Regulatory Alerts2010-01-01
Microfinance Act 2010
Enacted by the Parliament of Malawi and assented to in July 2010, this legislation establishes a comprehensive regulatory framework for microfinance services across the country. It mandates that all microfinance service providers and institutions obtain registration or a licence from the Registrar, while distinguishing between non-deposit-taking and deposit-taking entities with specific governance, capital, and prudential regulation requirements. The Act further establishes a Microfinance Register, defines permissible services such as microcredit and branchless banking, and outlines supervisory powers, reporting obligations, remedial measures, and winding-up procedures to ensure financial stability and consumer protection.
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