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 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

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

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

Further to the Press Releases issued on 11th July and 14th October 2022 on the search for a strategic investor for MyBucks Banking Corporation Limited (the Bank), the Board of Directors of the Bank is pleased to inform the Bank’s valued customers and the public that the Registrar of Financial Institutions has granted approval to Centenary Rural Development Group Limited of Uganda (Centenary Group) and the Catholic Archdiocese of Lilongwe to acquire 51% and 49% shareholding in the bank, respectively. The approval was granted on 23rd December 2022. Meanwhile, completion of the transaction awaits approval from COMESA Competition Commission.

With the approval, Centenary Group becomes the Bank’s new majority shareholder and the Bank becomes Centenary Group’s fourth subsidiary.
Centenary Group, is a limited liability company and a Group holding company of Centenary Bank Uganda, the largest commercial microfinance bank in Uganda. Centenary is also a holding company for two other subsidiaries – Centenary Foundation and Centenary Technology Services Limited. Centenary Group was initially incorporated as Centenary Rural Development Bank Limited on 6th April 1983. It changed its name to Centenary Rural Development Group Limited on 1st July 2020. The Group’s flagship subsidiary, Centenary Bank Uganda is a leading commercial microfinance bank serving a quarter of Uganda’s banking population with 2.4 million customers, 80 branches, 5,200 agents, 192 ATM, online digital platforms and 3,000 employees. Centenary Bank also supports 46,000 Village Savings and Lending Associations and 12,000 SACCOs.
In terms of financial performance, Centenary Group reported after tax profit of USD59 million (MWK49 billion) for the year ended December 2021, up from USD46 million (MWK38 billion) reported in 2020. 
The Group had total assets of USD1.4 billion (MWK1.1Tn) as at December 2021; with 47% (USD647 million; MWK528 billion) in loans and advances and 28% (USD385 million; MWK314 billion) in government securities, representing a combined 75% of the total assets. 

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. Currently, the Archdiocese of Lilongwe is under the leadership of Archbishop George Desmond Tambala.
The Archdiocese owns several institutions in Malawi, including education institutions, hospitals and companies, in addition to owning several commercial properties within Lilongwe and surrounding districts. It has total assets of over MK30 billion. The Archdiocese also runs several community and social justice projects for the benefit of Malawi’s most marginalized people.

The unique combination of the Bank’s new shareholders will enable the Bank to deliver on its financial inclusion agenda and reach out to all the unbanked people across the country to change their lives thereby contributing to the achievement of the Malawi Government Agenda 2063.
The Bank and its new shareholders would like to thank the Bank’s valued customers, the public and the Registrar of Financial Institutions for unwavering support to the Bank. 
With compliments of the season to our valued customers and all the people of Malawi!



Approval of Centenary Rural Development Group Limited and Catholic Archdiocese of Lilongwe As New  Shareholders Of MyBucks Banking Corporation  

Chipiliro Kameta established her business relationship with Centenary Bank Limited in 2016, having opened an ordinary saving account as a means to save the little profits she would make from her general trading business. Her first line of business was cross boarder trading, selling various items  to and from South Africa.

As her business faced challenges due to forex availability and an influx of cheaper alternative goods from China, she decided to diversify her business in order to make ends meet. Having grown up  watching her mother build houses, this became an automatic business line to venture into as this desire had been there over the years. 

However, starting off with her available resources proved a challenge due to  a slow down in her trading business thereby affecting her  profits, which made it  almost impossible to fully construct  a house ready for occupation  as she had other equally important responsibilities to attend to. 

Her turning point was when she turned to her bank, Centenary Bank  to apply for a loan that could assist her compete her housing project. To date, with the financial assistance and advise from the bank, she has managed to construct and is the proud owner of  21 houses in Chilomoni, all within a space of 7 years.

Kameta narrated that “My journey with Centenary Bank Limited has been fruitful because I did not expect in my life, against my background that I would be able to access loans from a bank and be able to repay back. I first managed to get a loan of K5, 000,000 and the effect this did to my business were astonishing. When I made this application, I wasn’t too sure of the outcome, but I must say I was impressed with how the whole process and experience went, which was exceptional. 

Overtime, with the relationship that I have built with the bank and the financial advice they give me, I am able to repay all my facilities that I access  on time. With this discipline and since I have made Centenary Bank my bank of choice, I am  able to access loans of up to K30, 000,000 at any given time”. The introduction of Buzinesi Itukuke loans for us SMEs has even made it better for my business.

Kameta attributes her business  and personal growth to Centenary Bank which has seen her uplift her financial independence  enabling her to among other things easily pay school fees for her children, buying herself a nice  car for  personal use and better still acquire more plots to expand her property business.

Kameta urged fellow business persons especially women to be watchful on what they do with the loans they access from banks. “My fellow women should not just rush into jumping on trendy fashion and cars but should instead be firm and focused on their decisions to grow their money first and gain financial independence. It’s all about staying focused and being disciplined’, said Kameta.

In 2021, Centenary Bank introduced its “Bizinesi Itukuke” loans under the Financial Inclusion and Entrepreneurship Scaling (FInES) project to promote entrepreneurship, assist businesses that were affected by the Covid-19 pandemic and to  increase access to financial services among Micro and SME Customers. This facility is offered at a concessionary interest rate of 10% per annum, subject to fulfillment of all prescribed terms and conditions.

Commenting on the strides and impacts the loans have made on customers Centenary Bank’s Head of Retail & SME Banking Mayamiko Kalizang’oma said “We are very excited by the tremendous change the “Bizinesi Itukuke” loans and other products have had  on people’s lives. Whenever we hear such success and moving stories, especially from our women customers, we are challenged to do more to uplift our customers lives. As a bank, we strive towards supporting our customers be it at advisory level or financially though our credit facilities.

This is in line with our strategic intent to making people’s lives better, as these loans seek to bridge the gap that customers encounter in achieving their business success.

Centenary Bank Limited Malawi is a fully-fledged bank with branches in Blantyre, Lilongwe, Mzuzu, Zomba, Mangochi, Dzaleka, Kasungu and Madisi. Currently, it has a fully-fledged delivery channel of 14 branches, over 100 agents, and 30 ATMS across the country, offering a full range of banking products and services that include Bancassurance and Microfinance products.



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