Mutharika tells RBM to close mediocre banks

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President Peter Mutharika has called on the Reserve Bank of Malawi (RBM) to grow some teeth and close banks which are failing to provide good services to Malawians.

NBS Bank Malawi customers

Long queues are a norm in the country’s banks

The Malawi leader made the remarks when he officially opened the Reserve Bank of Malawi Mzuzu branch in Katoto in the city.

For a long time Malawians have been complaining of mediocre services in the country’s banks. But Mutharika said the onus is on RBM to get to work and regulate the financial institutions.

“Malawians spend the whole day in some of the banks. In some countries they can close up banks that are failing to serve people in time. The Reserve Bank need to do more work to make sure that we have banks that are functional and customer friendly,” said Mutharika

The president also spoke tough against forex externalisation and suggested that the malpractice is leading to shortage of funds in the country.

“This country is not poor. We make enough money. This country is losing out more money in forex externalisation. We are losing out more money than all the aid that comes from outside this country.”

“We must arrest this monster of forex externalisation once and for all,” said Mutharika.

He further told RBM to reform its policies and services, saying Malawians expect the regulator to overhaul the financial sector in order to transform the business environment.

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74 Comments

  1. Since Peter Mutharika became President of MW he has said two very important and touching issues: 1. Why did TB Joshua fail to forsee the tragedy at his church which killed many pipo and yet he takes time prophesying other pipos death? 2. The RBM should revoke licences for all Commercial Banks that offer mediocre services in this country and one such bank is NBS Bank where you can even find pipo getting sitted in the banking hall as they wait to do their transactions. Rumphi is a living example!

  2. Zoona ndi chifukwa ma village bank adya one salira net work kapena kuti ukhale kaye pamzele ngati ku chigayo.Povota mzele,ku ku chigayo mzele,kogula chimanga mzele. Ndiliti kodi amalawi zinthu zathu zizakhala za machawi?

  3. Bring back our MSB ,which was stolen by Dpp. 577bn cant go out without Reserve Bank.Why dont you investgate Reserve Bank personnel ?

    • Its not selfish man…we are not skirting around the point here nor are we beating about the bush…lets hit the nail straight on head here FMB must go…otherwise there must improve their services 1. Unnecessary freezing of customers accounts zitheretu. 2. Ma workers ena mwano kwambiri asiyenso its not the only bank 3…Anthu aja ali mbwee panja pa ma bank awo komanso those moving around in streets , schools and workplaces kuti anthu atsegule ma acct awo adzipereka full information …as for me , Ndinatseka I cant waste my time with FMB.