The Reserve Bank of Malawi has granted a license to Centenary Group to carry out banking operations in Malawi.
This development makes Centenary Group the first locally established financial institution to extend its brand across the borders of East Africa.
According to a statement released by Centenary, the new bank will carry the name; Centenary Bank Limited. Centenary Group will hold majority stake while the Catholic Church Archdiocese of Lilongwe in Malawi will hold minority stake in the Bank’s shares.
“We are excited that we have been granted a license to commence banking operations. We thank the Reserve Bank of Malawi for all the support it extended to us. Centenary Bank will from the onset adopt an agile approach to operations, scaling customer-centric propositions that will allow the Bank to create highly personalized solutions and regain their position within the Malawi market,” Prof Ddumba Ssentamu, Centenary Group Chairperson said.
Centenary Bank Limited will be launched on 23rd March 2023 in Lilongwe, Malawi.
In Uganda, Centenary Group owns; Centenary Rural Development Bank, Centenary Technology Services Limited, and Centenary Foundation.
It is one of Uganda’s leading Commercial Microfinance Bank serving over 2.4 million customers, with an asset base of UGX 5.5 trillion. The bank has 80 branches, 205 ATMs, over 5,800 Agents, and several other digital channels including CenteMobile banking, CenteOnline banking, CenteVisa debit & prepaid cards, and Mastercard Platinum debit card.
The Catholic Archdiocese of Lilongwe is a Roman Catholic diocese located in Lilongwe. It covers seven districts of Malawi’s Central Region. It has seven ecclesiastical deaneries, 46 parishes and 620 outstations.
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