Centenary Bank Malawi, also Centenary Bank Malawi Limited, is a

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

Malawi Malawi, officially the Republic of Malawi, is a landlocked country in Southeastern Africa. It is bordered by Zambia to the west, Tanzania to the north and northeast, and Mozambique to the east, south, and southwest. Malawi spans over and ...

. It is one of the commercial banks licensed by the

Reserve Bank of Malawi The Reserve Bank of Malawi is the central bank of Malawi established in the year 1964 located in Lilongwe. The current governor is Wilson Banda. The Bank is active in promoting financial inclusion policy and is a leading member of thAlliance for ...

, the

central bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...

and national banking regulator.

Location

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

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. As of December 2023, the bank's assets were valued at MWK123 billion (approx. US$71.6 million). The bank declared an after-tax profit of MWK:549 million (US$319,000), for the twelve months ending on 31 December 2023.

History

The bank was established in October 2022, when the

Centenary Group The Centenary Group of Companies, commonly referred to as the Centenary Group, is a privately owned Conglomerate (business), conglomerate in Uganda. The anchor company in the group is Centenary Bank, the second-largest commercial bank in Ug ...

, a financial services conglomerate headquartered in Uganda, that is affiliated with the

Roman Catholic Church The Catholic Church (), also known as the Roman Catholic Church, is the List of Christian denominations by number of members, largest Christian church, with 1.27 to 1.41 billion baptized Catholics Catholic Church by country, worldwid ...

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 Luxembourg, officially the Grand Duchy of Luxembourg, is a landlocked country in Western Europe. It is bordered by Belgium to the west and north, Germany to the east, and France on the south. Its capital and most populous city, Luxembour ...

, that went into bankruptcy in December 2021. Centenary Bank rebranded from MyBucks Bank Malawi on 23 March 2023, after attaining a commercial banking license from the

, earlier that month.

Ownership

The table below, represents the shareholding in the

stock Stocks (also capital stock, or sometimes interchangeably, shares) consist of all the Share (finance), shares by which ownership of a corporation or company is divided. A single share of the stock means fractional ownership of the corporatio ...

of ''Centenary Bank Malawi Limited'', as of December 2022.

Branches

, 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 Blantyre is Malawi's centre of finance and commerce, and its second largest city, with a population of 800,264 . It is sometimes referred to as the commercial and industrial capital of Malawi as opposed to the political capital, Lilongwe. It is ...

Lilongwe Lilongwe (, ,) is the capital and largest city of Malawi. It has a population of 989,318 as of the 2018 Census, up from a population of 674,448 in 2008. In 2020, that figure was 1,122,000. The city is located in the central region of Malawi, i ...

, Dzaleka, Kasungu, Madisi,

Mangochi Mangochi is a township in the Southern Region, Malawi, Southern Region of Malawi. Located near the southern end of Lake Malawi, in History of Malawi, colonial times it used to be called Fort Johnston. As of 2018, it has a population of 53,498. ...

Mzuzu Mzuzu is the capital of Malawi's Northern Region and is the third largest city by population in Malawi. The city has 221,272 residents and 20,000 commuters (Mzuzu University students) with about 1.7 million people in its metropolitan area. It i ...

and Zomba. At that time, they also maintained 85 banking agents and 30

automated teller machines Automation describes a wide range of technologies that reduce human intervention in processes, mainly by predetermining decision criteria, subprocess relationships, and related actions, as well as embodying those predeterminations in machine ...

, across the country. In April 2023, the bank had 14 brick and mortar branches across Malawi.

Governance

As of October 2023, the

Chairman The chair, also chairman, chairwoman, or chairperson, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the gro ...

of the board of directors is Francis Z. Pelekamoyo, a former Governor of the Reserve Bank of Malawi. Godfrey Byekwaso serves as the acting CEO of the bank.

References

External links

*
Website of Reserve Bank of Malawi
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