Durrant Pate/ Contributor

Micro-lender, Access Financial Services (AFS) is reassuring shareholders that the company remains strong in the aftermath of Hurricane Melissa, which caused significant damage to eight of the its 17 locations.

Speaking at yesterday’s 16^th annual general meeting (AGM) Board Chairman, Michael Shaw advised that while the long-term impact of the disaster remains to be seen, the directors are confident in the management’s ability to navigate the challenges expected in the months ahead. “We will do what is required of us. We will not wilt, we will not cower, we will not retreat. Access will rise stronger and more efficient than ever before. That is my commitment…..If we learned anything from COVID, it’s how to pivot and pivot well. We know it’s going to be challenging, but we believe we have the mettle to ride out this storm,” Shaw told shareholders.

In his report on the company’s performance for the 2025 financial year, AFS chief executive officer, Hugh Campbell provided an update on the business, noting that branch operations had resumed with only one exception. “As of this morning, all except the Black River branch is open and providing services to our customers. We do have a few branches that are only opening for a limited number of hours, due to the absence of utilities such as power, water and telecoms. But I want to thank the team for really going above and beyond to ensure that we could return to some semblance of normalcy in the shortest possible time,” explained Campbell.

As Jamaica begins the challenging task of recovery, the AFS CEO said the company has already joined the national effort, pointing to initiatives targeting employees and customers severely affected. The company is providing financial assistance to approximately 30 employees who suffered hurricane damage. Campbell said there was already a plan in place to provide psychosocial support for all employees, given the mental impact in any post-disaster period.

“For our customers who have been badly affected, we have implemented a three-month moratorium on all loan payments. This payment holiday is automatic for customers connected to branches in the worst affected areas. We’ve published notices and reached out to them where the communication channels allow. This moratorium gives our customers some breathing room while they figure out what to do and begin the process of getting back on their feet,” Campbell highlighted noting that while the moratorium isn’t automatic for customers outside of the designated areas, they may also apply once they have experienced hurricane damage.

Aiding affected customers

The moratorium which became effective on November 1, ends in February 2026 and applies to just over 5300 AFS customers who have either personal or business loans. Beyond the payment holiday, the company said it would assess the needs of its customers based on the sector within which they operate. “Take our farmers for example, we will have to work with them and come up with creative ways to help them get back on their feet. Our support for the recovery effort cannot be a one-size fit all, and the team knows that it cannot be business as usual,” explained the AFS Board Chairman.

In the meantime, the Board presented the 2025 annual report which showed total assets of $8.11 billion as at March 31, 2025. This represents a 14% increase year-over-year. The AFS Group, which includes its Florida based subsidiary Embassy Loans, generated revenues of $2.55 billion, a 9% increase over the previous year. The company managed to keep total expenses flat at $1.77 billion and attributed that feat to its focus on cost management. Audited financials show net profit after tax of $504 million, which is a 48% jump over 2024.

Unaudited numbers for the first half of the current financial year, (the six months ended September 30, 2025), suggest the company has sustained that growth momentum. Shaw said going forward, management would adjust its business strategy to mitigate against any potential fallout as the market reacts in the aftermath of Hurricane Melissa. “We believe that we have the team and the experience to get us through this period. We understand that our shareholders want to know that we can steer this ship in choppy seas, and I believe we have proven that we can. We will continue to monitor the market and pull on all our collective resources and expertise to adjust and adapt where we need to,” Shaw assured.

Access Financial Services has been a leader in Jamaica’s microfinance sector for 25 years, providing financial solutions that empower individuals and small businesses often excluded from the financial sector. The business, which was established in 2000 and listed on the Junior Market of the Jamaica Stock Exchange in 2009, was the first microfinance entity to receive a licence from the Bank of Jamaica under new regulations in 2022.