Centenary Bank Malawi

Centenary Bank Malawi, also Centenary Bank Malawi Limited, is a commercial bank in Malawi. It is one of the commercial banks licensed by the Reserve Bank of Malawi, the central bank and national banking regulator.[1]

Centenary Bank Malawi Limited
TypePrivate company: Subsidiary of Centenary Group
IndustryFinancial services
FoundedMarch 23, 2023 (2023-03-23)
Headquarters
Lilongwe
,
Malawi
Key people
ProductsLoans, Transaction accounts, Savings, Investments, Debit Cards
Total assetsMWK:122 billion (US$120 million) (March 2023)
Websitecentenarybank.co.mw

Location

The headquarters and main branch of Centenary Bank Malawi Limited are located at Ekistics House, Convention Drive, Lilongwe 3, in Malawi.[2]

Overview

As of October 2022, the total assets of MyBucks Bank Malawi, the predecessor of Centenary Bank Malawi, were valued at approximately MWK:122 billion (approx. US$120 million).[3]

History

The bank was established in October 2022, when the Centenary Group, a financial services conglomerate headquartered in Uganda, that is affiliated with the Roman Catholic Church in Uganda, acquired majority shareholding in the erstwhile MyBucks Bank Malawi. At the same time, the Roman Catholic Archdiocese of Lilongwe acquired the remaining minority shareholding. The new bank rebranded as Centenary Bank Malawi Limited. Before that, MyBucks Bank Malawi was 100 percent owned by MyBucks SA, a financial outfit based in Luxembourg, that went into bankruptcy in December 2021.[3]

Centenary Bank rebranded from MyBucks Bank Malawi on 23 March 2023,[4] after attaining a commercial banking license from the Reserve Bank of Malawi, earlier that month.[1]

Ownership

The table below, represents the shareholding in the stock of Centenary Bank Malawi Limited, as of December 2022.[5]

Centenary Bank Malawi Limited Stock Ownership
RankName of OwnerPercentage Ownership
1Centenary Group of Uganda51.0
2Roman Catholic Diocese of Lilongwe in Malawi49.0
Total100.00

Branches

As of February 2022, MyBucks Bank Malawi Limited, the predecessor of Centenary Bank Malawi Limited maintained networked brick-and-mortar branches in eight cities, towns and other urban centers, including Blantyre, Lilongwe, Dzaleka, Kasungu, Madisi, Mangochi, Mzuzu and Zomba. At that time, they also maintained 85 banking agents and 30 automated teller machines, across the country.[6]

Governance

As of October 2022, the Chairman of the board of directors is Francis Z. Pelekamoyo, a former Governor of the Reserve Bank of Malawi.[7][8] Zandile Shaba serves as the chief executive officer of the bank.[4][8]

See also

References

  1. Martin Luther Oketch (10 March 2023). "Centenary gets licence to start banking services in Malawi". Daily Monitor. Kampala, Uganda. Retrieved 29 March 2023.
  2. Centenary Bank Malawi (29 March 2023). "Address The Head Office of Centenary Bank Malawi". Centenary Bank Malawi Limited. Lilongwe, Malawi. Retrieved 29 March 2023.
  3. Blanshe Musinguzi (22 October 2022). "Uganda's Centenary Group purchases Malawi Bank, eyes more foreign expansion". The Africa Report. Paris, France. Retrieved 31 March 2023.
  4. Lydia Felly Akullu (23 March 2023). "Centenary Group expands to Malawi". Daily Monitor. Kampala, Uganda. Retrieved 31 March 2023.
  5. Precious Kumbani (30 December 2022). "RBM approves new MyBucks shareholders". The Nation (Malawi). Blantyre, Malawi. Retrieved 31 March 2023.
  6. Watipaso Mzungu (3 February 2022). "MyBucks Introduces WhatsApp Banking Facility". Nyasa Times. Coventry, England, United Kingdom. Retrieved 31 March 2023.
  7. Uganda Standard (10 October 2022). "Uganda's Centenary Bank acquires stake in Malawi bank". Uganda Standard. Kampala, Uganda. Retrieved 31 March 2023.
  8. Centenary Bank Malawi (31 March 2023). "The Board of Directors of Centenary Bank Malawi". Centenary Bank Malawi. Lilongwe, Malawi. Retrieved 31 March 2023.

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