Regulatory Alerts2011-10-16
Financial Services (Licensing of Savings and Credit Cooperative Societies) Directive, 2013
Issued by the Registrar of Financial Institutions of Malawi under the Financial Services Act, 2010, this directive establishes the licensing framework for primary and secondary Savings and Credit Cooperative Societies (SACCOs). It mandates strict eligibility criteria, including mandatory national association membership and minimum institutional capital of two million Kwacha for primary entities and thirty million Kwacha for secondary ones. The regulation outlines a comprehensive application process requiring detailed business plans, fit-and-proper assessments, and risk management documentation, with approvals decided within sixty days and a mandatory business commencement deadline of twelve months.
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