Centenary Bank expands investment reach with launch of nationwide custody services

KAMPALA, Uganda – Centenary Bank launched its custody services Tuesday, a move intended to bolster Uganda’s financial markets and support long-term institutional investment.

Speaking at the launch at Mestil Hotel, Centenary Bank Managing Director Fabian Kasi described the new offering as a strategic commitment to enhancing trust, governance, and transparency in the national financial ecosystem.

The event was attended by key financial sector stakeholders, including Bank of Uganda Governor Michael Atingi-Ego and leaders from the Uganda Retirement Benefits Regulatory Authority, Capital Markets Authority, and the Insurance Regulatory Authority of Uganda.

Kasi emphasized that the service, themed Redefining Custody to Elevate Trust and Transform Institutional Investment, reflects the evolving role of custodial services in modern markets.

To elevate trust is to recognize that institutional investors operate on confidence — in systems, data, and governance, Kasi said. Custody sits at the center of this trust architecture.

Kasi added that strong custodial frameworks are critical to ensuring asset security, accurate reporting, and regulatory compliance. Centenary Bank enters the sector with total assets worth 8.6 trillion Ugandan shillings and a loan portfolio of 4.1 trillion shillings.

Bank of Uganda Governor Michael Atingi-Ego described the launch as a significant milestone for the financial system as Uganda pursues a target of growing the economy to $500 billion by 2040.

Custodial services are the bedrock of trust in any financial system, Atingi-Ego said. They protect ownership, validate transactions, reduce risk, and sustain confidence across markets.

The governor noted that Uganda’s retirement benefits industry alone manages an estimated 13 trillion shillings in assets, increasing the need for robust custodial frameworks.

During a panel discussion prior to the official launch, financial experts highlighted the regulatory importance of custody.

Mubbale Kabandamawa Mugalya, general manager at Sanlam Investments and chairman of the Uganda Insurers Association, noted that custodial services have significantly improved risk management.

Our industry has already achieved close to tenfold growth, and we should now be aiming even higher, Mugalya said. This level of growth requires strong custodial partnerships that provide confidence to boards and stakeholders.

Daisy Lynda Nabakooza, chief manager for supervision and market conduct at the Uganda Retirement Benefits Regulatory Authority, stressed the central role of governance.

Governance is the foundation of everything we do, Nabakooza said. A lapse can affect thousands of beneficiaries whose retirement savings depend on these systems.

Benoni Okwenje, general manager for financial markets at Centenary Bank, highlighted the strategic advantage banks bring to custodial services through infrastructure and security frameworks.

With our nationwide branch network, we can extend custodial services beyond urban centers, reaching pension schemes and investors in remote areas, Okwenje said. This is critical for improving access and driving adoption.

Centenary Bank maintains 81 branches and more than 9,000 agents countrywide. The bank indicated that a newly deployed automated custody platform will enhance efficiency and provide clients with real-time visibility over their investments.