Public Service Reform Commission (PSRC) chairperson Vice-President Saulos Chilima yesterday launched the Malawi Business Registration System, an online platform expected to make business registration easier and faster.
The system, alongside the Collateral Registry, is part of the public sector reforms that have been implemented by the Ministry of Justice through the Department of the Registrar General and Ministry of Trade and Industry.
Chilima said the online business registration system found on www.registrargeneral.gov.mw would reduce the period of registering a new business from 38 days to five days.
“The initiative also means that applicants for business registration and owners of registered businesses do not have to physically visit the Registrar General’s offices. You can now register your businesses in the comfort of your home or office. This is what we call responding to the needs of a 21st century world,” Chilima said.
He said Malawi, just like in many other countries, financial institutions traditionally require fixed assets such as land or buildings, as collateral for loans, but with the registry that would be a thing of the past.
Bankers Association of Malawi (BAM) president Misheck Esau has since commended the two reform programmes, especially the online business registration, which he said would make it easier for banks to increase the number of financially inclusive population.
“Paper-based registration has made authentication of business registrations for purposes of valuating loans difficult.