MASINDI, UGANDA | ENTEBBENEWS.NET | Centenary Bank, Uganda’s leading commercial microfinance bank, in conjunction with the National Forestry Authority (NFA), has today launched its efforts to restore 20 hectares of the degraded Masindi Central Forest Reserve. The exercise was launched at Nyangahya cell Masindi Municipality.
This initiative brings to life a recent commitment by the bank to contribute sh60 million towards the restoration of the forest reserve in Masindi District. The funds will go toward achieving the bank’s tree growing target of at least 40,000 trees in 2025, with support from NFA.
Through this three-year partnership, Centenary Bank hopes that its tree growing efforts will support the full restoration of Masindi CFR—an ecologically significant area that plays a vital role in Uganda’s environmental health. The forest is home to a variety of flora and fauna, including endemic and endangered species. It also functions as a carbon sink, aids in water catchment, and contributes to soil conservation, all of which are crucial in combating the effects of climate change.
Speaking at the event, Fabian Kasi, Managing Director of Centenary Bank, expressed his gratitude to the National Forestry Authority for identifying a restoration site that aligns with the bank’s commitment to mitigating environmental degradation in Uganda.
“I’m honored to be here today as we kick off the initiative to re-green 20 hectares of Masindi Central Forest Reserve. Partnering with the National Forestry Authority (NFA) gives real weight to what we at Centenary Bank are striving to achieve through our tree growing efforts. Over the years, we’ve made a conscious commitment to improving the environment we operate in. In just the past two years, we’ve planted 70,000 trees in different parts of Uganda, and today’s effort is yet another step in our ongoing journey to build a greener, more sustainable Uganda,” Kasi said.
“Today, together with the National Forestry Authority, we are proud to demonstrate what true environmental stewardship looks like when two committed partners join forces. As a bank, we are honoured to be part of a collaboration that not only reflects shared values but also delivers meaningful impact for our environment,” he added.
Stuart Maniraguha, the Acting Executive Director of the National Forestry Authority, commended Centenary Bank for its continued and impactful efforts in the fight against deforestation. He said, “I would like to welcome all of you to this meaningful partnership event in the future of fighting environmental degradation in Masindi. Together with Centenary Bank we are proud to be restoring one of the most important green belts to biodiversity in the country.
Through such collaborative efforts, we have been able to restore 25,000 of forest land across the country in the last five years. Our focus is on restoration degraded CFRs, boundary survey and demarcation, collaborative forest management (CFM) and partnerships, seedlings production and supply and tree plantation establishments to reduce pressure on nature forests’.
“Ladies and gentlemen, planting trees is just the first step. The real task lies in ensuring that they grow—protected, nurtured, and integrated into the lives of the communities around them,” he concluded.
According to Global Forest Watch, Uganda lost 37.6 thousand hectares of natural forest in 2023 alone, an alarming figure that underscores the urgent need to accelerate efforts to curb deforestation and restore forest cover.
Centenary Bank allocates 2% of its previous year’s profits to Corporate Social Investment (CSI).
This year, the bank has committed UGX 5.8 billion towards various initiatives, including community stakeholder support, the social mission of the church, health, education, financial literacy, and environmental conservation
