Reserve Bank of Malawi on Pricing Disclosure
The Reserve Bank of Malawi (RBM) is setting an example for regulators of microfinance markets across Africa by leading an effort to require pricing disclosure for all microfinance institutions (MFIs) in Malawi. MFTransparency interviewed Lanjes Sinoya, Principal Examiner at the Reserve Bank of Malawi, about the pricing disclosure and client protection aspects of the bill. Questions put the the Principle Examiner included?
- Why did the Reserve Bank of Malawi decide to prioritize the issue of client protection and pricing disclosure?
- Has Malawi looked to any other countries for ideas in terms of regulating pricing disclosure in microfinance?
- What challenges did the RBM face in developing this bill?
- What are the main intended outcomes of Malawi’s new microfinance policy framework?
- What best practices will the new policy framework institutionalize?
- Do you have any advice for other countries who are considering implementing a similar act?
This briefing gives an inside look at the process of institutionalizing responsible practice through policy, presenting information on the development of the policy, it’s intended outcomes, and innovative aspects of the legislation.