MDC Details
| Maya Declaration Commitment Target | Status | View |
|---|---|---|
|
Establish an annual National Financial Literacy Week Reserve Bank of Malawi
Qualitative
Financial Literacy & Financial Education
|
Completed |
|
|
Introduce supervision of financial institutions’ market conduct practices Reserve Bank of Malawi
Qualitative
Consumer Empowerment & Market Conduct
|
Completed |
|
|
Develop a Consumer Protection Legal and Regulatory Framework Reserve Bank of Malawi
Qualitative
Consumer Protection
|
Completed |
|
|
Introduce Financial Education in the National Secondary School Curriculum Reserve Bank of Malawi
Qualitative
Consumer Protection
|
Completed |
|
|
Implement faster payments – this will include introduction of new FinTech initiatives in the retail payments system Reserve Bank of Malawi
Qualitative
Digital Financial Services
|
In Progress |
|
|
Implement an electronic Know Your Customer (eKYC) platform/arrangement Reserve Bank of Malawi
Qualitative
Digital Financial Services
|
In Progress |
|
|
In collaboration with Ministry of Finance, Ministry of Education and Banks, introduce a supplementary financial capability school program aimed at banking senior secondary students and the youth before they leave school. This will include recruitment, by banks, of secondary schools as banking agents to facilitate students’ savings accounts opening, cash withdrawal and cash deposit transactions and linking of students accounts to digital financial services. Reserve Bank of Malawi
Qualitative
Financial Literacy & Financial Education
|
In Progress |
|
|
Establish an independent Financial Ombudsman Office to be responsible for handling and resolving financial consumers’ complaints that have not been handled to the consumers’ satisfaction by their financial institutions. Once established, the financial ombudsman office will take over the complaints handling function from Reserve Bank Reserve Bank of Malawi
Qualitative
Consumer Protection
|
In Progress |
|
|
Strengthen and support implementation of financial capability and financial inclusion initiatives for micro, small and medium enterprises (MSMEs) focusing on promoting effective credit management practices and increased access and usage to credit Reserve Bank of Malawi
Qualitative
Microcredit and Microsavings
|
In Progress |
|
|
Strengthen and support implementation of financial capability and financial inclusion initiatives for women to address the current financial inclusion inequalities and gaps between men and women. This will include development of a financial inclusion strategy for women and strengthening collaboration and coordination among stakeholders implementing financial inclusion strategies for women Reserve Bank of Malawi
Qualitative
Gender Inclusive Finance
|
In Progress |
|