According to FinScope surveys in 2008and 2014, the number of financially included adult Malawiansgrew from 45 percent to 49 percent, and the proportion ofadults using formal banking services expanded from 19percent to 27 percent. These significant improvements wereachieved based on Malawi’s Financial Sector DevelopmentStrategy for 2010-2015 that identified consumer protectionand financial literacy as priorities in developing afinancial sector that supports inclusive and sustainablegrowth. In 2012 the World Bank conducted a diagnostic reviewin Malawi that aimed to highlight the progress made, compareMalawi’s legal and institutional frameworks withinternational benchmarks, and provide a series of concreterecommendations. Although key initial steps have been takenin financial consumer protection, especially at theinstitutional level, Malawi is still at an early stage ofdevelopment in this area, based on international goodpractices. Volume 1 of this report focuses on Key Findingsand Recommendations from the review. Volume 2 presents adetailed assessment of each financial segment compared tothe good practices. It also includes annexes that analyzeand provides recommendations on credit reporting, mobilebanking services and private pension funds, and adescription of the overall legal and institutionalframeworks for financial consumer protection in Malawi.
PDF
download
878987797
028-85220240
