Centenary Group, one of Uganda’s largest players in financial and digital inclusion, has officially launched its Malawi subsidiary⏤ Centenary Bank Limited, promising to bring its innovative solutions to underserved communities in the country.
The move comes after years of successful growth in its home market, Uganda, what the Group says, is “extensive research into the needs of Malawi’s population”.
Centenary Bank Limited in Malawi is the second banking subsidiary and fourth company owned by Centenary Group.
Speaking on March 22nd 2023 at the Launch in Lilongwe, Centenary Group Executive Chairman, Prof. John Ddumba Ssentamu, “In Malawi, we will ensure that we empower people with the financial and digital tools they need to succeed, no matter where they live. We believe that everyone deserves access to these critical resources, and we’re excited to be expanding our reach to a new region.”
“I would like to thank the Reserve Bank of Malawi for the recent award of a banking license to our institution, Centenary Bank Limited. We are delighted to have been granted this opportunity to contribute to the financial sector and serve the community,’ Prof. Ddumba Ssentamu added.
Commenting at the launch event, Mr. William Matambo, Deputy Governor, Reserve Bank of Malawi, said, ‘this achievement is a testament to Centenary Group’s dedication to excellence, your commitment to upholding the highest standards of integrity and compliance, and your unwavering focus on meeting the needs of your customers. Your application was thorough, well-researched, and presented a clear case for why your organisation is uniquely qualified to start operations as a bank, now named Centenary Bank Limited.’
“We are confident that you will continue to demonstrate the same level of professionalism, innovation, and service excellence as you begin this exciting new chapter in your organisation’s history. As a licensed bank, you will have the opportunity to provide valuable financial services to individuals and businesses alike, helping to spur economic growth and create new opportunities for your customers,” Mr. Matambo added.
Centenary Bank Limited’s Managing Director, Zandile Shaba, in her remarks, said, “We are grateful to Centenary Group and the Lilongwe Archdiocese of the Catholic Church for their support and investment in the bank”.
“In our new family, the Centenary family, we believe that the key to becoming the best digital bank is not just about implementing the latest technology, but also about creating a culture of innovation and customer-centricity. It’s about truly understanding our customers’ needs and delivering personalised experiences that exceed their expectations,” Zandile added.
Centenary Group owns Centenary Rural Development Bank; the Bank with the largest customer base in Uganda⏤ with over 2.6 million customers including 12,000 SACCOS and over 46,000 rural-based Village Saving & Lending Associations (VSLA).
The Group also owns Centenary Technology Services Limited (Cente-Tech), the Group technology company, with a combined professional ICT experience of over 90 years. As the group technology company, Centenary Technology Services provides technology leadership to the group subsidiaries to enable them to grow and provide meaningful services to the rural poor.
Another company owned by Centenary Group is known as Centenary Foundation. The Foundation works with social investors and partners with a common social development purpose as Centenary Group and focuses on implementing programmes that improve the social welfare of its beneficiaries. The Foundation’s focus areas are Education, Environment, Financial Literacy, Health and the Social Mission of the Catholic Church.
By expanding its reach into Malawi, Centenary Group hopes to make a positive impact on the financial health of individuals and communities and contribute to the economic growth and development of Malawi.
The newly launched company, Centenary Bank Limited, will offer financial inclusion solutions which include affordable loans, savings accounts, and financial education programs, while its digital inclusion solutions focus on providing access to bespoke products that speak to one’s lifestyle and digital literacy training.
With its innovative solutions and commitment to local partnerships, Centenary Bank Limited is poised for success. The company’s dedication to financial and digital inclusion is not only good for business, but it’s also good for the communities it serves.