also received waivers of USD 0.6 million (2024: USD 0.7 million) after the balance sheet date. A breach of USD 3.5 million as of 31 December 2025 was also resolved subsequently. For further information regarding compliance with covenants after the balance sheet date, refer to 2.1.1. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "25. Debt issued and other borrowed funds
2025 2024
Notes USD\u2019000 USD\u2019000
Debt issued and other borrowed funds by operating subsidiaries
25.1.
346,852
249,804
Symbiotics\u2011managed funds (ASAI NV)
25.2.
6,000
1,500
Oikocredit (ASAI NV)
25.3.
2,500
5,000
BIO (ASAIH)
25.4.
5,000
10,000
OeEB (ASAI NV/ASAIH)
25.5.
15,000
16,875
Ninety one (ASAI NV)
25.6.
5,000
10,000
responsAbility\u2011managed funds (ASAI NV)
25.7.
\u2013
4,500
DFC (ASAI NV)
25.8.
15,000
15,000
FMO (ASAI NV)
25.9.
12,000
\u2013
Ineco Bank
25.10.
5,000
\u2013
Interest payable on third-party loans
11,611
8,171
423,963
320,850
25.1. Breakdown of borrowings by operating subsidiaries are shown below:
2025 2024
USD\u2019000 USD\u2019000
ASA India
13,110
14,764
PPFC
52,426
53,334
ASA Pakistan
98,787
48,554
ASA Tanzania
72,089
59,225
ASA Kenya
50,517
44,427
ASA S&L
28,550
6,209
ASA Myanmar
2,505
8,576
ASA Uganda
21,843
8,717
Lak Jaya
2,750
2,176
Others
4,275
3,822
346,852
249,804
Most of the loan agreements are subject to covenant clauses, whereby the subsidiary is required to meet certain key financial ratios. Some subsidiaries did not fulfil some of the ratios as required in agreements. As of 31 December 2025, out of the total outstanding debt of USD 412.4 million (2024: USD 312.7 million), the balance for credit lines with breached covenants that did not have waivers amounted to USD 4.8 million (2024: USD 11.3 million). Waivers have been received subsequently for USD 0.6 million (2024: USD 0.7 million), but for a period of less than 12 months going forward. Additionally, a breach of USD 3.5 million as of 31 December 2025 was resolved subsequently. Due to these breaches of covenant clauses, the lenders are contractually entitled to request for immediate repayment of the outstanding loan amounts. The outstanding balance is presented as on demand as at 31 December 2025. The lenders have not requested any early repayment of loans as of the date when these financial statements were approved by the Board of Directors. Substantial growth of debt issued and borrowed funds in ASA Pakistan, ASA Tanzania, ASA S&L and ASA Kenya is mainly due to the business expansion. 25.2. Symbiotics-managed funds (ASAI NV) In December 2023, ASAI NV entered into a loan agreement with an investment fund managed by Symbiotics Sicav (Lux) under which it received a loan of USD 1.50 million at 9% per annum. This loan was repaid within 2025. ASAIH is a guarantor for this loan. In September 2025, ASAI NV entered into a USD 6 million loan agreement with an investment fund managed by Symbiotics SA. The full amount of USD 6 million was disbursed in September 2025 and bears interest at 8.75% per annum, with interest payable semi\u2011annually. The facility has a tenor of three years and is repayable in two equal instalments. ASAIH acts as guarantor in respect of this loan. 25.3. Oikocredit (ASAI NV) On 3 September 2024, ASAI NV entered into a loan agreement with Oikocredit for a USD 10 million credit facility. The facility has a final maturity of 60 months, with each disbursement repayable within 24 months from the respective drawdown date. The loan bears interest at a rate of six\u2011month SOFR plus a margin of 3.25% per annum. 25.4. BIO (ASAIH) ASAIH entered into a USD 10.0 million subordinated loan agreement with Belgian Investment Company for Developing Countries SA/NV (\u2018BIO\u2019) in December 2019. The facility has a tenor of seven years and is repayable in four equal instalments. As at December 2025, two instalments have been paid. Interest amounts to six\u2011month SOFR plus 5.9% margin per annum with an adjustment spread of 0.42826%. 25.5. OeEB (ASAIH/ ASAI NV) ASAIH entered into a USD 15.0 million loan agreement with Oesterreichische Entwicklungsbank Ag (\u2018OeEB\u2019) in March 2020 of which USD 10 million is drawn up to June 2020. The loan was fully repaid in eight equal instalments by 2025. Interest amounts to six\u2011month SOFR plus 3.5% margin per annum with an adjustment spread of 0.42826%. ASAI NV is also a co\u2011borrower of the loan. ASAI NV entered into another USD 15.0 million loan agreement with Oesterreichische Entwicklungsbank Ag (\u2018OeEB\u2019) in July 2024. The loan is repayable in eight equal instalments and the term of this loan is five years. Interest amounts to six\u2011month SOFR plus 3.5% margin per annum. ASAI NV is also a co\u2011borrower of the loan. 25.6. Ninety one (ASAI NV) ASAI NV entered into a USD 10.0 million loan agreement with Ninety one Proprietary Limited in October 2022. The loan is repayable in four equal instalments and the term of this loan is four years. Interest amounts to three\u2011month SOFR plus 5.5% per annum. ASAIH is also a co\u2011borrower of the loan. 25.7. responsAbility managed fund (ASAI NV) ASAI NV entered into a USD 5 million loan agreement with the responsAbility Managed Fund and received the proceeds in March 2023. Subsequently, an additional USD 3 million loan agreement was executed in December 2023. All scheduled instalments under both facilities were repaid in the ordinary course of business by 2025.The loans carried interest at a rate of three\u2011month SOFR plus a margin of 5.50% per annum. ASAIH acted as a co\u2011borrower in respect of these loan facilities. 25.8. DFC (ASAI NV) ASAI NV entered into a USD 15.0 million loan agreement with United States International Development Finance Corporation (\u2018DFC\u2019) in September 2023 of which USD 15.0 million is drawn up to December 2024. The loan is repayable in four equal instalments and the term of this loan is five years. Interest amounts to 6% per annum. ASAIH is also a co\u2011borrower of the loan.
25.9. FMO (ASAI NV)
ASAI NV entered into a USD 15 million loan agreement with NEDERLANDSE FINANCIERINGS\u2011
MAATSCHAPPIJ voor ONTWIKKELINGSLANDEN N.V (\u2018FMO\u2019) in March 2025, of which USD 12 million is
drawn up to December 2025. The loan is repayable in six equal instalments and the term of this loan is five
years. Interest on the loans is six\u2011month SOFR plus 3.50% margin per annum. ASAIH is also a co\u2011borrower
of the loan.
25.10. Ineco Bank (ASAI NV)
In December 2025, ASAI NV obtained a USD 5 million term loan from Ineco Bank, with the entire facility
utilised upon inception. The loan matures three years from the drawdown date and carries interest at 7.6%
per annum, payable every six months. ASAIH is jointly liable as co\u2011borrower in respect of this facility.
25.11. Debt issued and borrowed funds linked with covenants
The Group has number of lenders and various covenants were agreed. The main covenants include capital
adequacy ratio (\u2018CAR\u2019), liquidity ratio, cost\u2011to\u2011income ratio, solvency ratio, loan portfolio quality ratio, debt
to equity ratio, return on assets (\u2018ROA\u2019), current ratio etc. As at 31 December 2025, 79.3% (2024: 61.6%)
of outstanding debts are linked with covenants.
2025 2024
USD\u2019000 USD\u2019000
Principal outstanding debt issued and borrowed funds
412,352
312,679
Principal outstanding debt issued and borrowed funds linked with
covenants
326,964
192,472
% of debts linked with covenants
79.3%
61.6%
As of 31 December 2025, the Group has USD 5.4 million (2024: USD 28.2 million) of debts with
covenant breaches, of which the waiver received within the reporting date amounting to USD nil
(2024: USD 16.9 million). The Group also received waivers of USD 0.6 million (2024: USD 0.7 million)
after the balance sheet date. A breach of USD 3.5 million as of 31 December 2025 was also resolved
subsequently. For further information regarding compliance with covenants after the balance sheet date,
refer to 2.1.1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "
26. Due to customers
Clients of the Company\u2019s subsidiaries contribute to a \u2018security deposit fund\u2019. These deposits can be
withdrawn partly by clients but not in the full amount unless the client has fully repaid the outstanding loan
balance.
2025 2024
USD\u2019000 USD\u2019000
Clients\u2019 security deposits
114,062
74,470
Clients\u2019 voluntary savings
22,608
15,668
Interest payable on deposits and savings
91
33
136,761
90,171
Clients can deposit voluntary savings in Ghana, Nigeria, Rwanda and Myanmar. The rate of interest on
clients\u2019 security deposits and clients\u2019 voluntary savings amount to 8% in ASA Ghana and 7% in ASA Nigeria.
In ASA Myanmar, the interest rate on voluntary savings is 10% and for compulsory savings 14%. ASA
Rwanda provides 6% interest on voluntary savings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "
27. Other liabilities
Other liabilities are as follows:
2025 2024
Notes USD\u2019000 USD\u2019000
Taxes payable, other than corporate income tax
9,649
7,722
Security deposits
2,969
2,552
Other deposits
727
604
Deferred income
1,191
\u2013
Amount due to employees
3,822
2,594
Accrued expenses
2,113
919
Accrued audit fees
1,559
1,432
Amounts due to related parties
27.1.
1,377
77
Liabilities under off\u2011book BC model (ASA India)
6,057
4,943
Industrial training fund
22
21
Payable to Temenos
\u2013
697
Social welfare fund
455
548
Other liabilities
27.2.
4,738
3,830
34,679
25,939
Security deposits mainly relate to deposits taken from employees as a form of security. Other deposits
relate to various smaller deposits in different countries.
Liabilities under on\u2011book and off\u2011book BC model includes amounts collected from BC clients but yet not
transferred to the BC partners.
27.1. Amounts due to related parties
2025 2024
USD\u2019000 USD\u2019000
Sequoia BV
3
4
MBA Philippines
1,373
66
CMI
1
1
CMIC
\u2013
6
1,377
77
27.2. Other sundry liabilities
Other liabilities include various smaller accruals and provisions for various entities in the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "27. Other liabilities Other liabilities are as follows:
2025 2024
Notes USD\u2019000 USD\u2019000
Taxes payable, other than corporate income tax
9,649
7,722
Security deposits
2,969
2,552
Other deposits
727
604
Deferred income
1,191
\u2013
Amount due to employees
3,822
2,594
Accrued expenses
2,113
919
Accrued audit fees
1,559
1,432
Amounts due to related parties
27.1.
1,377
77
Liabilities under off\u2011book BC model (ASA India)
6,057
4,943
Industrial training fund
22
21
Payable to Temenos
\u2013
697
Social welfare fund
455
548
Other liabilities
27.2.
4,738
3,830
34,679
25,939
Security deposits mainly relate to deposits taken from employees as a form of security. Other deposits relate to various smaller deposits in different countries. Liabilities under on\u2011book and off\u2011book BC model includes amounts collected from BC clients but yet not transferred to the BC partners. 27.1. Amounts due to related parties
2025 2024
USD\u2019000 USD\u2019000
Sequoia BV
3
4
MBA Philippines
1,373
66
CMI
1
1
CMIC
\u2013
6
1,377
77
27.2. Other sundry liabilities Other liabilities include various smaller accruals and provisions for various entities in the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "Other liabilities are as follows:
2025 2024
Notes USD\u2019000 USD\u2019000
Taxes payable, other than corporate income tax
9,649
7,722
Security deposits
2,969
2,552
Other deposits
727
604
Deferred income
1,191
\u2013
Amount due to employees
3,822
2,594
Accrued expenses
2,113
919
Accrued audit fees
1,559
1,432
Amounts due to related parties
27.1.
1,377
77
Liabilities under off\u2011book BC model (ASA India)
6,057
4,943
Industrial training fund
22
21
Payable to Temenos
\u2013
697
Social welfare fund
455
548
Other liabilities
27.2.
4,738
3,830
34,679
25,939
Security deposits mainly relate to deposits taken from employees as a form of security. Other deposits relate to various smaller deposits in different countries. Liabilities under on\u2011book and off\u2011book BC model includes amounts collected from BC clients but yet not transferred to the BC partners. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "
28. Provisions
2025 2024
USD\u2019000 USD\u2019000
Provision for off\u2011book BC model portfolio (ASA India)
1,290
2,204
1,290
2,204
This includes ECL provision against the off\u2011book BC portfolio in India. For details on the Group\u2019s ECL policy
see note 2.5.1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "
29. Additional cash flow information
29.1. Changes in operating assets
2025 2024
USD\u2019000 USD\u2019000
Loans and advances to customers
(153,939)
(100,793)
Movement in due from banks
(13,254)
13,113
Movement in ROU assets
(7,950)
(3,616)
Other assets excluding income tax advances
(6,529)
(1,067)
(181,672)
(92,363)
29.2. Changes in operating liabilities
2025 2024
USD\u2019000 USD\u2019000
Due to customers
34,221
19,627
Other liabilities
(276)
(14,595)
Retirement benefit
(981)
(836)
Movement in lease liability
7,950
3,616
Movement in provisions
(914)
776
40,000
8,588
29.3. Non-cash items
2025 2024
USD\u2019000 USD\u2019000
Depreciation on:
Property and equipment
2,537
1,915
Intangible assets
1,330
857
ROU assets
4,442
3,710
Interest expense on lease liability
533
479
Credit loss expense
7,831
6,827
Write-off of portfolio
5,412
3,478
Fair value movement of forward contracts
1,177
3,206
Share-based payments
421
709
Charge against defined benefit plan
2,614
2,040
Foreign exchange result
3,143
874
Loss on net monetary position
1,863
5,401
31,303
29,496
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "
30. Risk management
30.1 General
The Group continuously enhances its risk management framework to keep pace with emerging challenges
and to support the long\u2011term stability of the institution. Operating in the microfinance sector, the Group
maintains a cautious and consistent strategy for managing risks. Its risk culture is driven by its fundamental
values, shared beliefs, collective knowledge, and overall awareness of risk throughout its various
operations. The Group assesses its risk environment by identifying and analysing both quantitative and
qualitative risks, which are then integrated into its management practices and decision\u2011making processes.
30.2 Risk management structure
ASA International has established a comprehensive and structured risk management framework to ensure
the effective identification, assessment, mitigation, and monitoring of risks across its operations. This
framework supports the Group\u2019s goal of maintaining financial stability, operational efficiency, and strong
governance as a microfinance institution operating in emerging markets. At both the Group and the
subsidiary levels, the risk management unit plays a central role in identifying both existing and emerging
risks on an ongoing basis. This unit works closely with risk owners to implement mitigation strategies and
continuously monitor the risk environment. Risk reports generated at the subsidiary level are reviewed by
the Risk Management Coordination Committee and approved by the subsidiary CEO. These reports are
then submitted to the subsidiary\u2011level Audit and Risk Committee (\u2018ARC\u2019) for further oversight. Country\u2011
level risk reports are collected by the Group Risk Management team to form a consolidated and
comprehensive Group risk report, which is reviewed by the Group Executive Committee before being
presented to the Group ARC for thorough evaluation and further recommendations.
The Group\u2019s risk appetite defines the amount and type of risk it is willing to accept in pursuit of its strategic
objectives. ASA International adopts a moderate risk appetite, reflecting its focus on balancing growth with
risk control. The Group aims to avoid material losses, operational inefficiencies, and fraud, while ensuring
compliance with all legal and regulatory requirements. It follows zero tolerance for unethical, illegal, or
unprofessional conduct. The risk appetite assigns tolerance levels based on regulatory expectations, past
trends, and forward\u2011looking business projections. These levels are reviewed and updated as necessary,
based on inputs from the Executive Committee, Asset and Liability Committee (\u2018ALCO\u2019), or the Board ARC.
This ensures that the Group\u2019s risk appetite remains flexible and responsive to changing conditions.
ASA International\u2019s risk governance follows a \u2018Three Lines of Defence\u2019 model. The first line consists of
operational staff, such as loan officers and branch managers, who manage day\u2011to\u2011day risks. The second line
includes oversight functions like Risk Management, Compliance, and the Fraud and Misappropriation
Prevention Unit. The third line is the Internal Audit function at both Group and subsidiary levels, which
independently reviews the effectiveness of all risk management activities. This layered approach ensures
accountability, transparency, and resilience across the Group.
Risks are also mitigated through standardised practices that are part of the ASA Model of microfinance.
These include:
\u2022 Through new client assessment/KYC
\u2022 Standardised loan products
\u2022 Frequent client interactions through weekly collections
\u2022 Individual loan given in a group setting
\u2022 Loan is protected by a guarantor
\u2022 Zero\u2011tolerance on the late deposit of loan instalments for loan officers
\u2022 Loans granted primarily for income-generating activities
\u2022 Full repayment before eligibility for new loans
\u2022 Ongoing assessment of client needs, benefits and satisfaction
30.3 Key risk management areas and mitigation
The Group\u2019s key risk management areas are strategic risk, operational risk, IT risk, finance risk, and legal and
compliance risk.
Risk category
Definition
Risks
Description
Strategic risk Strategic risk refers
Growth risk
Risks and challenges associated with
to the potential threats the Group\u2019s operational expansion.
that could hinder the
Competition risk
Risk that the Group might face for
achievement of long-term not responding to the competitive
goals and mission of environment or failing to meet
serving low income customer needs.
clients sustainably.
Reputation risk
Risk to earnings or capital arising from
negative public opinion.
Climate risk
Risk related to the potential negative
impact of climate change on the
organisation.
Operational Operational risk refers to
Human resource risk
Risks related to the Group\u2019s human
risk uncertainties a company resources i.e. staff productivity, staff
faces when it attempts to conduct, staff skills and competencies,
do its day\u2011to\u2011day business or staff wellness.
activities. It can result Fraud and integrity risk Risk of incidents of fraud and
from breakdowns in misappropriation by staff or clients.
internal procedures,
people and systems
Business contingency
Potential adverse effects on operations
or from the external resulting from unexpected events or
environment. disruptions.
Health and safety risk
Potential harm or injury to employees
arising from workplace conditions
or activities.
Risk category
Definition
Risks
Description
IT risk Information technology
IT business continuity
This risk refers to loss of data in case of
risk is any threat to a catastrophic event.
business data, critical System vulnerability This risk refers to the vulnerability of
systems and business and cyber security our IT system to different types of
processes due to IT failure. cyber-attacks.
It is the risk associated
with the use, ownership, Data privacy and Risk arising from unauthorised access
operation, involvement, protection to sensitive information.
influence and adoption of
IT within an organisation.
IT support
Risk of delay in resolving IT-related
issues which may negatively impact
operations.
System access control
Risk of misuse of system access.
IT fraud
Risk of fraud due to a control gap in the
IT system and processes.
Data migration and Risk of loss of data during the data
transformation migration and challenges pertaining to
digital transformation.
Risk category
Definition
Risks
Description
Finance risk The Group experiences
Credit risk
Risk that the Group will incur a loss
financial risks such as because its clients or counterparties
credit risk, liquidity risk, fail to discharge their contractual
exchange rate/currency obligations.
risk and interest rate risk
Liquidity risk
Risk that the Group will be unable to
which can adversely meet its payment obligations when
impact the earnings they fall due under normal and stress
of the Company.
circumstances.
Exchange rate risk
Possibility of financial loss to the Group
arising from adverse movements in
foreign exchange rates.
Inflation rate risk
Rising cost of living diminishing
the borrowers\u2019 repayment capacity,
affecting the Group\u2019s overall
financial health.
Interest rate risk
Risk arising from the possibility of
change in the value of assets and
liabilities because of changes in market
interest rates.
Concentration risk
High concentration of portfolio in a
specific geographic area amplifying the
impact of adverse economic events.
Tax compliance risk
Adverse consequences due to failure
to adhere to tax laws and regulations.
Legal and Financial and other
Local regulation risk
Risk of non-compliance with local
compliance losses the Group may regulation.
risk suffer as a result of
Client protection risk
Risk of negative public opinion for
regulatory changes or failing to adhere to client protection
failure to comply with principles.
applicable laws and
regulation.
AML risk
Threat arising from inadequate
measures to prevent and address
money laundering.
Strategic risk
Under strategic risk, the Group faces several key challenges. The primary focus is on how to sustainably
grow its portfolio, digitalise, enhance service quality, and increase earnings particularly in the context of
emerging economies. This also includes upholding the Company\u2019s reputation and strengthening its
competitive advantages. Climate risk strategy is also a critical component, as the Group is committed to
controlling its greenhouse gas (\u2018GHG\u2019) emissions and mitigating the adverse impacts of climate change on
its operations. Given the prevalence of extreme weather events in some of the countries where the Group
operates, disaster management is meticulously considered to ensure resilience and continuity.
Operational risk
Operational risk encompasses several critical areas essential to the Company\u2019s success. Human resources
play a pivotal role, with training, development and staff retention being vital for effective operations.
The Company prioritises provision of industry\u2011standard compensation packages and clear career paths
to employees, ensuring their motivation and commitment. Maintaining the health and safety of staff is
also a top priority, reflecting the Company\u2019s commitment to a supportive and secure working environment.
Preventing fraud and misappropriation is another significant aspect of operational risk management, given
the occasional occurrence of such incidents. The Company employs stringent measures to safeguard
against these risks, recognising their potential impact on the business. Additionally, ensuring business
continuity is crucial, as unforeseen situations can arise.
IT risk
Information & technology risk encompasses several critical components, including business continuity,
which includes ensuring server redundancy, disaster recovery sites, and swift restoration in the event of
incidents. Reducing system vulnerability to protect against cyber risks remains a top priority, with measures
in place to safeguard data privacy. Data is secured through password protection and is accessible only to
authorised users, ensuring confidentiality and integrity. Prompt resolution of IT issues by the central IT
team is crucial for maintaining smooth operational workflows. To prevent data loss during data migration
projects, comprehensive precautions are taken.
Additionally, an audit trail is maintained to facilitate the investigation of any digital fraud incidents. Through
these rigorous processes, the Company ensures robust IT risk management, safeguarding its technological
infrastructure and data assets.
Finance risk
Under financial risk management, maintaining low credit risk is a top priority. The Group ensures the high
quality of its portfolio through rigorous client assessments, robust weekly collection efforts, and
continuous evaluations of clients\u2019 ability to pay. To manage liquidity risk, the Group remains well funded,
and has strong access to a diverse range of funding sources at both the local and holding levels. The
Company maintains solid relationships with its debt providers, who continue to show strong interest in
funding its operations.
The Group manages currency risk by predominantly securing funding in local currencies and matching local
currency assets with local currency liabilities at its microfinance subsidiaries. For foreign currency funding,
the Company aims to ensure that nearly 100% of its currency exposure is hedged. While the Group is
exposed to inflation rate changes in certain regions, its diversified operations across thirteen jurisdictions
help reduce this exposure.
To manage interest rate risk, the Group conducts a cost of funds analysis and monitors interest rates in
countries where interest rate caps are imposed. Interest rate risk is typically lower in microfinance
companies due to their short\u2011term and fixed\u2011rate loans. The Group also implements a policy on
concentration risk, monitoring portfolio concentration to encourage a well\u2011diversified portfolio across
different geographical regions, thereby limiting exposure to adverse country\u2011specific economic events. The
Group ensures tax compliance by engaging competent external tax advisers at the entity level and ensuring
full compliance with all applicable tax laws in the jurisdictions where it operates.
Legal and compliance risk
Compliance with local regulations is a top priority for the Group. The Group ensures adherence to all local
laws and regulations, including central bank requirements and assessments along with its implementation.
Except for the Philippines, all entities are regulated by their respective central banks. Operating within a
stringent regulatory environment encourages robust internal controls within the Group.
While the overall risk of anti\u2011money laundering (\u2018AML\u2019) is low in microfinance due to the small loan sizes, the
Group manages AML risks through adequate Know Your Customer (\u2018KYC\u2019) policies, continuous supervision
of client behaviour, and implementation of AML policies and procedures. Additionally, the Group is
committed to upholding client protection principles, ensuring that the clients are treated fairly and their
complaints are addressed and resolved promptly.
30.4 Financial risk
30.4.1 Credit risk
Credit risk is the risk that the Group will incur a loss because its customers, clients or counterparties failed
to discharge their contractual obligations. The Group manages and controls credit risk by adhering strictly
to the operating procedures outlined in the operation manual, which includes setting limits on the amount
of risk it is willing to accept for individual counterparties and geographical concentrations, and monitoring
exposures in relation to such limits.
Maximum exposure to credit risk
The maximum credit exposure is equal to the carrying amounts of the financial instruments on the Group\u2019s
statement of financial position except the off\u2011book BC portfolio where the risk is determined as per the
contract with BC partners. As mentioned above, the Group reduces its concentration risk by ensuring a
widely diverse portfolio, distributed among various countries and continents. At present the Group invests
in West Africa, East Africa, South Asia and South East Asia.
Customer security deposits are cash collateral and presented as part of Due from customers in the
statement of financial position. These security deposits are considered as collateral for the loans to
customers and therefore reduce the credit risk on these loans.
There are no significant concentrations of credit risk through exposures to individual customers and
specific industries/sectors. However, Ghana holds 26% of the Group\u2019s credit exposure in 2025 (2024: 20%
by Pakistan). Senior management regularly monitors the concentration risk and manages loan distribution if
required.
Maximum exposure to credit risk
2025 2024
USD\u2019000 USD\u2019000
Cash and cash equivalents (excluding cash in hand)
107,141
78,906
Loans and advances to customer
574,365
409,977
Customer security deposit
(114,062)
(74,470)
Off\u2011book portfolio (BC model)
1
264
343
Due from banks
43,120
29,263
Other assets
2
12,859
8,253
Maximum credit exposure
623,687
452, 272
1 Credit risk on the IDFC off-book BC model portfolio is restricted to 5% of the outstanding portfolio.
2 Other assets includes net financial derivatives and excludes prepayments and advance tax.
Geographic distribution of maximum credit exposure as at 31 December 2025.
Cash
and\u202fcash
equivalents Loans and Customer Off-book
(excluding advances to security Due from Other portfolio
cash in hand) customers deposit banks assets (BC model) Total
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
West Africa
9,483
169,046
(68,867)
16,767
2,601
\u2013
129,030
East Africa
24,385
197,918
(21,275)
16,433
2,330
\u2013
219,791
South Asia
22,234
126,462
(2,405)
7,53 8
3,290
264
157,383
South East Asia
30,794
80,939
(21, 515)
2,382
2,131
\u2013
94,731
Non-operating entities
20,245
\u2013
\u2013
\u2013
2,507
\u2013
22,752
Maximum credit exposure
107,141
574,365
(114,062)
43,120
12,859
264
623,687
Geographic distribution of maximum credit exposure as at 31 December 2024.
Cash
and\u202fcash
equivalents Loans and Customer Off-book
(excluding advances to security Due from Other portfolio
cash in hand) customers deposit banks assets (BC model) Total
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
West Africa
5,283
84,000
(33,341)
2,625
1,008
\u2013
59,575
East Africa
26,146
144,223
(17,404)
16,630
1,835
\u2013
171,430
South Asia
9,928
96,180
(2,165)
5,246
2,026
343
111,558
South East Asia
29,841
85,574
(21,560)
4,762
1,804
\u2013
100,421
Non-operating entities
7,708
\u2013
\u2013
\u2013
1,580
\u2013
9,288
Maximum credit exposure
78,906
409,977
(74,470)
29,263
8,253
343
452,272
The Group provides direct lending to customers through the MFIs (owned and controlled by it). In addition,
the Group accepts savings in the countries where it has a deposit\u2011taking licence.
Credit risk from lending as at 31 December 2025.
Gross loans
Due from and advances
banks
1
to customer
2
Total lending Stage 1 Stage 2 Stage 3
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
West Africa
16,767
173,056
189,823
170,157
1,199
1,700
East Africa
16,433
2 07,802
224,235
203,581
1,118
3,103
South Asia
7, 538
128,250
135,788
126,584
328
1,338
South East Asia
2,382
84,490
86,872
79,360
1,170
3,960
Non-operating entities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
43,120
593,598
636,718
579,682
3,815
10,101
ECL provision
\u2013
(8,563)
(8,563)
(3,084)
(20)
(5,459)
Coverage ratio
3
\u2013
1.4%
1.3%
0.5%
0.5%
54.0%
1 Due from banks are neither past due nor credit impaired. 2 Includes interest receivable. 3 Coverage ratio is calculated as the total ECL provision divided by the underlying assets\u2019 gross carrying amount. ECL between stage 1 and stage 2 has been allocated in proportion to OLP. Credit risk from lending as at 31 December 2024.
Gross loans
Due from and advances
banks
1
to customer
2
Total lending Stage 1 Stage 2 Stage 3
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
West Africa
2,625
86,788
89,413
84,953
326
1,509
East Africa
16,630
151,512
168,142
149,422
393
1,697
South Asia
5,246
99,728
104,974
97,077
314
2,337
South East Asia
4,762
89,621
94,383
83,878
1,692
4,051
Non-operating entities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
29,263
427,649
456,912
415,330
2,725
9,594
ECL provision
\u2013
(10,122)
(10,122)
(2,207)
(15)
(7,900)
Coverage ratio
3
\u2013
2.4%
2.2%
0.5%
0.6%
82.3%
1 Due from banks are neither past due nor credit impaired. 2 Includes interest receivable. 3 Coverage ratio is calculated as the total ECL provision divided by the underlying assets\u2019 gross carrying amount. ECL between stage 1 and stage 2 has been allocated in proportion to OLP.
30.4.2 Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its payment obligations when they fall due
under normal and stress circumstances. Most subsidiaries of the Group are now able to attract third\u2011party
funding and various local currency and USD loans are in place.
Liquidity management is evaluated at the MFI level and on a consolidated Group basis. Each of the Group\u2019s
MFIs is required to meet the financial obligations of their internal and external stakeholders. Failure to
manage liquidity risks may cause the Group to lose business, miss opportunities for growth, or experience
legal or reputational consequences. To mitigate its liquidity management risk, the Group has established
liquidity management policies, published in its operation manual, finance and treasury manual.
The Group is confident it will be able to meet the payment obligations under the aforementioned loans for
various reasons, including but not limited to:
\u2022 The main class of assets are loans to customers. Due to the nature of the microfinance business the
Group is engaged in, these loans to customers have short\u2011term maturities, hence the Group is in a
position to generate a constant stream of cash inflows
\u2022 The Group is in a position to accumulate sufficient funds to cover its obligations, although this may entail
limitations on new loan disbursements
\u2022 The Group has been able to receive most of the waivers against covenant breaches from the lenders and
with no indication received from lenders for any early repayment
As at 31 December 2025, the Group has USD 107.4 million (2024: USD 79.1 million) of cash at bank and in
hand. An amount of USD 28.4 million (2024: USD 28.9 million) is restricted and cannot be readily available.
The remaining USD 79.0 million (2024: USD 50.6 million) is unrestricted and for operational needs. The
Group is able to fund its operations and budgeted growth of its loan portfolio from new loan facilities
supplied by third parties, security collateral and/or savings provided by its clients, and internally generated
cash flows.
The table below shows undiscounted cash flow analysis of liabilities according to when they are expected
to be recovered or to be settled.
Sub-total Sub-total No fixed
Liabilities FY 2025 (USD\u2019000)
On demand
<3 months
3-12 months
1-12 months
1-5 years
Over 5 years
>12 months
maturity
Total
Debt issued and other borrowed funds
10,787
1
67,242
102,303
180,332
243,631
\u2013
243,631
\u2013
423,963
Due to customers
18,683
54,110
63,869
136,662
99
\u2013
99
\u2013
136,761
Lease liability
\u2013
4
395
399
4,094
96
4,190
\u2013
4,589
Derivative liabilities
\u2013
631
2,292
2,923
245
\u2013
245
\u2013
3,168
Other liabilities
3,760
10,311
11,664
25,735
2,324
\u2013
2,324
6,620
34,679
Provisions
\u2013
\u2013
1,290
1,290
\u2013
\u2013
\u2013
\u2013
1,290
33,230
132,298
181,813
347,341
250,393
96
250,489
6,620
604,450
1 This includes loans amounting to USD 5.4 million on which waivers had not been received at the balance sheet date. Subsequently waivers for breached loans amounting to USD 0.6 million have been received and a breach of USD 3.5 million was
resolved. This also includes bank overdraft of USD 2.6 million in Sri Lanka.
Sub-total Sub-total No fixed
Liabilities FY 2024 (USD\u2019000)
On demand
<3 months
3-12 months
1-12 months
1-5 years
Over 5 years
>12 months
maturity
Total
Debt issued and other borrowed funds
12,579
2
45,193
99,006
156,778
164,072
\u2013
164,072
\u2013
320,850
Due to customers
17,941
32,553
39,643
90,137
34
\u2013
34
\u2013
90,171
Lease liability
\u2013
19
411
430
3,394
101
3,495
\u2013
3,925
Derivative liabilities
\u2013
473
2,921
3,394
(142)
\u2013
(142)
\u2013
3,252
Other liabilities
4,225
5,310
8,899
18,434
2,460
\u2013
2,460
5,045
25,939
Provisions
\u2013
\u2013
2,204
2,204
\u2013
\u2013
\u2013
\u2013
2,204
34,745
83,548
153,084
271,377
169,818
101
169,919
5,045
446,341
2 This includes loans amounting to USD 11.3 million on which waivers had not been received at the balance sheet date. Subsequently waivers for breached loans amounting to USD 0.7 million have been received.
The table below shows undiscounted cash flow analysis of assets according to when they are expected to be recovered or to be settled.
Sub-total Sub-total No fixed
Assets FY 2025 (USD\u2019000)
On demand
<3 months
3-12 months
1-12 months
1-5 years
Over 5 years
>12 months
maturity
Total
Cash at bank and in hand
79,048
\u2013
28,373
107,421
\u2013
\u2013
\u2013
\u2013
107,421
Loans and advances to customers
11,206
290,642
271,661
573,509
856
\u2013
856
\u2013
574,365
Due from banks
\u2013
1,475
30,037
31,512
11,608
\u2013
11,608
\u2013
43,120
Equity investments at FVOCI
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
370
370
Derivative assets
\u2013
\u2013
264
264
186
\u2013
186
\u2013
450
Other assets
\u2013
4,567
21,937
26,504
2,474
\u2013
2,474
\u2013
28,978
90,254
296,684
352,272
739,210
15,124
\u2013
15,124
370
754,704
Assets FY 2024 (USD\u2019000)
Cash at bank and in hand
50,245
\u2013
28,900
79,145
\u2013
\u2013
\u2013
\u2013
79,145
Loans and advances to customers
10,141
196,211
203,417
409,769
208
\u2013
208
\u2013
409,977
Due from banks
\u2013
2,156
12,755
14,911
14,352
\u2013
14,352
\u2013
29,263
Equity investments at FVOCI
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
315
315
Derivative assets
\u2013
258
\u2013
258
\u2013
\u2013
\u2013
\u2013
258
Other assets
\u2013
3,637
13,383
17,020
1,766
\u2013
1,766
\u2013
18,786
60,386
202,262
258,455
521,103
16,326
\u2013
16,326
315
537,74 4
Changes in liabilities arising from financing activities
Foreign
1 January Non-cash exchange
2025 Cash flows movement movement 31 December
FY 2025 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 2025
Debt issued and borrowed funds
320,850
105,565
\u2013
(2,452)
423,963
Lease liabilities
3,925
(8,371)
8,483
552
4,589
Total liabilities from financing activities
324,775
97,194
8,483
(1,900)
428,552
Foreign
1 January Non-cash exchange
2024 Cash flows movement movement 31 December
FY 2024 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 2024
Debt issued and borrowed funds
273,411
41,783
\u2013
5,656
320,850
Lease liabilities
3,272
(3,916)
4,095
474
3,925
Total liabilities from financing activities
276,683
37, 867
4,095
6,130
324,775
30.4.3 Foreign exchange rate risk
Currency risk is the possibility of financial loss to the Group arising from adverse movements in foreign
exchange rates. Currency risk is a substantial risk for the Group, as most loans to MFIs and borrowers are
in local currency in countries where currency depreciation against the USD is often considered less
predictable. At present the Group manages currency risk mainly through natural hedging, i.e. by matching
the MFI\u2019s local currency assets consisting of the MFI\u2019s loan portfolio with local currency liabilities. The
Group\u2019s risk policy allows the Group treasurer the possibility of hedging with instruments such as swaps
and forward contracts if and when appropriate. In order to mitigate the foreign exchange risk on foreign
currency loans, ASA Pakistan, ASA Sierra Leone, ASA Kenya, ASA Zambia and PPFC have entered into
hedging agreements. The Group applies hedge accounting to foreign currency loans and related hedge
contracts. Reference is made to note 37.
While the Group faces significant translation exposure on its equity investments in local MFIs (as the
functional currency of the Group is USD), the Group has implemented an equity hedging policy. The policy
entails a frequent review of expected currency devaluations compared to the costs for equity hedging
instruments. The Group has not used equity hedging instruments in 2025 and 2024. In addition, the Group
has a policy to distribute excess retained earnings at its subsidiaries to the holding entities while
maintaining a sufficient capital adequacy ratio.
In summary, the Group takes a number of measures to manage its foreign currency exposure:
\u2022 Investments are only made in countries that show a reasonable level of macroeconomic stability. A
detailed macroeconomic and sociopolitical assessment is carried out before the Group decides to invest
in a certain country
\u2022 Excess retained earnings in the operating entities are distributed to the holding entities. Equity hedging
instruments are considered as part of the equity hedging policy
\u2022 The Group endeavours to procure its MFIs to secure local currency loans (instead of foreign currency
loans) to the extent possible or deemed commercially advantageous
\u2022 The Group applies hedging instruments on foreign currency loans in any of its operating and holding
entities
Simulation: Foreign currency translation reserve
FX translation FX translation FX translation FX translation
FX translation reserve after reserve after Movement after Movement after FX translation reserve after reserve after Movement after Movement after
reserve actual -10% rate +10% rate -10% rate +10% rate reserve actual -10% rate +10% rate -10% rate +10% rate
2025 2025 2025 2025 2025 2024 2024 2024 2024 2024
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
West Africa
(49,918)
(57,793)
(40,515)
(7,875)
9,403
(66,424)
(70,375)
(61,590)
(3,953)
4,832
East Africa
(3,248)
(7,998)
2,446
(4,749)
5,694
(3,734)
(7,4 86)
770
(3,752)
4,504
South Asia
(39,285)
(40,952)
(37,259)
(1,667)
2,026
(40,028)
(41,825)
(37,832)
(1,797)
2,195
South East Asia
(7,368)
(8,843)
(5,566)
(1,475)
1,803
(5,688)
(7,198)
(3,843)
(1,510)
1,845
Non-operating entities
(548)
(578)
(505)
(30)
43
(437)
(461)
(408)
(24)
29
Total
(100,367)
(116,164)
(81,399)
(15,796)
18,969
(116,311)
(127,3 45)
(102,903)
(11,036)
13,405
Analysis of the actual exchange rate fluctuations against the USD for the period 2025 shows different trends for all the operating currencies. The annual exchange rate fluctuations are between \u20115.8% to +28.5%, but
most moved within 1% to 10%. Ghana experienced a 28.5% appreciation. For the simulation of foreign currency effects, the Company has therefore assumed an additional 10% movement year\u2011on\u2011year in these
currencies as compared to USD.
The following overview shows the actual foreign currency exchange results by country for 2025 as well as the simulation of the impact of a 10% downward movement and a 10% upward movement of the FX rates on the
foreign exchange results.
As at 31 December 2025, a 10% downward movement of FX rates against the USD has an impact on the foreign currency exchange result of USD \u20111.0 million (2024: USD \u20111.1 million). A 10% upward movement of FX
rates results in an impact of USD 1.2 million (2024: USD 1.4 million). The lower impact on the result of the Company results from the decrease in short\u2011term intercompany USD loans, which cannot be hedged.
Simulation: Foreign exchange profit and loss
Foreign exchange Foreign exchange Foreign exchange Foreign exchange Foreign exchange Foreign exchange
profit and loss profit and loss profit and loss Movement after Movement after profit and loss profit and loss profit and loss Movement after Movement after
actual after -10% rate after +10% rate -10% rate +10% rate actual after -10% rate after +10% rate -10% rate +10% rate
2025 2025 2025 2025 2025 2024 2024 2024 2024 2024
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
West Africa
(5)
(89)
79
(84)
84
(388)
(521)
(254)
(133)
133
East Africa
(1,031)
(886)
(1,176)
145
(145)
17
280
(246)
263
(263)
South Asia
(15)
(33)
4
(19)
19
15
(14)
45
(29)
29
South East Asia
(1,090)
(1,085)
(1,094)
5
(5)
(346)
(472)
(220)
(126)
126
Non-operating entities
(1,002)
(2,043)
272
(1,039)
1,275
(172)
(1,279)
1,183
(1,106)
1,355
Total
(3,143)
(4,136)
(1,915)
(992)
1,228
(874)
(2,006)
508
(1,131)
1,380
30.4.4 Interest rate risk
Interest rate risk is the risk that profitability is affected by fluctuations in interest rates. The greatest
interest rate risk the Group experiences occurs when the cost of funds increases at a rate faster than the
Group can or is willing to adjust its lending rates. The Group\u2019s strategy in evaluating and managing its
interest rate risk is to consider any risk at the pre\u2011investment stage, to conduct a cost of funds analysis and
to consider interest rates in particular, where there is a limit on the amount of interest it may charge, such
as in Myanmar and Tanzania.
The credit methodology of the MFIs determines that loans to microfinance clients have short\u2011term
maturities of less than one year and at fixed interest rates. Third\u2011party loans to MFIs, sourced from both
local and international financial institutions, mostly have short terms of between one and three years. 43%
(2024: 33%) of the consolidated debt has variable interest rates. Depending on the extent of the exposure
and hedging possibilities with regard to availability of hedging instruments and related pricing, the Group
might actively hedge its positions to safeguard the Group\u2019s profits and to reduce the volatility of interest
rates by using forwards, futures and interest rate swaps. The very short tenor of the loans provided to
microfinance dampens the effect of interest rate fluctuations. The following table demonstrates the
sensitivity to a reasonably possible change in interest rates on the loans and borrowings affected. With all
other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate
borrowings, as follows:
2025 2024
Increase in Decrease in Effect\u202fon\u202fprofit\u202fbefore\u202ftax Effect\u202fon\u202fprofit\u202fbefore\u202ftax
basis points basis points
USD\u2019000
USD\u2019000
USD\u2019000
USD\u2019000
USD
+100
-10 0
677
(677)
690
(690)
PKR
+100
-100
434
(434)
263
(263)
GHS
+10 0
-10 0
155
(155)
1
(1)
30.5 Climate-related risks
The Group faces climate risks in both its Asian and African markets, primarily in the form of physical and
transition risks, which can impact operations, portfolio performance and market conditions.
Extreme weather events, including storms, floods, droughts, and earthquakes, pose physical climate risks in
the markets where we operate. At the end of the first quarter of 2025, Myanmar was struck by a 7.7
magnitude earthquake, resulting in widespread damage and significant loss of life in the country; our
branch locations were largely unaffected. In the second half of 2025, powerful storms impacted the
Philippines, disrupting branch operations, road transport, and client businesses. Later, in the last quarter of
2025, floods in Sri Lanka, caused by a storm, affected borrower livelihoods and business activities.
These events resulted in temporary operational disruptions, including delays in loan disbursements and
collections, and has contributed to a short\u2011term increase in PAR. The Group responded through targeted
client\u2011support measures, including temporary collection holidays and relief initiatives, while maintaining
enhanced monitoring of portfolio performance and credit quality.
No material asset impairment has been noted during the period, resulting from the climate\u2011related events.
Transition risks arise from changes in climate\u2011related regulation, including evolving GHG emissions policies.
While climate\u2011related regulatory requirements in the Group\u2019s operating markets are currently limited, a
transition consistent with a 2\u00b0C scenario is expected to lead to more stringent regulatory expectations and
increased compliance requirements for financial institutions. The Group monitors regulatory developments
on an ongoing basis and is strengthening its governance, risk management, and internal processes to
support readiness for emerging climate\u2011related regulatory requirements.
To mitigate climate\u2011related impacts, the Group has established targets to reduce its environmental
footprint. These focus on increasing the use of renewable energy, improving energy efficiency, and
reducing emissions across operations. The Group also promotes environmentally responsible practices
across its entities and promptly implements climate\u2011related directives issued by central banks and
regulators.
A long\u2011term climate risk assessment evaluates the potential impact of physical and transition climate risks
on the Group\u2019s operations, portfolio quality, and sustainability over the medium to long term. Further
details on climate\u2011related risks and mitigation measures are provided on page [65].
30.6 Legal and compliance risk
The Group mitigates legal and compliance risks in the countries where its subsidiaries and MFIs operate
through continuous monitoring of regulatory and legal developments. This is achieved by engaging tier\u2011one
law firms, working closely with local corporate secretaries and compliance officers, and maintaining direct
relationships with regulators, including central banks. The Group\u2019s extensive local and international
network ensures it remains well\u2011positioned to identify and adapt to legal changes that could materially
impact its operations.
A number of MFI investments are made through ASAI NV in the Netherlands, which benefits from an
extensive network of Bilateral Investment Treaties. These treaties provide protection, including
compensation, in the event of nationalisation or expropriation of investments in countries where ASAI NV
operates, such as the Philippines, Sri Lanka, Uganda, Kenya, and Ghana.
Product transparency is a key component of the Group\u2019s compliance strategy. Given that many of its target
clients have limited financial education, the Group prioritises clear communication of product terms and
pricing. The Group ensures that clients fully understand loan conditions, fees, and repayment schedules to
promote responsible borrowing and financial inclusion. Although the Group\u2019s operations have long been
aligned with the Client Protection Principles, the Group has now formalised this commitment by signing the
Client Protection Pathway Joint Statement, a globally recognised initiative led by Cerise+SPTF.
30.7 Political, geopolitical and other uncertainties
The civil conflict and military rule in Myanmar continued to pose political and security risks in the country.
The recently held elections were completed without any major disruption to operations. The situation,
however, continues to be monitored since large areas of the country remain outside government control,
and the political environment remains tense. While the ongoing civil conflict restricts ASA\u2019s expansion to
certain townships in conflict\u2011prone areas, the existing branches continue to perform satisfactorily and are
expected to show further improvement in the coming year. ASA International mainly operates in the
government-controlled territories.
Tanzania experienced heightened political tension following the 29 October general election, and the
government maintained a strong security presence in major cities to prevent unrest. Calm has since been
restored in the country and business normalcy has resumed. Accordingly, the financial prospects for 2026
are expected to remain unaffected.
In Uganda, conditions have remained relatively stable. The general election held in early 2026 posed a
security threat due to heightened political tension between the government and the leading opposition.
However, following the conduct of the elections, business normalcy has since been restored. Accordingly,
the financial prospects for 2026 are expected to remain unaffected.
Since late February 2026, a significant military conflict has been ongoing between the US/Israel and Iran.
The conflict has disrupted global oil and LNG supply routes, particularly due to the severely heightened
risks and effective closure of the Strait of Hormuz, through which roughly 20% of global oil supply transits,
driving an increase of Brent crude price with a potential further spike. This is bringing risks of recession,
currency devaluation and higher inflation. The medium and long\u2011term impacts remain unclear as of now.
In May 2025, a brief armed conflict occurred between India and Pakistan following India\u2019s strikes in
response to a terrorist attack in Kashmir. The conflict was contained within a few days with a ceasefire,
though tensions remain. There has been no escalation since. It is expected that financial prospects for 2026
will remain unaffected by the political tension.
ASA International operates primarily in emerging economies and is exposed to country\u2011specific risks,
including political instability, economic volatility, and security challenges. To manage these risks, the Group
employs a combination of country risk monitoring, portfolio diversification, and proactive contingency
planning to closely track operational and credit exposures. Its portfolio is spread across twelve jurisdictions,
mitigating the impact of adverse events in any single country. The Group is also actively pursuing improved
geographical diversification to further enhance resilience and maintain stability across its operations.
35. Capital management
ASA International Group plc is registered as a public limited company, incorporated in England and Wales
with the registered number 11361159 and with its registered office situated at Highdown House, Yeoman
Way, Worthing, West Sussex BN99 3HH, United Kingdom . It is listed on the main market of the London
Stock Exchange, since 13 July 2018. The Group is not subject to externally imposed capital requirements
and has no restrictions on the issue and repurchase of ordinary shares.
Many of the Group\u2019s operating subsidiaries are regulated and subject to minimum regulatory capital
requirements. As of 31 December 2025, the Group and its subsidiaries were in full compliance with
minimum regulatory capital requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "30.4.1 Credit risk Credit risk is the risk that the Group will incur a loss because its customers, clients or counterparties failed to discharge their contractual obligations. The Group manages and controls credit risk by adhering strictly to the operating procedures outlined in the operation manual, which includes setting limits on the amount of risk it is willing to accept for individual counterparties and geographical concentrations, and monitoring exposures in relation to such limits. Maximum exposure to credit risk The maximum credit exposure is equal to the carrying amounts of the financial instruments on the Group\u2019s statement of financial position except the off\u2011book BC portfolio where the risk is determined as per the contract with BC partners. As mentioned above, the Group reduces its concentration risk by ensuring a widely diverse portfolio, distributed among various countries and continents. At present the Group invests in West Africa, East Africa, South Asia and South East Asia. Customer security deposits are cash collateral and presented as part of Due from customers in the statement of financial position. These security deposits are considered as collateral for the loans to customers and therefore reduce the credit risk on these loans. There are no significant concentrations of credit risk through exposures to individual customers and specific industries/sectors. However, Ghana holds 26% of the Group\u2019s credit exposure in 2025 (2024: 20% by Pakistan). Senior management regularly monitors the concentration risk and manages loan distribution if required. Maximum exposure to credit risk
2025 2024
USD\u2019000 USD\u2019000
Cash and cash equivalents (excluding cash in hand)
107,141
78,906
Loans and advances to customer
574,365
409,977
Customer security deposit
(114,062)
(74,470)
Off\u2011book portfolio (BC model)
1
264
343
Due from banks
43,120
29,263
Other assets
2
12,859
8,253
Maximum credit exposure
623,687
452, 272
1 Credit risk on the IDFC off-book BC model portfolio is restricted to 5% of the outstanding portfolio. 2 Other assets includes net financial derivatives and excludes prepayments and advance tax. Geographic distribution of maximum credit exposure as at 31 December 2025.
Cash
and\u202fcash
equivalents Loans and Customer Off-book
(excluding advances to security Due from Other portfolio
cash in hand) customers deposit banks assets (BC model) Total
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
West Africa
9,483
169,046
(68,867)
16,767
2,601
\u2013
129,030
East Africa
24,385
197,918
(21,275)
16,433
2,330
\u2013
219,791
South Asia
22,234
126,462
(2,405)
7,53 8
3,290
264
157,383
South East Asia
30,794
80,939
(21, 515)
2,382
2,131
\u2013
94,731
Non-operating entities
20,245
\u2013
\u2013
\u2013
2,507
\u2013
22,752
Maximum credit exposure
107,141
574,365
(114,062)
43,120
12,859
264
623,687
Geographic distribution of maximum credit exposure as at 31 December 2024.
Cash
and\u202fcash
equivalents Loans and Customer Off-book
(excluding advances to security Due from Other portfolio
cash in hand) customers deposit banks assets (BC model) Total
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
West Africa
5,283
84,000
(33,341)
2,625
1,008
\u2013
59,575
East Africa
26,146
144,223
(17,404)
16,630
1,835
\u2013
171,430
South Asia
9,928
96,180
(2,165)
5,246
2,026
343
111,558
South East Asia
29,841
85,574
(21,560)
4,762
1,804
\u2013
100,421
Non-operating entities
7,708
\u2013
\u2013
\u2013
1,580
\u2013
9,288
Maximum credit exposure
78,906
409,977
(74,470)
29,263
8,253
343
452,272
The Group provides direct lending to customers through the MFIs (owned and controlled by it). In addition, the Group accepts savings in the countries where it has a deposit\u2011taking licence.
Credit risk from lending as at 31 December 2025.
Gross loans
Due from and advances
banks
1
to customer
2
Total lending Stage 1 Stage 2 Stage 3
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
West Africa
16,767
173,056
189,823
170,157
1,199
1,700
East Africa
16,433
2 07,802
224,235
203,581
1,118
3,103
South Asia
7, 538
128,250
135,788
126,584
328
1,338
South East Asia
2,382
84,490
86,872
79,360
1,170
3,960
Non-operating entities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
43,120
593,598
636,718
579,682
3,815
10,101
ECL provision
\u2013
(8,563)
(8,563)
(3,084)
(20)
(5,459)
Coverage ratio
3
\u2013
1.4%
1.3%
0.5%
0.5%
54.0%
1 Due from banks are neither past due nor credit impaired.
2 Includes interest receivable.
3 Coverage ratio is calculated as the total ECL provision divided by the underlying assets\u2019 gross carrying amount.
ECL between stage 1 and stage 2 has been allocated in proportion to OLP.
Credit risk from lending as at 31 December 2024.
Gross loans
Due from and advances
banks
1
to customer
2
Total lending Stage 1 Stage 2 Stage 3
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
West Africa
2,625
86,788
89,413
84,953
326
1,509
East Africa
16,630
151,512
168,142
149,422
393
1,697
South Asia
5,246
99,728
104,974
97,077
314
2,337
South East Asia
4,762
89,621
94,383
83,878
1,692
4,051
Non-operating entities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
29,263
427,649
456,912
415,330
2,725
9,594
ECL provision
\u2013
(10,122)
(10,122)
(2,207)
(15)
(7,900)
Coverage ratio
3
\u2013
2.4%
2.2%
0.5%
0.6%
82.3%
1 Due from banks are neither past due nor credit impaired.
2 Includes interest receivable.
3 Coverage ratio is calculated as the total ECL provision divided by the underlying assets\u2019 gross carrying amount.
ECL between stage 1 and stage 2 has been allocated in proportion to OLP.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "30.4.2 Liquidity risk Liquidity risk is the risk that the Group will be unable to meet its payment obligations when they fall due under normal and stress circumstances. Most subsidiaries of the Group are now able to attract third\u2011party funding and various local currency and USD loans are in place. Liquidity management is evaluated at the MFI level and on a consolidated Group basis. Each of the Group\u2019s MFIs is required to meet the financial obligations of their internal and external stakeholders. Failure to manage liquidity risks may cause the Group to lose business, miss opportunities for growth, or experience legal or reputational consequences. To mitigate its liquidity management risk, the Group has established liquidity management policies, published in its operation manual, finance and treasury manual. The Group is confident it will be able to meet the payment obligations under the aforementioned loans for various reasons, including but not limited to: \u2022 The main class of assets are loans to customers. Due to the nature of the microfinance business the Group is engaged in, these loans to customers have short\u2011term maturities, hence the Group is in a position to generate a constant stream of cash inflows \u2022 The Group is in a position to accumulate sufficient funds to cover its obligations, although this may entail limitations on new loan disbursements \u2022 The Group has been able to receive most of the waivers against covenant breaches from the lenders and with no indication received from lenders for any early repayment As at 31 December 2025, the Group has USD 107.4 million (2024: USD 79.1 million) of cash at bank and in hand. An amount of USD 28.4 million (2024: USD 28.9 million) is restricted and cannot be readily available. The remaining USD 79.0 million (2024: USD 50.6 million) is unrestricted and for operational needs. The Group is able to fund its operations and budgeted growth of its loan portfolio from new loan facilities supplied by third parties, security collateral and/or savings provided by its clients, and internally generated cash flows. The table below shows undiscounted cash flow analysis of liabilities according to when they are expected to be recovered or to be settled.
Sub-total Sub-total No fixed
Liabilities FY 2025 (USD\u2019000)
On demand
<3 months
3-12 months
1-12 months
1-5 years
Over 5 years
>12 months
maturity
Total
Debt issued and other borrowed funds
10,787
1
67,242
102,303
180,332
243,631
\u2013
243,631
\u2013
423,963
Due to customers
18,683
54,110
63,869
136,662
99
\u2013
99
\u2013
136,761
Lease liability
\u2013
4
395
399
4,094
96
4,190
\u2013
4,589
Derivative liabilities
\u2013
631
2,292
2,923
245
\u2013
245
\u2013
3,168
Other liabilities
3,760
10,311
11,664
25,735
2,324
\u2013
2,324
6,620
34,679
Provisions
\u2013
\u2013
1,290
1,290
\u2013
\u2013
\u2013
\u2013
1,290
33,230
132,298
181,813
347,341
250,393
96
250,489
6,620
604,450
1 This includes loans amounting to USD 5.4 million on which waivers had not been received at the balance sheet date. Subsequently waivers for breached loans amounting to USD 0.6 million have been received and a breach of USD 3.5 million was resolved. This also includes bank overdraft of USD 2.6 million in Sri Lanka.
Sub-total Sub-total No fixed
Liabilities FY 2024 (USD\u2019000)
On demand
<3 months
3-12 months
1-12 months
1-5 years
Over 5 years
>12 months
maturity
Total
Debt issued and other borrowed funds
12,579
2
45,193
99,006
156,778
164,072
\u2013
164,072
\u2013
320,850
Due to customers
17,941
32,553
39,643
90,137
34
\u2013
34
\u2013
90,171
Lease liability
\u2013
19
411
430
3,394
101
3,495
\u2013
3,925
Derivative liabilities
\u2013
473
2,921
3,394
(142)
\u2013
(142)
\u2013
3,252
Other liabilities
4,225
5,310
8,899
18,434
2,460
\u2013
2,460
5,045
25,939
Provisions
\u2013
\u2013
2,204
2,204
\u2013
\u2013
\u2013
\u2013
2,204
34,745
83,548
153,084
271,377
169,818
101
169,919
5,045
446,341
2 This includes loans amounting to USD 11.3 million on which waivers had not been received at the balance sheet date. Subsequently waivers for breached loans amounting to USD 0.7 million have been received. The table below shows undiscounted cash flow analysis of assets according to when they are expected to be recovered or to be settled.
Sub-total Sub-total No fixed
Assets FY 2025 (USD\u2019000)
On demand
<3 months
3-12 months
1-12 months
1-5 years
Over 5 years
>12 months
maturity
Total
Cash at bank and in hand
79,048
\u2013
28,373
107,421
\u2013
\u2013
\u2013
\u2013
107,421
Loans and advances to customers
11,206
290,642
271,661
573,509
856
\u2013
856
\u2013
574,365
Due from banks
\u2013
1,475
30,037
31,512
11,608
\u2013
11,608
\u2013
43,120
Equity investments at FVOCI
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
370
370
Derivative assets
\u2013
\u2013
264
264
186
\u2013
186
\u2013
450
Other assets
\u2013
4,567
21,937
26,504
2,474
\u2013
2,474
\u2013
28,978
90,254
296,684
352,272
739,210
15,124
\u2013
15,124
370
754,704
Assets FY 2024 (USD\u2019000)
Cash at bank and in hand
50,245
\u2013
28,900
79,145
\u2013
\u2013
\u2013
\u2013
79,145
Loans and advances to customers
10,141
196,211
203,417
409,769
208
\u2013
208
\u2013
409,977
Due from banks
\u2013
2,156
12,755
14,911
14,352
\u2013
14,352
\u2013
29,263
Equity investments at FVOCI
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
315
315
Derivative assets
\u2013
258
\u2013
258
\u2013
\u2013
\u2013
\u2013
258
Other assets
\u2013
3,637
13,383
17,020
1,766
\u2013
1,766
\u2013
18,786
60,386
202,262
258,455
521,103
16,326
\u2013
16,326
315
537,74 4
Changes in liabilities arising from financing activities
Foreign
1 January Non-cash exchange
2025 Cash flows movement movement 31 December
FY 2025 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 2025
Debt issued and borrowed funds
320,850
105,565
\u2013
(2,452)
423,963
Lease liabilities
3,925
(8,371)
8,483
552
4,589
Total liabilities from financing activities
324,775
97,194
8,483
(1,900)
428,552
Foreign
1 January Non-cash exchange
2024 Cash flows movement movement 31 December
FY 2024 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 2024
Debt issued and borrowed funds
273,411
41,783
\u2013
5,656
320,850
Lease liabilities
3,272
(3,916)
4,095
474
3,925
Total liabilities from financing activities
276,683
37, 867
4,095
6,130
324,775
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "30.4.3 Foreign exchange rate risk Currency risk is the possibility of financial loss to the Group arising from adverse movements in foreign exchange rates. Currency risk is a substantial risk for the Group, as most loans to MFIs and borrowers are in local currency in countries where currency depreciation against the USD is often considered less predictable. At present the Group manages currency risk mainly through natural hedging, i.e. by matching the MFI\u2019s local currency assets consisting of the MFI\u2019s loan portfolio with local currency liabilities. The Group\u2019s risk policy allows the Group treasurer the possibility of hedging with instruments such as swaps and forward contracts if and when appropriate. In order to mitigate the foreign exchange risk on foreign currency loans, ASA Pakistan, ASA Sierra Leone, ASA Kenya, ASA Zambia and PPFC have entered into hedging agreements. The Group applies hedge accounting to foreign currency loans and related hedge contracts. Reference is made to note 37. While the Group faces significant translation exposure on its equity investments in local MFIs (as the functional currency of the Group is USD), the Group has implemented an equity hedging policy. The policy entails a frequent review of expected currency devaluations compared to the costs for equity hedging instruments. The Group has not used equity hedging instruments in 2025 and 2024. In addition, the Group has a policy to distribute excess retained earnings at its subsidiaries to the holding entities while maintaining a sufficient capital adequacy ratio. In summary, the Group takes a number of measures to manage its foreign currency exposure: \u2022 Investments are only made in countries that show a reasonable level of macroeconomic stability. A detailed macroeconomic and sociopolitical assessment is carried out before the Group decides to invest in a certain country \u2022 Excess retained earnings in the operating entities are distributed to the holding entities. Equity hedging instruments are considered as part of the equity hedging policy \u2022 The Group endeavours to procure its MFIs to secure local currency loans (instead of foreign currency loans) to the extent possible or deemed commercially advantageous \u2022 The Group applies hedging instruments on foreign currency loans in any of its operating and holding entities Simulation: Foreign currency translation reserve
FX translation FX translation FX translation FX translation
FX translation reserve after reserve after Movement after Movement after FX translation reserve after reserve after Movement after Movement after
reserve actual -10% rate +10% rate -10% rate +10% rate reserve actual -10% rate +10% rate -10% rate +10% rate
2025 2025 2025 2025 2025 2024 2024 2024 2024 2024
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
West Africa
(49,918)
(57,793)
(40,515)
(7,875)
9,403
(66,424)
(70,375)
(61,590)
(3,953)
4,832
East Africa
(3,248)
(7,998)
2,446
(4,749)
5,694
(3,734)
(7,4 86)
770
(3,752)
4,504
South Asia
(39,285)
(40,952)
(37,259)
(1,667)
2,026
(40,028)
(41,825)
(37,832)
(1,797)
2,195
South East Asia
(7,368)
(8,843)
(5,566)
(1,475)
1,803
(5,688)
(7,198)
(3,843)
(1,510)
1,845
Non-operating entities
(548)
(578)
(505)
(30)
43
(437)
(461)
(408)
(24)
29
Total
(100,367)
(116,164)
(81,399)
(15,796)
18,969
(116,311)
(127,3 45)
(102,903)
(11,036)
13,405
Analysis of the actual exchange rate fluctuations against the USD for the period 2025 shows different trends for all the operating currencies. The annual exchange rate fluctuations are between \u20115.8% to +28.5%, but most moved within 1% to 10%. Ghana experienced a 28.5% appreciation. For the simulation of foreign currency effects, the Company has therefore assumed an additional 10% movement year\u2011on\u2011year in these currencies as compared to USD. The following overview shows the actual foreign currency exchange results by country for 2025 as well as the simulation of the impact of a 10% downward movement and a 10% upward movement of the FX rates on the foreign exchange results. As at 31 December 2025, a 10% downward movement of FX rates against the USD has an impact on the foreign currency exchange result of USD \u20111.0 million (2024: USD \u20111.1 million). A 10% upward movement of FX rates results in an impact of USD 1.2 million (2024: USD 1.4 million). The lower impact on the result of the Company results from the decrease in short\u2011term intercompany USD loans, which cannot be hedged. Simulation: Foreign exchange profit and loss
Foreign exchange Foreign exchange Foreign exchange Foreign exchange Foreign exchange Foreign exchange
profit and loss profit and loss profit and loss Movement after Movement after profit and loss profit and loss profit and loss Movement after Movement after
actual after -10% rate after +10% rate -10% rate +10% rate actual after -10% rate after +10% rate -10% rate +10% rate
2025 2025 2025 2025 2025 2024 2024 2024 2024 2024
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
West Africa
(5)
(89)
79
(84)
84
(388)
(521)
(254)
(133)
133
East Africa
(1,031)
(886)
(1,176)
145
(145)
17
280
(246)
263
(263)
South Asia
(15)
(33)
4
(19)
19
15
(14)
45
(29)
29
South East Asia
(1,090)
(1,085)
(1,094)
5
(5)
(346)
(472)
(220)
(126)
126
Non-operating entities
(1,002)
(2,043)
272
(1,039)
1,275
(172)
(1,279)
1,183
(1,106)
1,355
Total
(3,143)
(4,136)
(1,915)
(992)
1,228
(874)
(2,006)
508
(1,131)
1,380
30.4.4 Interest rate risk Interest rate risk is the risk that profitability is affected by fluctuations in interest rates. The greatest interest rate risk the Group experiences occurs when the cost of funds increases at a rate faster than the Group can or is willing to adjust its lending rates. The Group\u2019s strategy in evaluating and managing its interest rate risk is to consider any risk at the pre\u2011investment stage, to conduct a cost of funds analysis and to consider interest rates in particular, where there is a limit on the amount of interest it may charge, such as in Myanmar and Tanzania. The credit methodology of the MFIs determines that loans to microfinance clients have short\u2011term maturities of less than one year and at fixed interest rates. Third\u2011party loans to MFIs, sourced from both local and international financial institutions, mostly have short terms of between one and three years. 43% (2024: 33%) of the consolidated debt has variable interest rates. Depending on the extent of the exposure and hedging possibilities with regard to availability of hedging instruments and related pricing, the Group might actively hedge its positions to safeguard the Group\u2019s profits and to reduce the volatility of interest rates by using forwards, futures and interest rate swaps. The very short tenor of the loans provided to microfinance dampens the effect of interest rate fluctuations. The following table demonstrates the sensitivity to a reasonably possible change in interest rates on the loans and borrowings affected. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows:
2025 2024
Increase in Decrease in Effect\u202fon\u202fprofit\u202fbefore\u202ftax Effect\u202fon\u202fprofit\u202fbefore\u202ftax
basis points basis points
USD\u2019000
USD\u2019000
USD\u2019000
USD\u2019000
USD
+100
-10 0
677
(677)
690
(690)
PKR
+100
-100
434
(434)
263
(263)
GHS
+10 0
-10 0
155
(155)
1
(1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "
31. Commitments
The Group agreed certain commitments to BC partners under the BC model in ASA India. Reference is
made to note 13. As per the current model ASA India holds 5% risk on the portfolio managed on behalf of
IDFC. As of 31 December 2025, the risk of the Group on such BC portfolio stands at USD 0.3 million
(2024: USD 0.3 million).
Following the successful implementation of Temenos Transact (T24) in Pakistan and Ghana the Group
negotiated an additional agreement with Temenos Headquarters S.A., which was signed on 24 December
2025. The contract has been extended to 2035 to ensure stability in our CBS cost base and to facilitate the
expected client growth over the next ten years. In addition, the contract covers procurement of T24
modules to be able to offer Islamic Banking services in Pakistan. The commitment related to this additional
agreement is USD 16 million over the next ten years.
There are no other contingent liabilities at the balance sheet date except for the pending litigation claims
disclosed in note 34.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "31. Commitments The Group agreed certain commitments to BC partners under the BC model in ASA India. Reference is made to note 13. As per the current model ASA India holds 5% risk on the portfolio managed on behalf of IDFC. As of 31 December 2025, the risk of the Group on such BC portfolio stands at USD 0.3 million (2024: USD 0.3 million). Following the successful implementation of Temenos Transact (T24) in Pakistan and Ghana the Group negotiated an additional agreement with Temenos Headquarters S.A., which was signed on 24 December 2025. The contract has been extended to 2035 to ensure stability in our CBS cost base and to facilitate the expected client growth over the next ten years. In addition, the contract covers procurement of T24 modules to be able to offer Islamic Banking services in Pakistan. The commitment related to this additional agreement is USD 16 million over the next ten years. There are no other contingent liabilities at the balance sheet date except for the pending litigation claims disclosed in note 34. 34. Contingent liabilities and uncertain tax positions 34.1 Contingent liabilities: There is no contingent liability as of 31 December 2025. 34.2 Uncertain tax positions: The evaluation of uncertain tax positions involves an interpretation of local tax laws which could be subject to challenge by a tax authority, and an assessment of whether the tax authorities will accept the position taken. The Group does not currently consider that assumptions or judgements made in assessing tax liabilities have a significant risk of resulting in a material adjustment within the next financial year. The accrual of interest and penalty amounts in respect of uncertain income tax positions is recognised as an expense within profit before tax. ASA India A demand notice of INR 12.6 million (USD 0.15 million) was raised by the income tax authorities for the assessment years (\u2018AY\u2019) 2012\u20112013 by disallowing certain expenditures such as the misappropriation of funds and gratuity. This case is pending before the Commissioner of Taxes (Appeals). In addition, in December 2019 another demand notice was raised by the income tax authorities for INR 79 million (USD 0.94 million) for the AY 2012\u20132013, which has been challenged before the relevant assessing officer. ASA India has also applied for a stay order of the demand. In November 2022, the revenue authority adjusted INR 117 million (USD 1.4 million) against a tax refund for AY 2013\u20132014 to 2022\u20132023 for the above demands. ASA India has submitted a writ petition against that adjustment. ASA India has taken a provision amounting to INR 46 million (USD 0.56 million) against the demands in 2022 and the rest was provided in 2024. Lak Jaya A demand notice was issued by the Department of Inland Revenue (\u2018IRD\u2019) for 2016\u20132017 and 2017\u20132018 amounting to LKR 59 million (USD 0.18 million) and LKR 74 million (USD 0.23 million) respectively, because of disallowance of certain expenses. The Company filed an appeal and provided documentation, but the case remained unresolved with the tax commissioner for a long period. Despite further discussions, IRD upheld its position. The company therefore decided to settle and requested a settlement process from IRD. Consequently, the entity recorded provisions of LKR 28 million (USD 0.09 million) in 2023 and the remaining LRK 108 million (USD 0.33 million) in 2024. During this year, the Inland Revenue Department (\u2018IRD\u2019) raised additional assessments for the 2022\u20132023 tax year, disallowing certain expenses. Consequently, the IRD imposed Corporate Income Tax of LKR 82.7 million (USD 0.26 million), VAT of LKR 16.3 million (USD 0.05 million), and a penalty of LKR 32.0 million (USD 0.10 million). The entity has filed an appeal along with supporting documentation, and the case is currently pending before the Commissioner. Based on professional advice, management does not anticipate any additional tax liability. ASA Tanzania ASA Tanzania has several ongoing tax disputes with the Tanzania Revenue Authority (\u2018TRA\u2019) covering FY 2021 to FY 2024. For FY 2021 and FY 2022, the TRA issued corporate tax assessments of USD 2.5 million related to excise duty on loan processing fees, VAT on imported services, withholding tax and tax on deferred income. For FY 2023, a routine audit led to a USD 1.0 million assessment, mainly for excise duty. For FY 2024, a broader audit resulted in a USD 3.1 million demand covering corporate tax, VAT, excise duty, withholding tax and transfer pricing fees. Additionally, a transfer pricing assessment of USD 0.5 million (including interest) was issued for FY 2021 and FY 2022. The company filed appeals or objections for all matters but recognised full provisions. ASA Rwanda The Rwandan Central Bank (\u2018BNR\u2019) conducted an audit on transfer pricing transactions covering the period from 1 January 2020 to 30 September 2022. BNR instructed the entity to terminate the management fees agreement. ASA Rwanda applied to BNR for reconsideration, but it was not accepted. In response, senior management decided to terminate the related agreements with ASA Rwanda and the outstanding fees were reversed on 31 December 2025. PPFC The Bureau of Internal Revenue (\u2018BIR\u2019) has sent a Notice of Demand (\u2018NOD\u2019) and Final Assessment Notice (\u2018FAN\u2019) to PPFC for 2022 with a tax demand PHP 337.4 million (USD 6.0 million). BIR has made the same significant claim in several consecutive years only to agree minimal settlements each time. Based on our responses to the BIR for NOD 2022, we estimate a potential tax payment of approximately PHP 27 million (USD 0.46 million). The Company taken a provision for USD 0.3 million in 2025 as adviced by an tax advisor.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "
32. Related party disclosures
32.1 Key management personnel
The Amsterdam office comprises key management personnel including five Executive Committee members:
Rob Keijsers, Group CEO, Geert Embrechts, Group CFO, Martijn Bollen, Group Legal Officer, Steven Van
Zuylen, Chief Information Officer and Sivan Moran, Chief Human Resources Officer. Mischa Assink, Chief
Accountant, and Nadem Agroh, Head of Treasury, are also based on the Amsterdam Head office.
The Dhaka office comprises key management personnel including two Executive Committee members:
Mohammed Azim Hossain, Chief Operating Officer and Ezazul Islam, (non\u2011voting) Head of Internal Audit.
Tanwir Rahman, Director Finance, and Jillur Rahman, Director IT, are also based at the Dhaka Head office.
The Kenya office is home to one Executive Committee member: Grace Thiongo, Chief Risk and Compliance
Officer. The country CEOs and CFOs are also part of key management personnel.
Remuneration of Directors
In 2025, the Directors of the Group received total compensation of USD 1.1 million (2024: USD 1.4 million).
Total remuneration to key management personnel of the Group
2025 2024
USD\u2019000 USD\u2019000
Short\u2011term employee benefits
2,793
2,002
2,793
2,002
Short-term employee benefits
Total remuneration takes the form of short\u2011term employee benefits for the Group. In 2025, total
remuneration paid to key management personnel of the Group amounted to USD 2.8 million
(2024: USD 2.0 million). No post\u2011employment pension and medical benefits are accruing to Directors under
defined benefit schemes. The aggregate of emoluments of the highest paid Director was USD 449K
(2024: USD 391K).
Long-Term Incentive Plan
Please refer to note 8.4 for details of the LTIP.
32.2 Subsidiaries
2025 2024
Country of Incorporation
Registered office address
ownership ownership
ASAIH subsidiaries:
ASA India
India
Premises No F\u20114, Block \u2013 EP & GP, Unit No. 6B, 6th Floor, Sector\u2011V, Salt Lake, Kolkata \u2013 700091
90.02%
90.02%
Pagasa Consultancy
India
Sector\u2011V, Salt Lake, Kolkata \u2013 700091
99.99%
99.99%
Pinoy
India
Sector\u2011V, Salt Lake, Kolkata \u2013 700091
99.99%
99.99%
Pagasa ng Masang Pinoy Microfinance, Inc
Philippines
7/F Jenkinsen Tower, 80 Timog Avenue, Quezon City
N/A
1
N/A
1
PT PAGASA Consultancy
Indonesia
Mayapada Tower 11th Floor. JI. Jendral Sudirman Kav 28. Jakarta 12920
99.00%
99.00%
A1 Nigeria
Nigeria
9th Floor St. Nicholas House, Catholic Street, Lagos
100.00%
100.00%
ASHA MFB
Nigeria
26 Allen Avenue, Ikeja, Lagos
99.99%
99.99%
ASIEA
Nigeria
11 Bayode Oluwole Street, off Obafemi Awolowo Way, Ikeja, Lagos
N/A
1
N/A
1
ASA Pakistan
Pakistan
7th Floor, NICL Building, Abbasi Shaheed Road Shahrah\u2011e\u2011Faisal, Karachi 74400
99.99%
99.99%
ASA Tanzania
Tanzania
Plot No. 87, Msese Street, Kinondoni Road, P.O. Box 61627, Kinondoni, Dar es Salaam
99.99%
99.99%
ASA Zanzibar
Tanzania
Plot No. M/A 161,Langoni Street, Magharibi \u201cB\u201d, Maungani, P.O. Box 2414, Unguja, Zanzibar
99.99%
99.99%
ASA Myanmar
Myanmar
No. 321, Corner of Sayar San & Baho Street, 2/B Ward, Mingalardon Tsp, Yangon Region
99.99%
99.99%
ASA Zambia
Zambia
Plot
4218,
Luombe Road, Thornpark, Lusaka
99.99%
99.99%
ASA Rwanda
Rwanda
Plot No.95, KG 784 St., Ntora Village, Ruhango Cell, Gisozi Sector, Gasabo District, P.O Box: 1767, Kigali
99.99%
99.99%
ASA Sierra Leone
Sierra Leone
64 Lumley Road, Wilberforce Village, Freetown
99.99%
99.99%
ASAI NV subsidiaries:
PPFC
Philippines
7th Floor Jenkinsen Tower, 80 Timog Ave, Quezon City, 1103 Metro Manila
100.00%
100.00%
ASA S&L
Ghana
House No. 612, South Odorkor Busia Junction, (Odorkor\u2011Mallam Road), PO Box 1834, Mamprobi, Accra
100.00%
100.00%
CMI Lanka
Sri Lanka
216, De Saram Place,Colombo 10, 001000
100.00%
100.00%
Lak Jaya
Sri Lanka
386
B 1/1, High Level Road, Pannipitiya
98.56%
97.14%
ASA Lanka
Sri Lanka
216, De Saram Place, Colombo 10
100.00%
100.00%
ASA Kenya
Kenya
House No. 247,Owashika Road, off Isaac Gathanju Road, Lavington, PO Box 2420, Nairobi
100%
2
100%
2
ASA Uganda
Uganda
Plot 5195,
Buye Kigoowa, Ntinda, Kampala
99.99%
99.99%
AMSL
Bangladesh
ASA Tower, 23/3 Bir Uttam A. N. M. Nuruzzaman Sarak, Shyamoli, Mohammadpur, Dhaka\u20111207
95.00%
95.00%
ASAI I&M
Netherlands
Amstelplein 1, 1096 HA Amsterdam
100.00%
100.00%
ASA Dwaso
Ghana
House # 4 Momotse Avenue, Adabraka, PO Box GP 1632, Accra
100.00%
100.00%
1 ASAI officials/representatives control the governing body and the Board.
2 ASAIH holds 0.5% of the shares.
Relationship agreement with the Controlling Shareholder Group
The Group, its founders and Catalyst Continuity (jointly the \u2018Controlling Shareholders\u2019) have entered into a
relationship agreement (the \u2018Relationship Agreement\u2019), the principal purpose of which is to ensure that the
Group will be able, at all times, to carry out its business independently of the members of the Controlling
Shareholder Group and their respective associates. The Relationship Agreement contains undertakings
from each of the members of the Controlling Shareholder Group that: (i) transactions and relationships with
it and its associates will be conducted on normal commercial terms, (ii) neither it nor any of its associates
will take any action that would have the effect of preventing the Company from complying with its
obligations under the Listing Rules, and (iii) neither it nor any of its associates will propose or procure the
proposal of a shareholder resolution which is intended or appears to be intended to circumvent the proper
application of the Listing Rules. The Relationship Agreement also sets forth the conditions for appointment
of Non\u2011Executive Directors by Controlling Shareholders. For so long as the Group has a controlling
shareholder, the UK Listing Rules require the election of any independent Director to be approved by
majority votes of both (i) the shareholders as a whole and (ii) the shareholders excluding any controlling
shareholder.
32.4 Other related parties
A list of related parties with which the Group has transactions is presented below. The transactions in 2025
and 2024 and the balances per the end of the years 2025 and 2024 with related parties can be observed in
the notes below.
Name of related party
Relationship
CMI Major shareholder
Sequoia
Service provider to the Company
ASA NGO Bangladesh
Service provider to the Company
MBA Philippines
Business partner
IDFC
Minority shareholder in ASA India
CMIMC
Holding company of founders CMI
ASAIG plc EBT
Trust to hold LTIP shares
CMIC
Investment manager of CMI
CMII Subsidiary of CMI
CIMS BV
Service provider to the parent
Income from Expenses to Amount owed by Amount owed to
related parties related parties related parties related parties
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
CMI 31 December 2025
46
\u2013
\u2013
1
31 December 2024
\u2013
\u2013
58
1
Sequoia
31 December 2025
63
13
20
3
31 December 2024
121
14
65
4
CMII 31 December 2025
\u2013
\u2013
30
\u2013
31 December 2024
\u2013
\u2013
\u2013
\u2013
MBA Philippines
31 December 2025
2,208
\u2013
783
1,373
31 December 2024
1,695
\u2013
709
66
IDFC
31 December 2025
\u2013
\u2013
7
6,064
31 December 2024
3,120
\u2013
38
146
Catalyst Continuity
31 December 2025
\u2013
\u2013
\u2013
\u2013
31 December 2024
\u2013
\u2013
18
\u2013
CIMS BV
31 December 2025
9
\u2013
1
\u2013
31 December 2024
6
\u2013
27
\u2013
Continuity EBT
31 December 2025
\u2013
\u2013
\u2013
\u2013
31 December 2024
\u2013
\u2013
9
\u2013
ASAIG plc EBT
31 December 2025
\u2013
\u2013
1,922
\u2013
31 December 2024
\u2013
\u2013
972
\u2013
32.5 Reporting dates of subsidiaries
All of the Group\u2019s subsidiaries have reporting dates of 31 December, with the exception of ASA India, Pinoy,
Pagasa Consultancy and ASA Myanmar (where the market standard reporting date is 31 March). These
entities have provided financial statements for consolidation purposes for the year ended 31 December.
32.6 Non-controlling interest
The Company reports non\u2011controlling interest (\u2018NCI\u2019) in its subsidiaries ASA India and Lak Jaya. The NCI in
ASA India, having its principal place of business in India, amounts to 9.98%. ASA India did not pay any
dividend in 2025 and 2024. The NCI in Lak Jaya, having its principal place of business in Sri Lanka, amounts
to 1.44%. Lak Jaya did not declare any dividend in 2025 and 2024.
The summarised financial information of Lak Jaya and ASA India as at 31 December 2025 and 2024 is as
follows:
31 December 2025
31 December 2024
Lak Jaya ASA India Lak Jaya ASA India
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Current assets
11,117
3,406
7,573
6,388
Non\u2011current assets
138
168
120
197
Current liabilities
8,924
26,825
6,826
25,782
Non\u2011current liabilities
355
1,217
417
767
Net operating Income
2,562
1,130
1,165
506
Net profit/ (loss)
190
(5,633)
(882)
(6,920)
Non-controlling interest
28
(2,442)
13
(1,994)
The following table summarises financial information for each subsidiary that has material NCI to the
Group. The voting rights are similar to NCI\u2019s shareholding percentage. The amounts disclosed for each
subsidiary are before intercompany eliminations:
31 December 2025
31 December 2024
Lak Jaya
ASA India
Lak Jaya
ASA India
Total no. of shares
28,644,741
195,950
10,704,955
195,950
Shares held by ASAI Group
28,231,873
176,369
10,398,950
176,369
Shares held by NCI
412,868
19,581
306,005
19,581
NCI %
1.44%
9.98%
2.86%
9.98%
31 December 2025
31 December 2024
Lak Jaya ASA India Lak Jaya ASA India
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Summarised statement of financial position:
Net assets
1,976
(24,468)
450
(19,964)
Net assets attributable to NCI
28
(2,442)
13
(1,994)
Summarised statement of profit or loss and other
comprehensive income:
Net operating income
2,562
1,130
1,165
506
Net loss after tax
190
(5,633)
(882)
(6,920)
Loss allocated to NCI
3
(562)
(25)
(691)
Summarised statement of cash flow:
Cash flow from operating activities
(1,284)
(2,065)
(4,819)
4,791
Cash flow from investing activities
51
\u2013
4,345
(27)
Cash flow from financing activities
1,887
974
571
(4,023)
Net cash flow attributable to NCI
9
(109)
3
74
With reference to note 32.3, the remaining shares in Pagasa Consultancy, Pinoy, A1 Nigeria, ASHA Nigeria,
ASA Pakistan, ASA Tanzania, PPFC, ASA Uganda, CMI Lanka and AMSL are held either by employees
nominated by the Group or by ASAI I&M, CMI or CMII. Hence those are not treated as non\u2011controlling
shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "32.1 Key management personnel The Amsterdam office comprises key management personnel including five Executive Committee members: Rob Keijsers, Group CEO, Geert Embrechts, Group CFO, Martijn Bollen, Group Legal Officer, Steven Van Zuylen, Chief Information Officer and Sivan Moran, Chief Human Resources Officer. Mischa Assink, Chief Accountant, and Nadem Agroh, Head of Treasury, are also based on the Amsterdam Head office. The Dhaka office comprises key management personnel including two Executive Committee members: Mohammed Azim Hossain, Chief Operating Officer and Ezazul Islam, (non\u2011voting) Head of Internal Audit. Tanwir Rahman, Director Finance, and Jillur Rahman, Director IT, are also based at the Dhaka Head office. The Kenya office is home to one Executive Committee member: Grace Thiongo, Chief Risk and Compliance Officer. The country CEOs and CFOs are also part of key management personnel. Remuneration of Directors In 2025, the Directors of the Group received total compensation of USD 1.1 million (2024: USD 1.4 million). Total remuneration to key management personnel of the Group
2025 2024
USD\u2019000 USD\u2019000
Short\u2011term employee benefits
2,793
2,002
2,793
2,002
Short-term employee benefits Total remuneration takes the form of short\u2011term employee benefits for the Group. In 2025, total remuneration paid to key management personnel of the Group amounted to USD 2.8 million (2024: USD 2.0 million). No post\u2011employment pension and medical benefits are accruing to Directors under defined benefit schemes. The aggregate of emoluments of the highest paid Director was USD 449K (2024: USD 391K). Long-Term Incentive Plan Please refer to note 8.4 for details of the LTIP. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "32.2 Subsidiaries
2025 2024
Country of Incorporation
Registered office address
ownership ownership
ASAIH subsidiaries:
ASA India
India
Premises No F\u20114, Block \u2013 EP & GP, Unit No. 6B, 6th Floor, Sector\u2011V, Salt Lake, Kolkata \u2013 700091
90.02%
90.02%
Pagasa Consultancy
India
Sector\u2011V, Salt Lake, Kolkata \u2013 700091
99.99%
99.99%
Pinoy
India
Sector\u2011V, Salt Lake, Kolkata \u2013 700091
99.99%
99.99%
Pagasa ng Masang Pinoy Microfinance, Inc
Philippines
7/F Jenkinsen Tower, 80 Timog Avenue, Quezon City
N/A
1
N/A
1
PT PAGASA Consultancy
Indonesia
Mayapada Tower 11th Floor. JI. Jendral Sudirman Kav 28. Jakarta 12920
99.00%
99.00%
A1 Nigeria
Nigeria
9th Floor St. Nicholas House, Catholic Street, Lagos
100.00%
100.00%
ASHA MFB
Nigeria
26 Allen Avenue, Ikeja, Lagos
99.99%
99.99%
ASIEA
Nigeria
11 Bayode Oluwole Street, off Obafemi Awolowo Way, Ikeja, Lagos
N/A
1
N/A
1
ASA Pakistan
Pakistan
7th Floor, NICL Building, Abbasi Shaheed Road Shahrah\u2011e\u2011Faisal, Karachi 74400
99.99%
99.99%
ASA Tanzania
Tanzania
Plot No. 87, Msese Street, Kinondoni Road, P.O. Box 61627, Kinondoni, Dar es Salaam
99.99%
99.99%
ASA Zanzibar
Tanzania
Plot No. M/A 161,Langoni Street, Magharibi \u201cB\u201d, Maungani, P.O. Box 2414, Unguja, Zanzibar
99.99%
99.99%
ASA Myanmar
Myanmar
No. 321, Corner of Sayar San & Baho Street, 2/B Ward, Mingalardon Tsp, Yangon Region
99.99%
99.99%
ASA Zambia
Zambia
Plot
4218,
Luombe Road, Thornpark, Lusaka
99.99%
99.99%
ASA Rwanda
Rwanda
Plot No.95, KG 784 St., Ntora Village, Ruhango Cell, Gisozi Sector, Gasabo District, P.O Box: 1767, Kigali
99.99%
99.99%
ASA Sierra Leone
Sierra Leone
64 Lumley Road, Wilberforce Village, Freetown
99.99%
99.99%
ASAI NV subsidiaries:
PPFC
Philippines
7th Floor Jenkinsen Tower, 80 Timog Ave, Quezon City, 1103 Metro Manila
100.00%
100.00%
ASA S&L
Ghana
House No. 612, South Odorkor Busia Junction, (Odorkor\u2011Mallam Road), PO Box 1834, Mamprobi, Accra
100.00%
100.00%
CMI Lanka
Sri Lanka
216, De Saram Place,Colombo 10, 001000
100.00%
100.00%
Lak Jaya
Sri Lanka
386
B 1/1, High Level Road, Pannipitiya
98.56%
97.14%
ASA Lanka
Sri Lanka
216, De Saram Place, Colombo 10
100.00%
100.00%
ASA Kenya
Kenya
House No. 247,Owashika Road, off Isaac Gathanju Road, Lavington, PO Box 2420, Nairobi
100%
2
100%
2
ASA Uganda
Uganda
Plot 5195,
Buye Kigoowa, Ntinda, Kampala
99.99%
99.99%
AMSL
Bangladesh
ASA Tower, 23/3 Bir Uttam A. N. M. Nuruzzaman Sarak, Shyamoli, Mohammadpur, Dhaka\u20111207
95.00%
95.00%
ASAI I&M
Netherlands
Amstelplein 1, 1096 HA Amsterdam
100.00%
100.00%
ASA Dwaso
Ghana
House # 4 Momotse Avenue, Adabraka, PO Box GP 1632, Accra
100.00%
100.00%
1 ASAI officials/representatives control the governing body and the Board. 2 ASAIH holds 0.5% of the shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "32.6 Non-controlling interest The Company reports non\u2011controlling interest (\u2018NCI\u2019) in its subsidiaries ASA India and Lak Jaya. The NCI in ASA India, having its principal place of business in India, amounts to 9.98%. ASA India did not pay any dividend in 2025 and 2024. The NCI in Lak Jaya, having its principal place of business in Sri Lanka, amounts to 1.44%. Lak Jaya did not declare any dividend in 2025 and 2024. The summarised financial information of Lak Jaya and ASA India as at 31 December 2025 and 2024 is as follows:
31 December 2025
31 December 2024
Lak Jaya ASA India Lak Jaya ASA India
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Current assets
11,117
3,406
7,573
6,388
Non\u2011current assets
138
168
120
197
Current liabilities
8,924
26,825
6,826
25,782
Non\u2011current liabilities
355
1,217
417
767
Net operating Income
2,562
1,130
1,165
506
Net profit/ (loss)
190
(5,633)
(882)
(6,920)
Non-controlling interest
28
(2,442)
13
(1,994)
The following table summarises financial information for each subsidiary that has material NCI to the Group. The voting rights are similar to NCI\u2019s shareholding percentage. The amounts disclosed for each subsidiary are before intercompany eliminations:
31 December 2025
31 December 2024
Lak Jaya
ASA India
Lak Jaya
ASA India
Total no. of shares
28,644,741
195,950
10,704,955
195,950
Shares held by ASAI Group
28,231,873
176,369
10,398,950
176,369
Shares held by NCI
412,868
19,581
306,005
19,581
NCI %
1.44%
9.98%
2.86%
9.98%
31 December 2025
31 December 2024
Lak Jaya ASA India Lak Jaya ASA India
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Summarised statement of financial position:
Net assets
1,976
(24,468)
450
(19,964)
Net assets attributable to NCI
28
(2,442)
13
(1,994)
Summarised statement of profit or loss and other
comprehensive income:
Net operating income
2,562
1,130
1,165
506
Net loss after tax
190
(5,633)
(882)
(6,920)
Loss allocated to NCI
3
(562)
(25)
(691)
Summarised statement of cash flow:
Cash flow from operating activities
(1,284)
(2,065)
(4,819)
4,791
Cash flow from investing activities
51
\u2013
4,345
(27)
Cash flow from financing activities
1,887
974
571
(4,023)
Net cash flow attributable to NCI
9
(109)
3
74
With reference to note 32.3, the remaining shares in Pagasa Consultancy, Pinoy, A1 Nigeria, ASHA Nigeria, ASA Pakistan, ASA Tanzania, PPFC, ASA Uganda, CMI Lanka and AMSL are held either by employees nominated by the Group or by ASAI I&M, CMI or CMII. Hence those are not treated as non\u2011controlling shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "33. Subsequent events disclosure Since late February 2026, a significant military conflict has been ongoing between the US/Israel and Iran. This has been disclosed in the political, geopolitical and other uncertainties section (note 30.7) of risk management. Subsequent to the reporting date, ASA Tanzania successfully migrated to the T24 software platform in March 2026. Based on unaudited results as of YTD 28 February 2026, the level of covenant breaches has increased compared to 31 December 2025, amounting to USD 12.1 million. As these covenant breaches were identified after the reporting date and did not exist at 31 December 2025, they are classified as non\u2011 adjusting subsequent events under IAS 10, with no impact on facility classification under IAS 1. Accordingly, based on these factors, the Executive Committee and the Directors do not consider these subsequent events result in any change to the Going concern conclusion. In March 2026, a shareholder loan to ASA India was waived in addition to the redemption of Non Convertible Debentures (\u2018NCDs\u2019) for a nominal value of INR 1. The redemption of the NCDs generated an accounting gain in 2026 of approximately USD 11 million at the Group and entity level . All of the subsequent events are non\u2011adjusting.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "
34. Contingent liabilities and uncertain tax positions
34.1 Contingent liabilities:
There is no contingent liability as of 31 December 2025.
34.2 Uncertain tax positions:
The evaluation of uncertain tax positions involves an interpretation of local tax laws which could be subject
to challenge by a tax authority, and an assessment of whether the tax authorities will accept the position
taken. The Group does not currently consider that assumptions or judgements made in assessing tax
liabilities have a significant risk of resulting in a material adjustment within the next financial year. The
accrual of interest and penalty amounts in respect of uncertain income tax positions is recognised as an
expense within profit before tax.
ASA India
A demand notice of INR 12.6 million (USD 0.15 million) was raised by the income tax authorities for the
assessment years (\u2018AY\u2019) 2012\u20112013 by disallowing certain expenditures such as the misappropriation of
funds and gratuity. This case is pending before the Commissioner of Taxes (Appeals). In addition, in
December 2019 another demand notice was raised by the income tax authorities for INR 79 million
(USD 0.94 million) for the AY 2012\u20132013, which has been challenged before the relevant assessing officer.
ASA India has also applied for a stay order of the demand.
In November 2022, the revenue authority adjusted INR 117 million (USD 1.4 million) against a tax refund
for AY 2013\u20132014 to 2022\u20132023 for the above demands. ASA India has submitted a writ petition against
that adjustment. ASA India has taken a provision amounting to INR 46 million (USD 0.56 million) against the
demands in 2022 and the rest was provided in 2024.
Lak Jaya
A demand notice was issued by the Department of Inland Revenue (\u2018IRD\u2019) for 2016\u20132017 and 2017\u20132018
amounting to LKR 59 million (USD 0.18 million) and LKR 74 million (USD 0.23 million) respectively, because
of disallowance of certain expenses. The Company filed an appeal and provided documentation, but the
case remained unresolved with the tax commissioner for a long period. Despite further discussions, IRD
upheld its position. The company therefore decided to settle and requested a settlement process from IRD.
Consequently, the entity recorded provisions of LKR 28 million (USD 0.09 million) in 2023 and the
remaining LRK 108 million (USD 0.33 million) in 2024.
During this year, the Inland Revenue Department (\u2018IRD\u2019) raised additional assessments for the 2022\u20132023
tax year, disallowing certain expenses. Consequently, the IRD imposed Corporate Income Tax of LKR
82.7 million (USD 0.26 million), VAT of LKR 16.3 million (USD 0.05 million), and a penalty of LKR
32.0 million (USD 0.10 million). The entity has filed an appeal along with supporting documentation, and the
case is currently pending before the Commissioner. Based on professional advice, management does not
anticipate any additional tax liability.
ASA Tanzania
ASA Tanzania has several ongoing tax disputes with the Tanzania Revenue Authority (\u2018TRA\u2019) covering FY
2021 to FY 2024.
For FY 2021 and FY 2022, the TRA issued corporate tax assessments of USD 2.5 million related to excise
duty on loan processing fees, VAT on imported services, withholding tax and tax on deferred income. For
FY 2023, a routine audit led to a USD 1.0 million assessment, mainly for excise duty. For FY 2024, a broader
audit resulted in a USD 3.1 million demand covering corporate tax, VAT, excise duty, withholding tax and
transfer pricing fees. Additionally, a transfer pricing assessment of USD 0.5 million (including interest) was
issued for FY 2021 and FY 2022.
The company filed appeals or objections for all matters but recognised full provisions.
ASA Rwanda
The Rwandan Central Bank (\u2018BNR\u2019) conducted an audit on transfer pricing transactions covering the period
from 1 January 2020 to 30 September 2022. BNR instructed the entity to terminate the management fees
agreement. ASA Rwanda applied to BNR for reconsideration, but it was not accepted. In response, senior
management decided to terminate the related agreements with ASA Rwanda and the outstanding fees
were reversed on 31 December 2025.
PPFC
The Bureau of Internal Revenue (\u2018BIR\u2019) has sent a Notice of Demand (\u2018NOD\u2019) and Final Assessment Notice
(\u2018FAN\u2019) to PPFC for 2022 with a tax demand PHP 337.4 million (USD 6.0 million). BIR has made the same
significant claim in several consecutive years only to agree minimal settlements each time. Based on our
responses to the BIR for NOD 2022, we estimate a potential tax payment of approximately PHP 27 million
(USD 0.46 million). The Company taken a provision for USD 0.3 million in 2025 as adviced by an tax advisor.
", "dimensions": { "concept": "asainternational:DisclosureOfContingentLiabilitiesAndUncertainTaxPositions", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "34.1 Contingent liabilities: There is no contingent liability as of 31 December 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "35. Capital management ASA International Group plc is registered as a public limited company, incorporated in England and Wales with the registered number 11361159 and with its registered office situated at Highdown House, Yeoman Way, Worthing, West Sussex BN99 3HH, United Kingdom . It is listed on the main market of the London Stock Exchange, since 13 July 2018. The Group is not subject to externally imposed capital requirements and has no restrictions on the issue and repurchase of ordinary shares. Many of the Group\u2019s operating subsidiaries are regulated and subject to minimum regulatory capital requirements. As of 31 December 2025, the Group and its subsidiaries were in full compliance with minimum regulatory capital requirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "Highdown House, Yeoman Way, Worthing, West Sussex BN99 3HH, United Kingdom ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "
37. Hedge accounting
Forward contracts
The Group applies hedge accounting to USD and EUR loans provided to subsidiaries reporting in foreign
currencies and the related forward contracts. The foreign currency risk exposure of the USD and EUR loans
and the potential negative impact on net result of the subsidiaries are being mitigated by way of these
forward contracts. Any positive impact is therefore also limited. ASA International has only entered into
non\u2011deliverable forward contracts. Senior management considers the hedges as cash flow hedges. The
formal designation and documentation of the hedging relationship and the entity\u2019s risk management
objective and strategy for undertaking the hedge are documented for every forward contract.
Swaps
As at 31 December 2025, the Group has ten cross\u2011currency interest rate swap agreements in place.
Please refer to note 19.2 for details.
The Group applies the qualitative approach for prospective testing effectiveness because the critical terms
of the hedged items and hedging instruments are identical. The Group applies a rollover hedge strategy
when no forward instruments are available at reasonable pricing for the full term of the hedged item. In
those cases, the Group accepts a rollover risk. Retrospective effectiveness is measured by comparing the
change in the fair value of the actual derivative designated as the hedging instrument and the change in the
fair value of a hypothetical derivative representing the hedged item.
There is an economic relationship between the hedged item and the hedging instrument as the terms of the
forward contracts and swap match the terms of the fixed rate loan (i.e. notional amount, maturity, payment
and reset dates). The Group has established a hedge ratio of 1:1 for the hedging relationships as the
underlying risk of the interest rate swap and forward contracts are identical to the hedged risk component.
To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the
changes in the fair value of the hedging instrument against the changes in fair value of the hedged item
attributable to the hedged risk.
The hedge ineffectiveness can arise from:
\u2022 Different interest rate curve applied to discount the hedged item and hedging instrument; and
\u2022 Differences in the timing of the cash flows of the hedged items and the hedging instruments.
The Group assessed it had no ineffectiveness during 2025 in relation to the foreign currency hedges.
Reference is made to note 30.4.3 for the strategy for currency exchange risk. Additional information on the hedged items and hedging instruments as per 31 December 2025 is provided below:
ASA ASA ASA ASAI ASA ASA ASA
Pakistan Sierra Leone Kenya NV Zambia Tanzania PPFC Uganda ASAI H Total
As at 31 December 2025 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Fair value of derivative assets
212
92
99
6
\u2013
\u2013
41
\u2013
\u2013
450
Fair value of derivative liabilities
464
363
861
\u2013
637
665
\u2013
178
\u2013
3,168
Notional amount hedged foreign currency loans
38,000
3,872
17,435
919
2,100
5,000
5,000
6,998
\u2013
79,324
Period in which the cash flows are expected to occur:
cash flows in 2026
38,000
2,572
8,367
919
1,250
5,000
\u2013
2,666
\u2013
58,774
cash flows in 2027
\u2013
\u2013
\u2013
\u2013
850
\u2013
2,500
4,332
\u2013
7,682
cash flows in 2028
\u2013
\u2013
2,418
\u2013
\u2013
\u2013
2,500
\u2013
\u2013
4,918
Total cash flows
38,000
2,572
10,785
919
2,100
5,000
5,000
6,998
\u2013
71,374
Expected period to enter into the determination of profit or loss:
amortisation of forward points in 2026
1,810
300
8,367
18
202
269
77
429
\u2013
11,472
amortisation of forward points in 2027
\u2013
\u2013
\u2013
\u2013
52
\u2013
57
98
\u2013
207
amortisation of forward points in 2028
\u2013
\u2013
2,418
\u2013
\u2013
\u2013
19
\u2013
\u2013
2,437
Total amortisation of forward points
1,810
300
10,785
18
254
269
153
527
\u2013
14,116
Amounts recognised in OCI during the period:
for amortisation of forward points/currency basis spread
1,642
378
876
41
263
363
2
116
166
3,847
for adjustment of net interest on swap
\u2013
141
1,322
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,463
for changes in fair value of the forward contracts/swaps
(939)
(336)
(1,522)
36
(683)
(664)
41
(183)
(186)
(4,436)
for recycling of FX result of foreign currency loans
(140)
(10)
(76)
(46)
472
365
(15)
9
20
579
Total amounts recognised in OCI during the period
563
173
600
31
52
64
28
(58)
\u2013
1,453
Recycling of FX result of foreign currency loans is included in \u2018exchange rate differences\u2019 (note 10).
ASA ASA ASA ASAI ASA
Pakistan Sierra Leone Kenya NV Zambia Total
As at 31 December 2024 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Fair value of derivative assets
\u2013
258
\u2013
\u2013
\u2013
258
Fair value of derivative liabilities
1,625
127
1,410
30
59
3,251
Notional amount hedged foreign currency loans
22,019
2,977
16,053
965
1,250
43,264
Period in which the cash flows are expected to occur:
cash flows in 2025
22,019
905
7,209
\u2013
750
30,883
cash flows in 2026
\u2013
\u2013
\u2013
965
\u2013
965
cash flows in 2027
\u2013
\u2013
2,507
\u2013
\u2013
2,507
Total cash flows
22,019
905
9,716
965
750
34,355
Expected period to enter into the determination of profit or loss:
amortisation of forward points in 2025
936
248
371
41
128
1,724
amortisation of forward points in 2026
\u2013
\u2013
\u2013
18
\u2013
18
amortisation of forward points in 2027
\u2013
\u2013
65
\u2013
\u2013
65
Total amortisation of forward points
936
248
436
59
128
1,807
Amounts recognised in OCI during the period:
for amortisation of forward points/currency basis spread
2,326
228
506
41
114
3,215
for adjustment of net interest on swap
\u2013
47
938
\u2013
\u2013
985
for changes in fair value of the forward contracts/ swaps
(3,576)
(421)
(4,604)
(21)
(90)
(8,712)
for recycling of FX result of foreign currency loans
67
20
2,368
(28)
(75)
2,352
Total amounts recognised in OCI during the period
(1,183)
(126)
(792)
(8)
(51)
(2,160)
Recycling of FX result of foreign curre5ncy loans is included in \u2018exchange rate differences\u2019 (note 10). As at 31 December 2025
Changes in fair value of hedging instruments
Hedge
Effective ineffectiveness:
portion: recognised in
recognised income
in OCI statement Total
USD\u2019000 USD\u2019000 USD\u2019000
Cash flow hedge
Forward contracts
842
\u2013
842
Cross\u2011currency interest rate swaps
611
\u2013
611
1,453
\u2013
1,453
Changes in fair value of hedging instruments
Hedge
Effective ineffectiveness:
portion: recognised
recognised in\u202fincome
in OCI statement Total
As at 31 December 2024 USD\u2019000 USD\u2019000 USD\u2019000
Cash flow hedge
Forward contracts
(1,724)
\u2013
(1,724)
Cross\u2011currency interest rate swaps
(436)
\u2013
(436)
(2,160)
\u2013
(2,160)
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "
38. Maturity analysis of assets and liabilities
The table below shows an analysis of assets and liabilities according to when they are expected to be
recovered or settled. Loans and advances to customers are based on the same expected repayment
behaviour as used for estimating the EIR. Debt issued and other borrowed funds reflect the contractual
repayments except for debts, where no waivers have been received against breached covenants at the
balance sheet date. Those borrowings are presented on demand.
Within After
12\u202fmonths 12\u202fmonths Total
As at 31 December 2025 USD\u2019000 USD\u2019000 USD\u2019000
Assets
Cash at bank and in hand
107,421
\u2013
107,421
Loans and advances to customers
573,509
856
574,365
Due from banks
31,512
11,608
43,120
Equity investment at FVOCI
\u2013
370
370
Property and equipment
\u2013
10,501
10,501
ROU assets
845
8,533
9,378
Deferred tax assets
\u2013
6,971
6,971
Derivative assets
264
186
450
Other assets
26,504
2,474
28,978
Intangible assets
\u2013
15,551
15,551
Total assets
740,055
57,050
797,105
Liabilities
Debt issued and other borrowed funds
180,332
243,631
423,963
Due to customers
136,662
99
136,761
Retirement benefit liability
\u2013
8,514
8,514
Current tax liability
14,796
\u2013
14,796
Deferred tax liability
16
7,4 83
7,499
Lease liability
399
4,190
4,589
Derivative liabilities
2,923
245
3,168
Other liabilities
25,735
8,944
34,679
Provisions
1,290
\u2013
1,290
Total liabilities
362,153
273,106
635,259
Net
377,902
(216,056)
161,846
Within After
12\u202fmonths 12\u202fmonths Total
As at 31 December 2024 USD\u2019000 USD\u2019000 USD\u2019000
Assets
Cash at bank and in hand
79,145
\u2013
79,145
Loans and advances to customers
409,769
208
409,977
Due from banks
14,911
14,352
29,263
Equity investment at FVOCI
\u2013
315
315
Property and equipment
\u2013
7, 597
7,597
ROU assets
882
4,490
5,372
Deferred tax assets
\u2013
7,277
7, 277
Derivative assets
258
\u2013
258
Other assets
17, 020
1,766
18,786
Intangible assets
\u2013
10,512
10,512
Total assets
521,985
46,517
568,502
Liabilities
Debt issued and other borrowed funds
156,778
164,072
320,850
Due to customers
90,137
34
90,171
Retirement benefit liability
\u2013
6,856
6,856
Current tax liability
13,997
182
14,179
Deferred tax liability
\u2013
4,635
4,635
Lease liability
430
3,495
3,925
Derivative liabilities
3,394
(142)
3,252
Other liabilities
18,434
7, 505
25,939
Provisions
2,204
\u2013
2,204
Total liabilities
285,374
186,637
472,011
Net
236,611
(140,120)
96,491
", "dimensions": { "concept": "asainternational:DisclosureOfMaturityAnalysisOfAssetsAndLiabilities", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "
39. Earnings per share
Basic Earnings Per Share (\u2018EPS\u2019) is calculated by dividing the net profit for the year attributable to ordinary
equity holders of the Company by the weighted average number of ordinary shares outstanding during
the year.
There are no share options which will have a dilutive effect on EPS. Therefore, the Company does not have
dilutive potential ordinary shares, and diluted earnings per share calculation is not applicable.
The following table shows the income and share data used in the basic and diluted EPS calculations:
2025 2024
USD\u2019000 USD\u2019000
Net profit attributable to ordinary equity holders of the parent
57,092
29,249
Weighted average number of ordinary shares for basic earnings per share
100,000,000
100,000,000
USD
USD
Earnings per share
Equity shareholders of the parent for the year:
Basic earnings per share
0.57
0.29
Diluted earnings per share
0.57
0.29
The Company has applied the number of shares issued by ASA International Group plc as at 31 December
2025 and 31 December 2024. There have been no transactions involving ordinary shares or potential
ordinary shares between the reporting date and the date of the completion of financial statements which
would require the restatement of EPS. A dividend of USD 8.7 million (including an interim dividend of
USD 4.7 million) was declared for the year 2025 (2024: USD 3.0 million).
The following table shows the dividend per share:
2025 2024
USD\u2019000 USD\u2019000
Dividend per share
0.09
0.03
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "0.0009", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800NSIUMXPDHUEO94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } } } }