Speculation that Centenary Group might soon widen its shareholder base, possibly by offloading a stake of 5% to 10% to outside investors, has been circulating in the press for months.
But a follow up on the matter this week with new managing director Godfrey Byekwaso and outgoing managing director Fabian Kasi revealed the move is unlikely to happen soon.
“There are no plans for the changes in the shareholding of the bank. It is still intact, and that is not being discussed at the bank board,” Byekwaso told reporters at a briefing at the bank’s Mapeera House headquarters.
Any appetite for new investors, he explained, sits with Centenary Group, the holding company that owns Centenary Bank alongside its subsidiaries. The group is s collectively owned by the Uganda National Catholic Lay Association (representing the Catholic Church in Uganda), the Roman Catholic Dioceses in Uganda, and the trustees of these dioceses.
“The Group would like to expand beyond Uganda and wants to do more, and that may call for opening up to other shareholders. But that is still too early to put out,” he said.
Byekwaso succeeds Fabian Kasi, who leaves the managing director role after almost 16 years in charge, a tenure in which Centenary grew into Uganda’s largest indigenous bank, with 3.4 million customers, about 3,400 staff and close to 10,000 agents nationwide.
“When we are given institutions to lead, we don’t own them. We are supposed to steward them and ensure that we leave them in a better state than we found them,” he said.
When asked how he managed to balance the diverse interests of the bank’s shareholders, Kasi explained that the bank shareholders are generally likeminded and focused on the bank’s core mission.
“Our shareholders have the same interests. They are likeminded and their interest is financial inclusion. What sort of impact do our services give to the customers that we deal with? Are we inclusive? Are we dealing with the previously excluded sections of the population? The youth, the women, the refugees?
“Those are their interests. And of course, at the end of the day, what is the return on their investment? Once we’ve been able to deliver on them then their interests are managed. And however diverse they may be, we are able to meet their interests,” Mr Kasi said.
Who is Byekwaso?
Godfrey Byekwaso has more than 26 years of experience in banking, operations, finance, and leadership across East Africa. He rejoins Centenary Bank after serving as Managing Director of Centenary Bank Limited in Malawi, where he led a turnaround that returned the institution to profitability.
He first joined Centenary Bank Uganda in 2012 as General Manager of Finance (effectively serving as chief financial officer) and contributed to the bank’s growth as one of Uganda’s largest commercial lenders.
In 2023, he moved to Centenary Bank Malawi as Deputy Managing Director, later becoming Acting Managing Director in June 2024 and full Managing Director.
Prior to Centenary, Byekwaso held senior roles at FINCA, including Regional Finance Manager for Africa (2009–2012) and Finance and Administration Manager in Uganda (2004–2007). He has also worked as a Supervisory Financial Analyst at USAID and lectured at Makerere University Business School.
Byekwaso holds a Master of Business Administration and a Bachelor of Commerce in accounting, both from Makerere University. He is a Fellow of the Association of Chartered Certified Accountants (FCCA), a Certified Public Accountant, and a member of the Institute of Certified Public Accountants of Uganda (ICPAU).
He has completed executive leadership programs at Strathmore University Business School, including the Advanced Management Programme and CEO Apprenticeship Programme.
Additional roles include membership in the Global Preparers Forum affiliated with the International Financial Reporting Standards Foundation, board and committee positions in Malawi’s banking sector, and involvement in professional and community organizations.
