By Burnett Munthali
In a groundbreaking initiative, the Lilongwe Archdiocese of the Catholic Church has announced plans to offer 25% of its shares in Centenary Bank to Catholic Christians and parishes within the archdiocese and other dioceses. This new opportunity aims to give parishioners a stake in the Catholic-owned financial institution, promoting economic empowerment and community development.
William Mwanza, Chairperson of the Finance and Investment Council for the Archdiocese, stated that the 25% share represents 3.4 million of the shares that the Lilongwe Archdiocese currently holds in Centenary Bank. These shares will be available to Catholic parishes and individual parishioners at a price of K1,700 per share.
“The decision to spread 49% of the stake that the archdiocese has in the bank is inspired by a model that our co-shareholder, Centenary Rural Development Group of Uganda, has successfully implemented over the past 40 years,” said Mwanza. “This model allows ordinary people to have a meaningful stake in the bank, enhancing their connection to the institution and its benefits.”
Archbishop George Tambala of the Lilongwe Archdiocese expressed optimism about the initiative, hoping for strong participation from the Catholic community. The archbishop emphasized that Centenary Bank was established with a vision to support social development initiatives and foster financial independence among parishioners.
“This initiative is an opportunity for our Catholic community to actively participate in and benefit from a financial institution that aligns with our values,” said Archbishop Tambala. “We hope this offer will lead to increased support for our social programs and enhance the financial stability of our parishioners.”
The application period for the shares is open until January 4, 2025, giving parishioners and parishes ample time to consider their investment. Individual parishioners are encouraged to apply for a minimum of 60 shares, while parishes can start with a minimum of 1,000 shares.
With this move, the Lilongwe Archdiocese hopes to create a more financially empowered Catholic community, enabling both individuals and parishes to benefit from and contribute to the bank’s continued growth and mission-driven focus.
