Centenary Bank, a new player in the banking sector of Malawi, plans to expand its operations in rural areas by offering microfinance services to communities. The bank aims to adopt an agile approach to operations by taking customer-centric propositions to provide highly personalized solutions. Centenary Bank has been known for its services in microfinance, and it plans to introduce this expertise to Malawi. The bank's launch in Malawi is seen as a new beginning and is expected to reach out to rural masses. The Reserve Bank of Malawi also believes that more banks are needed to reach out to a large population, particularly in rural areas. Centenary Group already owns Centenary Rural Development Bank, Centenary Technology Services Limited, and Centenary Foundation in Uganda, serving over 2.4 million customers.
Centenary Bank's launch in Malawi is expected to increase access to banking services in rural areas, where finance services have not yet penetrated. The Lilongwe Archdiocese, a joint shareholder in the bank, is optimistic that the bank will uplift the lives of rural Malawians. The bank's Managing Director, Zandile Shaba, believes that the rebranded bank will offer better services to its loyal customers. Meanwhile, the Reserve Bank of Malawi's Deputy Governor, William Matambo, has emphasized the need for banks to devise means that will help people in hard-to-reach areas access banking services. MyBucks Malawi was the last bank licensed by the Reserve Bank of Malawi before Centenary Bank's entry into the market. However, the parent company of MyBucks Malawi, MyBucks S.A., was placed under bankruptcy in December 2021, leading to the sale of its Malawi operations.
Centenary Bank's entry into the Malawi banking sector is expected to increase competition and promote financial inclusion. With its expertise in microfinance services, the bank is well-positioned to cater to the needs of the rural population, which has been largely underserved. The bank's adoption of an agile approach to operations and customer-centric propositions is also expected to enhance its competitiveness in the market. As Centenary Bank expands its operations in Malawi, it is likely to create job opportunities and contribute to the country's economic growth. With its sister company facilitating microfinance services in Malawi, Centenary Bank is poised to make a significant impact in the banking sector and the lives of Malawians.