Centenary Bank, Uganda’s leading commercial microfinance institution, has reaffirmed its dedication to environmental sustainability through a new partnership with the National Forestry Authority (NFA).
As part of this collaboration, the bank has committed UGX 60 million to restore a degraded section of the Masindi Central Forest Reserve in Masindi District. This initiative is part of the bank’s broader reforestation goal to plant at least 40,000 trees by 2025.
The three-year partnership focuses on planting and nurturing trees until they are strong enough around three years old to thrive independently. This effort aligns with Centenary Bank’s Environmental, Social, and Governance (ESG) framework, which guides its sustainability and impact-driven practices.
During the launch, Fabian Kasi, Managing Director of Centenary Bank, highlighted the critical importance of environmental conservation, especially in the face of increasing climate challenges.
“Deforestation in Uganda and beyond has caused soil erosion, lower rainfall, and heightened vulnerability to extreme weather events like floods and droughts,” Kasi noted. “These impacts threaten food security, public health, and livelihoods, particularly in rural communities.”
Stuart Maniraguha, Acting Executive Director of the NFA, praised the partnership as a step forward in addressing deforestation.
“Sustainable forest restoration demands joint efforts. This collaboration with Centenary Bank supports our mission to restore degraded forest reserves and enhance ecosystem services,” he said. “Together, we can strengthen forest resilience, conserve biodiversity, and combat climate change for current and future generations.”
According to Uganda’s 2024 Third National Voluntary Review (VNR) Report, forest cover has improved from 9.5% in 2015 to 13.3%, but the country is still working toward its 2026 goal of 15%. These gains remain fragile, with ongoing deforestation threatening progress—underscoring the importance of initiatives like this one.
Centenary Bank is already making notable strides in environmental stewardship. Over the past two years, it has planted more than 70,000 trees across Uganda. Additionally, the bank has transitioned 11 branches to solar power and introduced Water, Sanitation, and Health (WASH) loans to support sustainable community development.
This initiative reinforces Centenary Bank’s position as a champion of sustainable finance and responsible corporate citizenship, contributing to both national development goals and global climate action.
