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.
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.