Malawi: Guidelines for Applications for a Bank or NBFI

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.