n Malawi Law Journal - Supervision of banks and financial institutions in Malawi
|Article Title||Supervision of banks and financial institutions in Malawi|
|© Publisher:||University of Cape Town|
|Journal||Malawi Law Journal|
|Publication Date||Jan 2008|
|Pages||67 - 84|
Malawi is undergoing a rebirth in terms of economic governance, having embraced a functional free market economy within a regional integration framework. She is repositioning herself for economic reconstruction against the backdrop of international and intra-regional trade. In this context, the social and economic infrastructures that anchor and compliment such policy initiatives are crucial. In the first decade after embracing a democratic system of governance in 1994, the bulk of the law reform initiatives in Malawi concentrated on social laws such as those dealing with human rights, understandable if one considers the history of the country. One of the side effects of such an unbalanced approach was that the laws that deal with economic regulation such as financial services regulations were neglected. As the legal reform of the financial services sector is now underway, it is fitting to consider whether the initiatives contemplated in this field are in keeping with overall government initiatives of economic reconstruction. In particular, this article examines the regulatory framework for the financial services sector and makes a case for a better legislative framework for supervision, which guarantees the independence of the regulator of this industry from political interference and incorporates adequate measures for the licensing and regular supervision of the financial services providers.
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