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Malawi: Guidelines for Applications for a Bank or NBFI

How can applicants get licences to open banks and financial institutions in Malawi?
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This application for a banking license is divided into three sections, each pertaining to a different aspect of the proposed bank.

The application requests for information about the:

  • Proposed bank or financial institution, including its legal form, incorporation, head office, business place, capital structure, shareholder list, acquisition debt, banking activities and business plan;
  • Directors, executive officers and principal shareholders including:
    • Their names and addresses, positions, nationality, roles, responsibilities and reporting, qualifications, employment history, affiliations, shareholding, professional membership;
    • Information regarding discipline such as investigations, judgments, frauds, etc.
    • Authority in terms of voting interests, etc.
  • Institutional controlling shareholders (ICSs) their names and addresses, control, legal form, incorporation, officers and principal shareholders, auditors ad banking, affiliates, shareholding, professional membership and discipline;
  • Filing fee;
  • Inquiries and submission.

The guidelines state that when completing the application and the supporting attachments, the applicant should be guided by the following requirements:

  • Principal shareholder: a person who controls or owns 15% or more of the voting stock of the proposed bank;
  • ICS: Any company, financial partnership or organization that owns or controls 15% or more of the voting stock of the bank;
  • Appropriate responses to all questions in the application;
  • Filing fee that covers the cost of the investigation and review of the application;
  • The addresses to which participants should send inquiries and submit applications.

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