Regulatory Alerts2014-01-01
Licensing and Approval Requirements for Deposit Taking Microfinance Institutions Directive 2014
Issued by the Registrar of Financial Institutions under Malawi’s Financial Services Act, this Directive establishes comprehensive licensing and approval frameworks for deposit-taking microfinance institutions. It requires eligible share companies to submit detailed applications containing three-year business plans, audited financial statements, fit-and-proper questionnaires for senior management, and proof of a minimum K250 million paid-up capital. The Registrar evaluates complete applications within sixty days, issues formal licences or approval letters, maintains a public register of entities, and mandates that operations commence within twelve months following a premises inspection.
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