Centenary Bank & Ministry of Tourism partner to boost Malawi’s economy

In a move aimed at growing and promoting the tourism industry in Malawi and beyond, the Ministry of Tourism and Centenary Bank Limited have entered into an agreement to work together through a Memorandum of Understanding (MoU).

A signing ceremony took place in Lilongwe on 4th April, 2024.

The partnership aligns with the government’s “ATM” strategy which focuses on creating jobs and wealth creation through Agriculture, Tourism and Mining.

Speaking during the signing ceremony of the MoU, Chief Commercial Officer for Centenary Bank, Bernard Mkandawire said, “We are excited to enter into this agreement with the Ministry of Tourism as it aligns with our bank’s goals of providing inclusive financial services to transform people’s lives. This deal allows us to support tourism businesses, workers and local communities to achieve economic growth.”

As part of the agreement, Centenary Bank will offer tailor-made products in accounts, loans and insurance plans to help tourism enterprises and their employees. The bank said that through its bureaus, it will provide foreign currency exchange services for tourists visiting Malawi to make their travel experiences smoother.

In his remarks, the Principal Secretary for Tourism, Chauncy Simwaka thanked the bank for creating special products for the tourism sector, which will also fast track the recovery of the country’s economy. He further, encouraged both teams to be open to new ideas as they work together on the activities outlined in the agreement.