Regulatory Alerts2018-01-01
Added · Updated
Financial Services (Licensing of Banks) Directive 2018
Issued by the Registrar of Financial Institutions in Malawi, this Directive establishes comprehensive licensing requirements and application procedures for new banks. It mandates a minimum start-up capital of five million Malawi Kwacha, requires non-shell shareholders and resident board majorities, and outlines a structured approval process with a ninety-day decision window. The framework further enforces post-approval obligations, including commencing operations within twelve months, securing Registrar approval for management agreements, and imposing monetary penalties up to fifty million Kwacha for non-compliance.