Lilongwe Archdiocese’s acquisition of MyBucks Bank gets approval


The Catholic Archdiocese of Lilongwe has acquired 49 percent shareholding in MyBucks Banking Corporation and the deal has been approved by the Reserve Bank of Malawi (RBM).

This is according to a statement dated 28 December and signed by Chairman of MyBucks Banking Corporation Dr. Francis Z. Pelekamoyo, Centenary Group Chairman Prof. John Ddumba-Ssentamu and Archbishop  of Catholic Archdiocese of Lilongwe Most Rev. George Desmond Tambala.

The approval by the RBM which is the Registrar of Financial Institutions means the archdiocese has become one of the new shareholders in the bank together with Centenary Rural Development Group Limited from Uganda which is the major shareholder with 51 percent.

However, the deal for the two to acquire the bank now awaits approval from the COMESA Competition Commission.

The Catholic Archdiocese of Lilongwe covers seven districts in the Central Region of Malawi and has 46 parishes and 620 outstations.  

The archdiocese owns companies, hospitals, education institutions and commercial properties. It has over K30 billion in assets and also runs projects aimed at helping marginalized people.

Centenary Rural Development Group Limited is a company which among others owns Centenary Bank of Uganda. The Group made USD59 million (about K60  billion)after tax profit for the year ending December 2021 and had USD1.4 billion (over K1.4 trillion) assets as of December 2021.

The new owners of MyBucks Banking Corporation believe that their unique combination will enable the bank to deliver its financial inclusion agenda and reach out to unbanked people across the country.

The competition of the sale of MyBucks Malawi has come  months after MyBucks S.A, the parent company, was placed into bankruptcy in December 2021.

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