Centenary Bank, the largest commercial microfinance bank in Uganda has today joined the Global Alliance for Banking on Values (GABV), to mark the Banking on Values Day by urging banks to ‘Think Bolder’ in addressing social and environmental issues.
GABV held a global virtual panel discussion with leaders from the Banking on Values movement to discuss the limits and opportunities of ESG and how values-based banks implement a bolder approach to sustainability.
In his remarks, Fabian Kasi the Managing Director, Centenary Bank stated that the Bank was the first African member Bank of the Global Alliance for Banking on Values and continues to live by the principles.
He highlighted the need to join the values-based banks saying they ultimately reflect on the output of the organization. “We are in the business of serving our communities with the various products and services we offer. It is therefore only right that through these services provided, we foster positive change or impact to the people and the environment through sustainably friendly solutions,” Kasi enlightened.
Kasi further noted that Centenary Bank being a member of GABV has been beneficial to the financial institution as the GABV principles on value-based banking are some of the areas that the bank hinges on while developing products and lasting financial solutions for Ugandans.
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“I can proudly say that Centenary Bank has embedded the culture of transparency, long term resilience, customer centricity, to mention but a few, all of which are principles of value-based banking.” Kasi noted.
Banking on Values Day is an annual event organized by GABV that seeks to reaffirm the crucial role that banks can play as a force for good. Martin Rohner the Executive Director, GABV commented on the value of celebrating this day in the banking sector.
“Banking can be an incredibly powerful force for good. From social inequality to the climate emergency, the sector has a choice; to ignore and exacerbate these issues, or to work together to overcome them. This year, we celebrate a bolder, better way to bank and we call on the financial sector, including values-based banks, to transition to a greener and fairer future,” Rohner stated.
Rohner further emphasized that, “GABV and its members strongly believe that there is a better way to bank. For decades values-based banks have financed positive impact, proving that non-extractive finance is possible and viable.” He concluded with a call to banks to be bold. “We call on the global banking and finance sector to Think Bolder, and to drive forwards far-reaching change so that a new standard for banking is set – one that can secure economic growth alongside planetary protection and the promotion of social equality.”
GABV has a member base of over 70 banks and financial institutions operating in 45 countries, it seeks to use Banking on Values Day to transform the financial sector’s ways of working towards those that promote a greener, fairer future. Centenary Bank in this regard, commits to transform lives through affordable financial solutions especially for the rural population.
Centenary Bank is the leading commercial microfinance Bank in Uganda, with 79 branches, 204 ATMs and over 7,400 agents across the country. The Bank serves over 2.5 million customers, which is a quarter of the total banking population in Uganda. Its mission is “To transform lives through inclusive sustainable financial solutions especially in rural areas.”
The Global Alliance for Banking on Values (GABV) is a network of independent banks and banking cooperatives with a shared mission to use finance to deliver sustainable economic, social, and environmental development. Founded in 2009, the GABV comprises 70+ financial institutions operating in 45 countries across Asia-Pacific, Africa, Latin America, North America and Europe. It serves more than 60 million customers collectively, has over USD 200 billion of combined assets under management, and employs 80,000 co-workers.
