RBM deputy governor responsible for supervision of financial institutions, Dr Grant Kabango, said this in Lilongwe on Wednesday when he opened the 2012 Alliance for Financial Inclusion, Financial Integrity Working Group (Afifintwg) meeting.
The central bank’s pledge comes at a time when it is estimated that about 3.5 million Malawians are unbanked.
It also comes after Malawi has just passed a number of laws in the financial sector which provide details on how financial institutions should implement their obligations.
“Financial inclusion has become a buzz word across the globe and Malawi is not an exception. As a central bank, we will ensure that we reach everyone, especially the unbanked population so that they have access to various financial services,” said Kabango.
He stressed that the country’s financial sector continues to be a catalyst for the country’s economic growth and that all efforts to develop and deepen the sector still remains a key policy challenge in Malawi.
Kabango, however, noted that Malawi is making progress in reinforcing policies of financial integrity and inclusion as a means of ensuring that most people access banking services.
He assured the working group that RBM will not relax, but continue working hard to increase outreach of financial services to the unbanked and under-banked without compromising measures on the ground.
Kabango also said RBM will not stop fighting against money laundering and other fraudulent activities in the financial sector to ensure financial integrity in Malawi.
Malawi’s financial sector has been undergoing a rigorous review in recent years in a bid to ensure that it is not overtaken by new developments.
In 2010, the Financial Services Act, which is an umbrella law for all financial services law, was promulgated while the Microfinance and the Banking acts were reviewed and enacted.
