Regulatory Alerts2011-10-16
Financial Cooperatives Premises Inspection Directive 2013
The Registrar of Financial Institutions in Malawi issued the 2013 Financial Cooperatives (Premises Inspection) Directive to mandate minimum security, infrastructure, and operational standards for Savings and Credit Cooperatives (SACCOs) and their service points. The regulation requires SACCOs to obtain prior written approval from the Registrar for any acquisition, renovation, construction, or closure of premises, followed by mandatory pre-occupation inspections and routine compliance audits. Non-compliance triggers rectification orders, re-inspection fees, certificate revocation, and monetary penalties of up to K2,000,000 for institutions and K500,000 for directors or management, with provisional licensees granted until 1 March 2015 to achieve full compliance.