When Uganda’s Centenary Group and the Roman Catholic Archdiocese of Lilongwe acquired MyBucks Banking Corporation in Malawi in October 2022 and fully rebranded it to Centenary Bank Limited, Malawi, it was a struggling institution. Turning around the institution required not just capital injection, but disciplined leadership, strategic clarity, and deep experience in financial sector transformation. Centenary Group, the majority shareholder, naturally turned to one of their own — CPA Godfrey Byekwaso, FCCA, MBA, a rising professional who for nearly 11 years served as the General Manager Finance (CFO) at Centenary Bank Uganda, the Group’s flagship subsidiary and Uganda’s second-largest bank. His experience, credibility, and role in Centenary Uganda’s own transformation made him an ideal fit for the task ahead.
From Uganda to Malawi: A Strategic Appointment
Godfrey joined Centenary Bank Malawi in April 2023 as Deputy Managing Director, transitioning into Acting Managing Director in June 2024 and being confirmed Managing Director in October 2024. His appointment marked a strategic shift from stabilisation to full-scale transformation, aligning the bank with Centenary Group’s mission of delivering values-based, inclusive banking across Africa.
His transition to Malawi also represented a significant moment for the Centenary Group — deploying senior Ugandan leadership talent to drive regional expansion and capability transfer within the Group’s growing footprint.
Leading a Remarkable Turnaround
Under Godfrey’s leadership, Centenary Bank Malawi has delivered one of the strongest and most disciplined turnaround stories in Malawi’s financial services industry. What began as a loss-making institution has rapidly evolved into a stable, growing, and increasingly competitive bank. The transformation is evident in the numbers: a net loss of MK3.9 billion in 2022 was reversed into a profit of MK1.9 billion by December 2024. This momentum continued into 2025, with the bank posting MK3.1 billion in profit for the half-year ending June and projecting up to MK6 billion by the end of the year.
The balance sheet expanded significantly over the same period. Total assets grew by 184 per cent, rising from MK77 billion to MK219 billion, while customer deposits increased by 225 per cent, moving from MK57 billion to MK185 billion—clear indicators of restored public confidence and strong market responsiveness. At the same time, the bank’s cost of funding dropped from 11.9 per cent to 5.63 per cent, and its cost-to-income ratio improved from 97 per cent to 83 per cent, demonstrating tighter financial discipline and more efficient operations.
Beyond the numbers, Centenary Bank Malawi experienced deeper institutional renewal. The bank established more than twenty new strategic partnerships, broadening its capacity to serve SMEs, support agricultural finance, expand diaspora banking, strengthen microfinance operations, and advance digital innovation. Internally, governance structures were reinforced, processes were redesigned for efficiency and control, and new products were introduced to align the bank with its mandate of inclusive finance.
A Leadership Style Defined by Purpose, Discipline, and Sector Impact
Uganda to host WFP Global Fleet Hub, establish unique humanitarian platesBefore moving to Malawi, Godfrey was named Chief Finance Officer of the Year at the Uganda CFO Awards 2020. The annual awards recognise finance leaders who elevate the finance function’s role in driving integrated thinking, supporting sound decision-making, and building sustainable business models. This recognition underscored his reputation for strategic financial stewardship and his ability to align organisational resources with long-term value creation.
Godfrey is widely known for a leadership style that blends strategic sharpness with humility and empathy. He is intentional about building high-performance teams, embedding ethical governance, championing inclusive finance, and driving both digital and operational agility. Central to his approach is the belief that sustained transformation arises when people, processes, and purpose are aligned toward a shared institutional mission.
Beyond banking, his influence extends into governance and national development platforms. He serves as a Board Member and Chair of the Operations Committee at the Bankers Association of Malawi, sits on the board of the National Switch of Malawi, and is a member of the Finance Council of the Archdiocese of Lilongwe. His commitment to service is further reflected in his contributions to Rotary and his support for youth mentorship initiatives.
Earlier Career and Professional Foundations
Before joining the Centenary Group in 2013, he worked from 2009 to 2012 as Senior Regional Finance Manager at FINCA International, a position that involved oversight of multi-country financial operations. Earlier, from 2004 to 2007, he served as Finance and Administration Manager at FINCA Uganda, gaining experience in corporate finance, risk management, and institutional restructuring.
Godfrey’s academic and professional background further support his work in senior management. He holds an MBA in Accounting and Finance and a Bachelor of Commerce in Accounting, both from Makerere University.
He is a Fellow of the Association of Chartered Certified Accountants (FCCA), a Certified Public Accountant (CPA), and a graduate of the CEO Apprenticeship Programme at Strathmore Business School and the CEO Summit Uganda. He also completed the Advanced Management Program (AMP) at Strathmore University Business School.
