In a strategic move to enhance financial inclusion and accessibility, Centenary Bank Limited has unveiled two new branches in Malawi this July, marking a significant expansion of its operational network. The strategic locations of these branches underline the bank's commitment to serving diverse communities and promoting economic growth in previously underserved areas.

Commenting on the developments, Acting Managing Director for Centenary Bank, Mr. Godfrey Byekwaso said “the first branch, opened in Mchinji District, is strategically positioned near the Malawi-Zambia border. This location which is a crucial financial hub which will be serving not only local residents but also facilitating cross-border trade and transactions. The proximity to the border is expected to streamline financial services for businesses and individuals engaged in international commerce, potentially boosting economic activities in the district”.

Mr. Byekwaso pointed out that “the second branch, located in Chikwawa District near Dyeratu Trading Centre in Malawi's southern region, aims to bring banking services closer to the rural population. This area, known for its agricultural activities and small-scale businesses, has long been in need of accessible financial services. The new branch is set to play a pivotal role in supporting local farmers, traders, and entrepreneurs by providing them with essential banking facilities and financial products”.

Mr. Byekwaso further expressed enthusiasm about these recent developments stating “By establishing ourselves in these strategic locations, we are not only bringing banking services closer to the people but also investing in the economic future of these regions”. The two branches will act as a hub to the bank’s expanding agency banking network.

The bank believes that access to financial services is a catalyst for development. These new branches will offer a full range of banking products and services, from savings accounts and loans to mobile banking solutions, tailored to meet the unique needs of the communities. In addition, Centenary Bank has announced plans to implement financial literacy programs in both regions, aiming to educate residents about effective money management and the benefits of formal banking.

With these new additions, Centenary Bank now boasts of a network of 16 branches across Malawi, reinforcing its position as a key player in the country's financial sector. As the bank settles into its new locations, both local communities and the broader economic landscape of Malawi stand to benefit from increased access to formal financial services.


Centenary Bank Expands Reach with new branches in Mchinji and Chikwawa

Centenary Bank Limited has donated 2 million kwacha to Habitat for Humanity Malawi as a way of collaborating to support families affected by Cyclone Freddy by building them houses.

Speaking during the handover ceremony, Acting Managing Director for Centenary Bank, Mr. Godfrey Byekwaso, said, “Our contribution is in line with our mission of transforming lives through inclusive, convenient, simplified, and sustainable financial solutions, which aligns with Habitat for Humanity’s commitment to improving lives across Malawi.” He added, “This collaboration marks a significant step in private sector involvement in disaster relief and community development in Malawi. It also highlights the growing trend of partnerships between financial institutions and NGOs in addressing critical social issues that need to be addressed.”

In his acceptance speech, the National Director of Habitat for Humanity Malawi, Mr. Victor Mhango, said, “Habitat for Humanity Malawi is grateful for the support received from the bank, as it will enable us to provide resilient housing to more households affected by Cyclone Freddy in Mulanje district.” Mhango pointed out that these resources will contribute towards the construction of 59 houses, which is the organization’s deficit in Nanchindwa area in Mulanje and that the provision of housing will be a great way to a sustainable pathway out of poverty for the affected families”.

Mhango encouraged other private sector entities to join in similar initiatives, highlighting that collaborative efforts are crucial for tackling the challenges faced by communities across Malawi.

Centenary Bank has previously partnered with various organizations to support victims of Cyclone Freddy through different initiatives.


Centenary Bank Donates 2 Million Kwacha to Habitat for Humanity to Aid Cyclone Freddy Victims

In a commendable act of corporate social responsibility, Centenary Bank's Limbe branch has donated a sum of K1 million to St Joseph's Hospital in Chiradzulu. The funds are earmarked for the much-needed renovation of the hospital's maternity ward, a critical facility serving countless women in the community.

The donation ceremony, held on 16th July at the hospital premises, was attended by bank officials and  hospital staff. Edward Nkhata, the Branch Manager for Centenary Bank's Limbe Branch, spearheaded the initiative. In his address, Nkhata elaborated on the bank's commitment to community welfare. He said “As a bank who’s mission is to transform lives, we believe this initiative speaks to our mission. Nkhata stated. "We approached the hospital administration to inquire about their most pressing needs. When the hospital administrator highlighted the dire state of the maternity ward, we didn't hesitate. This K1 million donation is our way of ensuring that mothers in our community receive the care they deserve in a well-maintained facility”.

The hospital's administrator, Sister Kanyumbu, expressed gratitude for the timely donation. She said “this generous contribution will go a long way in transforming our maternity ward. The renovations will significantly improve the healthcare experience for expectant mothers and newborns in our area. We are truly thankful for this partnership with Centenary Bank”.

According to hospital records, the maternity ward at St Joseph's Hospital serves a lot of women monthly, highlighting the critical nature of this renovation project. 

As the renovation project commences, both the hospital and the bank have committed to providing updates on its progress, ensuring transparency and accountability in the use of the donated funds.

Centenary Bank's Limbe Branch Makes K1 Million Donation to St Joseph's Hospital


>Centenary Bank has reported a K594 million profit-after-tax for the year ended December 31, 2023, from a K3.9 billion loss recorded in 2022. This is according to a summary of audited results the bank published last week, downloadable on the [here](https://cente.dartsmw.com/uploads/2023_Summary_of_audited_results_for_the_year_ended_31st_December_2023_b454ec2708.pdf).

In the report, the bank rates 2023 as a recovery year following adverse performance in the previous two years. 

>"The group achieved significant progress, specifically in business growth, customer confidence, improvement in liquidity, and enhanced customer experience. We have attained business volume growth and reduced the cost of doing business despite increasing economic pressures," 

However, it laments the continued downside risk the bank is facing in terms of increased impairments from existing facilities arising from economic conditions that have negatively affected its performance.

The bank reported earning K18.1 billion in interest income compared to the prior year's interest income of K15.0 billion, representing a 20 percent growth. Interest expense for the year was seen at K7.6 billion against the prior year's expense of K7.8 billion, representing a 2 percent interest expense reduction. 

## More Growth

Total non-interest revenue increased by 92 percent to K10.0 billion from K5.2 billion earned in 2022 due to an increase in exchange gains and an increase in commissions earned on lending and transaction fees. Impairment charges on loans and advances to customers declined by 31 percent to K1.8 billion in 2023, which is still on the higher side from K2.6 billion in 2022. Operating expenditure rose by 17 percent to K17.8 billion from K15.2 billion reported in 2022, mainly due to inflationary pressures. Total assets for the firm increased by 59 percent to close at K123 billion in 2023 from K77.2 billion in 2022, according to the report. 

"The growth is mainly driven by increased customer deposits arising from business growth strategies and changes in shareholding. The group's earnings per share for the year increased to K39.00 in 2023 from (K683) in 2022. Meanwhile, on outlook, the bank says it expects macroeconomic pressures to persist in the first half of 2024 and ease in the second half. It has since expressed optimism about continuing with business growth as it continues to implement the various business growth strategies embarked on since the start of 2023. 



Centenary Bank Achieves K594 Million Profit in 2023

Centenary Bank has launched digital insurance products and services through its  mobile App, CenteMobileMw. The App is currently available for Android devices on the Google Play store, and soon to be on the Apple store
According to the Bank, the new insurance offering includes motor vehicle insurance and funeral expense plans that customers can access and manage through the App.

Speaking on the development, the Bank’s Principal Bancassurance Officer, James Msiska, said “through our mobile banking App, customers can compare and select policies tailored to their needs in real-time. As an example, on  motor insurance, one can compare premium quotations from five of our partner insurers and select the one that better suits their budget. 

The cover can either be under  comprehensive or third-party coverage on private or commercial vehicles, after which they can conveniently pay using the same platform .Furthermore, they can pick up their physical insurance discs any Centenary Bank branch that is  convenient to them”.

Msiska added that “for funeral insurance, besides one registering for him or herself, customers can further select the number of family members to cover and the desired payout amount. For example, with a premium of K200, one would benefit a payout of K200,000, and  a premium of K1,000 for the maximum coverage of K1,000,000”.

The bank highlighted that by providing digital access to insurance products, it aims to improve customer experience and meet the evolving needs of clients through their mobile platform. The streamlined process allows customers to efficiently evaluate and purchase policies completely through the CenteMobileMw app. Msiska said “additionally, delivering insurance policies electronically is part of the Bank's effort to reduce paper usage and make a positive environmental impact”.

Centenary Bank Rolls Out Streamlined Digital Insurance for Customers

Today, we are pleased to present a comprehensive guide to facilitate your international transactions in various currencies. Centenary Bank is committed to ensuring a seamless and secure process for all your financial dealings. Below are detailed instructions for transactions in United States Dollars (USD), Euro (EUR), and British Pound (GBP).

## United States Dollars (USD) Transactions

**Receiving Bank**: Sparkasse Aachen, Germany

- Swift Code: AACSDE33
- Account Number (USD): 927207886
- Beneficiary Bank: Centenary Bank Limited, Lilongwe, Malawi (Swift/BIC: MBBCMWMW)
- Beneficiary Details: Account 50160004120021, Centenary Bureau De Change, Lilongwe, Malawi

## Euro (EUR) Transactions

**Receiving Bank**: Sparkasse Aachen, Germany

- Swift Code: AACSDE33
- Account Number (EUR): 1077263372
- Beneficiary Bank: Centenary Bank Limited, Lilongwe, Malawi (Swift/BIC: MBBCMWMW)
- Beneficiary Details: Account 50160004120054, Centenary Bureau De Change Ltd., Lilongwe, Malawi

## British Pound (GBP) Transactions

**Receiving Bank**: Sparkasse Aachen, Germany

- Swift Code: AACSDE33
- Account Number (GBP): 927207894
- Beneficiary Bank: Centenary Bank Limited, Lilongwe, Malawi (Swift/BIC: MBBCMWMW)
- Beneficiary Details: Account 50160004120043, Centenary Bureau De Change, Lilongwe, Malawi

## Key Considerations

- All transactions should be conducted via SWIFT MT103, addressed via AACSDE33.
- Accuracy in filling out transaction details is paramount to ensure successful processing.

This guide is designed to provide clarity and ease in your international financial transactions through Centenary Bank. We remain dedicated to offering you efficient and reliable banking services.

For further assistance or inquiries, please feel free to contact our customer service team.

Efficient International Transactions: A Guide to Using Centenary Bank's Foreign Currency Routing Instructions

His Excellency Archbishop Gian Luca Perici, Vatican Ambassador to Zambia and Malawi, paid a visit to both  Centenary Bank Limited's Head Office and Old Town Branch in order to appreciate and understand the bank's operations. 

This was after the formal presentation of his letters of credence to President Lazarus Chakwera at Kamuzu Palace in Lilongwe.

He was accompanied by His Grace Archbishop George Desmond Tambala. The bank's management team, led by Deputy Managing Director Byekwaso Godfrey, warmly welcomed and hosted the delegation.

The Deputy MD, Godfrey Byekwaso said "It was indeed an honor to host His Excellency the Apostoloc Nunciature to Malawi and Zambia. We wish him a successful and impactful tenure of service".

Centenary Bank Limited, based in Malawi, became part of the Centenary Group of Uganda in 2023 through an acquisition led by a consortium comprising the Catholic Archdiocese of Lilongwe and the Centenary Rural Development Group.

Vatican Ambassador Visits Centenary Bank Limited in Malawi

Centenary Bank Limited has donated K2,500,000 towards the Presidential Charity Golf tournament scheduled for October 7, 2023, whose aim is to raise funds for underprivileged university students and survivors of tropical cyclones.

The Head of SME & Retail Banking, Mayamiko Kalizang'oma, stated during the cheque presentation, 'We responded to the call and made the donation in line with our mission of making a social impact and improving people's lives. This is  the second time the bank has participated in the Presidential Charity Golf fundraising initiative. Last year, we joined His Excellency Dr. Lazarus Chakwera in raising funds for needy students.'

Ulemu Luhanga, representing the organizing committee for the Presidential Charity Golf, expressed gratitude to the bank for its generosity and mentioned that the donated funds  will significantly contribute towards achieving their intended goals.


Centenary Bank Limited’s Donation Supports Tropical Cyclone Survivors via Presidential Charity Golf

The Institute of Chartered Accountants in Malawi (ICAM) has received a significant boost to its upcoming Lakeshore Conference with a sponsorship of 3 million Kwacha from Centenary Bank. The donation was announced by Marketing and Customer Experience Manager, Lindani Nkosi in a special ceremony, where ICAM's President, Moffat Ngalande, expressed his gratitude for the bank's support.

Nkosi said “We are happy to be re-kindling our partnership with ICAM under a new brand, Centenary Bank Limited, a financial institution with a strong presence in the market. As a bank, we have introduced systems to make financial management easier for schools and guardians. We have also made it easier for individuals to open accounts on their own from anywhere with a simplified onboarding process. We understand the need for convenience and accessibility in today's world, and we're committed to providing the tools to meet your financial needs easily”.

She further said:

>
we are excited to share these banking innovations with you and to support your financial mission as ICAM members. All these innovations directly aligning with the theme of this year's conference: “Creating value, building a sustainable economy, towards Malawi 2063.we are excited to share these banking innovations with you and to support your financial mission as ICAM members. All these innovations directly aligning with the theme of this year's conference: “Creating value, building a sustainable economy, towards Malawi 2063.

In his remarks, Ngalande thanked Centenary Bank and its management for the substantial contribution toward the conference. He also commended Centenary Bank for its innovative payment methods, which have garnered interest from ICAM. He noted that ICAM had faced challenges related to payments within its institutions and expressed excitement about the bank's recent launch. 

Ngalande highlighted the pivotal role that Centenary Bank plays in the country's economy, describing it as a “very critical partner”. He emphasized the bank's significant contributions, particularly in facilitating trade within the private sector, which complements the government's efforts to bolster the nation's economy.

Ngalande highlighted the pivotal role that Centenary Bank plays in the country's economy, describing it as a “very critical partner”. He emphasized the bank's significant contributions, particularly in facilitating trade within the private sector, which complements the government's efforts to boost the nation's economy.


Centenary Bank sponsors K3 million kwacha towards the ICAM Lakeshore conference

Centenary Bank Limited has recorded an impressive profit-after-tax of K970.4 million for the first half of 2023, marking a significant step towards recovery from two years of losses. This encouraging performance highlights the positive impact of the recent capital injection and change in shareholding at the beginning of this year.


>The bank's overall profit surged to K970.4 million during the review period, compared to a loss-after-tax of K959 million in the same period last year. 

This achievement can be attributed to our concerted efforts to improve key performance areas and steer the bank in the right direction.

The net interest income has grown by 59 percent, reaching K5.3 billion compared to the same period in the previous year's K3.3 billion, largely due to a reduction in the cost of funding. Additionally, noninterest revenue increased by 59 percent, and the total income experienced growth of 64 percent.

While we celebrate our success, we also recognize the challenges ahead. Impairment charges on loans and advances to customers rose by 111 percent, and operating costs increased by 14 percent. However, our assets also grew by 12 percent, reflecting our commitment to maintaining a strong financial position.

The bank remains resolute in its commitment to improving customer satisfaction and operational efficiencies. Our ongoing efforts include upgrading systems and driving the digitalization agenda to enhance customer experience and grow our business further.

This year marks a significant milestone as it is the first year since the shareholding of the Bank changed from MyBucks S.A. to Centenary Rural Development Group Limited and Lilongwe Archdiocese of the Catholic Church, with respective holdings of 51 percent and 49 percent.

Centenary Bank Limited is dedicated to maintaining strong financial performance, promoting sustainable growth, and providing reliable banking services to our valued customers and communities.

Click [here to access the Half year published financial results](https://cente.dartsmw.com/uploads/2023_summarized_unaudited_Half_Year_results_612a7957a6.pdf).



Centenary Bank Achieves Remarkable Turnaround with 201% Profit Growth

Centenary Bank Limited on Saturday supported the Catholic Women’s Organization in Zomba with financial support of K1,000,000 to go towards the construction of a University girl’s hostel during a fundraising that the women organized dubbed “Chilundu day”.

Speaking during the handover ceremony of the funds, Centenary Bank Limited’s Head of retail and SME Banking, Mayamiko Kalizang’oma said “we share your commitment to education and empowerment. We understand the importance of providing a safe and conducive space for learning, as it is the foundation upon which future generations can build successful and fulfilling lives. We believe that investing in the education of young women not only transforms their individual lives but also has a positive ripple effect on families, communities, and society as a whole”.

Kalizang’oma applauded the Zomba Catholic Women’s Organization for the initiative they take in various initiatives including promoting education, empowerment and the welfare of women.

Speaking after receiving the funds on behalf of the Zomba CWO, Chairlady of the organization expressed deep gratitude towards the bank for the support that the bank rendered amidst ululation from women in attendance of the function.

Centenary bank operates 14 branches, 3 micro-finance outlets, and over 250 agency banking outlets in Malawi, as well as three Foreign Exchange Bureaus located in Lilongwe and Limbe.

Centenary Bank Limited Empowers Women and Supports Education at Chilundu Day Event

Centenary Bank Limited has partnered with the Financial Market Dealers Association (FIMDA) to strengthen the country's financial future with financial support of K2,000,000, going towards FIMDA's 2023 lakeshore conference. 

Jim Kalua, Head of Treasury at Centenary Bank, affirmed their commitment to supporting positive changes in Malawi's financial world. He said “the bank's sponsorship of K2,000,000 signifies trustworthiness and reliability, demonstrating the bank's commitment to its customers and the nation. He further added that “this partnership reflects Centenary Bank's mission to make people's lives better, as it aligns with Malawi's national vision MW2063. What makes this moment even more special is the fact that our partnership is unfolding under a new brand - Centenary Bank Limited”.

FIMDA's President, Leslie Fatch, recognized the importance of this sponsorship, particularly during these challenging times and thanked the bank for the gesture. He said “Centenary Bank, being a key financial player in Malawi, plays a vital role within FIMDA, supporting financial inclusion and market stability. We expect a fruitful lakeshore conference, and we are enthusiastic to seeing the successful implementation of MIP-1 Pillar 1, which we are here to catalyze into fruition”.

“The funds from Centenary Bank will be crucial for the success of FIMDA's upcoming annual conference. The conference's theme, "The Role of Financial Markets in the Attainment of MIP-1 Pillar 1," highlights the significance of Pillar One: Agricultural Productivity and Commercialization, a key part of Malawi's development”.

The conference, scheduled for October 14th to 16th at Sunbird Nkopola Lodge in Mangochi will bring together representatives from various financial sectors, including markets, banks, fund managers, pensions, foreign, and local dealers. Dr. Thomas C. Munthali, Head of the National Planning Commission, will provide valuable insights as the keynote speaker.

Corporate entities interested in advancing the agricultural agenda are also welcome to participate. This conference is expected to encourage discussions and collaborations that will drive positive changes in Malawi's financial landscape.

Centenary Bank's sponsorship means more than financial support; it is an investment in Malawi's brighter financial future. Together with FIMDA, they are paving the way for a more inclusive financial market in Malawi, in line with the MW2063 national vision.

"As we look ahead, we appreciate Centenary Bank's commitment, and we anticipate a more prosperous financial future for Malawi, one where partnerships and collaboration are at the core of our nation's development", said Fatch


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