Renowned South African activist, businesswoman, and former World Bank Managing Director, Dr. Mamphela Ramphele, has emphasised the urgency of shifting towards values-based development, warning against the materialistic paradigms that have led to global poly-crises.
She was delivering a powerful keynote address at the Global Alliance for Banking on Values (GABV) Annual Meeting, hosted by Centenary Bank. Dr. Ramphele at Speke Resort Munyonyo in Kampala.
“The moment of urgency is now to expand the bounds of possibility to many more people across the globe,” she stated. “The global community needs a reset towards value-based development.”
Dr. Ramphele, a lifelong advocate for social justice and ethical governance, highlighted the need to transform African education and training systems. She stressed that many of these systems perpetuate narratives that do not serve the continent’s long-term development goals.
Instead, she called for a return to the wisdom sciences of Africa’s ancestors to heal societal divisions and restore pride in African heritage.
“African education and training systems must change from perpetuating these false narratives to reflect the values of the wisdom sciences of our ancestors and heal the brokenness that puts us against one another,” she asserted. “We must rewrite our history to ensure that young Africans regain the pride in their heritage.”
Dr. Ramphele concluded her speech with a call to action for African nations and global financial institutions to embrace ethical, community-centered banking and development models. She emphasised the necessity of leveraging Africa’s human and natural resources sustainably to drive equitable progress.
“Our world is crying out for a reimagination of human relationships. It is time for Africa to take the lead in reshaping economic and social systems based on interconnectedness and shared prosperity,” she concluded.
Dr. Ramphele’s keynote speech resonated deeply with the audience, which included banking and finance professionals, policymakers, and community leaders. The conference aimed to explore ethical banking and sustainable economic models that prioritize people, planet, and prosperity over short-term profit.
Brenda Magoba, Company Secretary and Head of Legal at Centenary Group, detailed the bank’s evolution from a credit trust to a market leader in microfinance and SME banking, underscoring its role as the largest employer in Uganda’s banking industry, with over 3,240 employees.
“We have since become the largest employer in the Banking Industry in Uganda with over 3,240 staff members and the largest footprint of branches and agents,” Magoba said.
“Centenary Bank’s mission is to transform lives and promote environmental conservation through innovative businesses and financial inclusion solutions.”
David Kalyango, Head of Bank Supervision at the Bank of Uganda, delivered a speech on behalf of Governor Dr. Michael Atingi-Ego, reinforcing the importance of value-based banking.
He praised Centenary Bank’s role in championing financial inclusion, particularly for rural communities, smallholder farmers, and micro-enterprises.
“Value-based banks such as Centenary Bank are leading the change in ensuring that financial services drive inclusive growth and ethical standards that support community development,” Kalyango said.
He also cited the Bank of Uganda’s Financial Inclusion Report 2024, which highlights the growth of mobile and agent banking, with over 60% of Ugandans now having access to formal financial services.
The GABV 2025 Inaugural Public Event was attended by several distinguished guests, including Prof. John Ddumba, Chairman of Centenary Group, Mr. Gustavio Bwochi, Board Chairman, and Mr. Fabian Kasi, Managing Director of Centenary Bank.
The conference reaffirmed the commitment of value-based financial institutions to fostering inclusive economic growth, ensuring that banking serves as a tool for sustainable development rather than merely a vehicle for profit. The discussions and resolutions from GABV 2025 are expected to influence policy frameworks and banking practices across the continent and beyond.
