Regulatory Alerts2024-01-01
Financial Services (Licensing of Banks) (Amendment) Directive, 2024
Issued by Registrar of Financial Institutions Dr. Wilson Toninga Banda, this directive amends the principal licensing framework for banks under the Financial Services Act. It establishes a minimum start-up capital requirement of K10,000,000,000 by replacing the existing provision in paragraph 7. Additionally, paragraph 9 is updated to mandate that the minimum number of board directors aligns with the Financial Services Risk and Governance Requirements Directive.
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