Regulatory Alerts2018-01-01
Financial Services (Agent Banking) Regulations 2018
Issued by the Malawian Minister of Finance under the Financial Services Act, these regulations establish a comprehensive framework for agent banking by banks, microfinance institutions, and SACCOs. The rules mandate strict eligibility criteria, real-time electronic transactions with technically effective devices, and clearly defined permissible activities while prohibiting independent banking services and subcontracting. Financial institutions must maintain continuous monitoring, anti-money laundering compliance, and transparent consumer disclosures, with the Registrar empowered to enforce standards through inspections and monetary penalties reaching fifty million Kwacha.
Share