Centenary Bank Malawi  partners with Ministry of Tourism to promote tourism industry

By Chisomo Phiri

The fastest Catholic owned financial institution Centenary Bank Malawi and the Ministry of Tourism have signed a memorandum of understanding (MoU) to promote the tourism industry in Malawi and beyond.

The MoU, which was signed in Lilongwe on April 4,2024, aligns with the government’s Agriculture, Tourism and Mining (ATM) strategy, which focuses on creating jobs and wealth to boost the economy.

Speaking during the signing ceremony, Centenary Bank Malawi Chief Commercial Officer(CCO) Bernard Mkandawire said the MoU aligns with the 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,” he said.

Mkandawire said as part of implementing the agreement, Centenary Bank of Malawi will offer tailor-made products in accounts, loans and insurance to help tourism companies and their employees.

He said through the bank’s bureaus, it will provide foreign currency exchange services for tourists visiting Malawi to make their travel experiences smoother.

On his part,Ministry of Tourism Principal Secretary Chauncy Simwaka thanked Centenary Bank of Malawi for creating special products for the tourism sector, which will also fast-track the country’s economic recovery.

He encouraged both parties to be open to new ideas as they work together on the activities outlined in the MoU.

“There is a chance for even more collaboration beyond what has already been written down,” he said.

Malawi has a variety of tourist attraction sites including Lake Malawi, several national parks, game reserves and Mulanje mountain.

These contribute about seven percent to its Gross Domestic Product(GDP).