Change has swept through the banking sector as Centenary Rural Development Group Limited of Uganda and the Catholic Archdiocese of Lilongwe have unveiled the Centenary Bank Limited in Malawi.
Centenary Bank, Uganda’s second largest bank and Lilongwe Archdiocese, the first religious institution to own a bank in Malawi acquired 100 percent stakes in MyBucks Banking Corporation of Malawi.
The acquisition was completed last year leading to the launch with the religious institution having acquired a 49 percent stake.
In July this year, MyBucks Banking Corporation Malawi board chairperson Francis Pelekamoyo said the bank was closing in on a new investor after the bank’s parent company, MyBucks S.A., faced bankruptcy in December 2021.
Taking over the mantle, Chairperson for Centenary Group-the holding company of Centenary Bank- Prof. John Ddumba-Ssentamu said the bank will ensure people in rural and urban areas have access to the innovative and affordable products to be offered by the bank.
Ssentamu said they believe the bank will help transform and improve the livelihoods of people through the initiatives it will implement across Malawi.
Chairperson for the Episcopal Conference of Malawi, Archbishop George Desmond Tambala said the Centenary Bank will reach out to people in rural areas with its services.
Archbishop Tambala added the bank will soon be introduced to parishes in Lilongwe Archdiocese and dioceses.
Reserve Bank of Malawi Deputy Governor William Matambo said the Central Bank expects Centenary Bank to reach customer's expectations and contribute towards the development of the country.
Centenary Bank of Uganda, is the largest microfinance bank in that country founded by the Catholic Church in Uganda in 1985 to serve the rural poor and make a meaningful contribution to the socio-economic development status.