Byekwaso tipped for top job at Centenary Bank as Kasi eyes Group CEO seat

Centenary Bank is preparing a leadership transition that will see long-serving executive Godfrey Byekwaso take over as Managing Director, while current MD Fabian Kasi is expected to move into a Group Chief Executive role, according to multiple banking sector sources.

The planned handover, which the bank has not officially confirmed, would place Byekwaso at the helm of Uganda’s second-largest lender at a time of rising regulatory pressure and expanding regional ambitions.

A senior official at the Uganda Bankers Association, who declined to be named, said Kasi is “retiring in two months” as part of the transition, but referred inquiries to the bank for formal communication.

When contacted, a bank communications official said staff had not yet received official guidance on the reported changes.

“I’ll advise you wait for official communication on that,” the official said, adding that employees were also awaiting clarity before taking a position.

Efforts to reach Kasi for comment were unsuccessful, and the bank had not issued a statement by Saturday.

Byekwaso’s expected appointment follows a series of internal changes at Centenary over the past six weeks aimed at strengthening executive oversight.

In April, the board created a second Executive Director position and appointed Michael Opira as Executive Director for Operations, marking the first time the bank split its top executive structure.

Board Chairman Gustavo Bwoch said in an April 9 internal memo that the move was intended to “reduce the span of work and strengthen executive oversight,” while improving coordination and decision-making.

Under the new structure, two Executive Directors now report to the Managing Director. Joseph Balikuddembe oversees business operations, including credit, branches, and SME lending, while Opira handles operations, IT, and digital channels.

Analysts say the restructuring aligns with evolving regulatory expectations from the Bank of Uganda, particularly around governance, capital adequacy, and environmental, social, and governance (ESG) standards.

If confirmed, Byekwaso will inherit a balance sheet of Shs 8.6 trillion in assets, Shs 5.27 trillion in deposits, and a customer base of about 3.4 million.

Centenary remains Uganda’s second-largest bank by assets, behind Stanbic Bank Uganda, and operates the country’s widest physical network, with more than 70 branches and 192 ATMs.

Its customer base is largely composed of smallholder farmers, traders, and small businesses, positioning the lender as a key player in financial inclusion.

Kasi’s anticipated move to Group CEO signals a shift toward a holding company structure that would allow Centenary to expand into non-bank subsidiaries, including technology, insurance, and regional ventures.

Industry analysts say such a structure would enable the bank to pursue cross-border expansion into markets such as South Sudan, the Democratic Republic of Congo, and Tanzania without directly burdening its core Ugandan balance sheet.

The transition also comes as banks face increasing competition from fintech firms and mobile money operators, which are eroding traditional transaction revenues.

In the near term, operations are expected to continue without disruption, with no changes anticipated for customers, deposits, or branch services.

However, the leadership transition is likely to shape the bank’s next phase, with a stronger focus on digital banking, operational efficiency, and regional growth.

With no official confirmation yet issued, the timing of the handover and Byekwaso’s strategic priorities remain unclear.