Reserve Bank of Malawi (RBM), which is the Registrar of Financial Institutions, has launched the Deposit Insurance Corporation (DIC), a statutory entity that will be providing protection to depositors against risk of losing their deposits arising from a bank’s closure or failure to pay the deposits when due.
DIC is the 98th member of the International Association of the Deposit Insurers, whose main role is to encourage best practices and ensure ideal safety nets for depositors.
The launching ceremony is taking place at the Bingu International Convention Centre (BICC) in Lilongwe, where the RBM Governor Wilson Banda, and his deputy McDonald Mafuta Mwale, representatives of various financial institutions and the World Bank Country Director for Malawi are in attendance.
All commercial banks that are licensed and regulated by RBM are members of the DIC, established under DIC Act, 2022.
