Preamble

Being a relatively new Unit, reflecting some of the dynamic roles that the Ministry is assuming lately, this Unit is there to facilitate increased access to financial services in order to spur rapid economic growth and development. The Section will focus on coordinating three main areas of financial sector reforms including policy and regulatory framework, innovation and capacity development. Financial sector reforms will cover banking, insurance, microfinance, capital markets, pension funds and asset management, debt market, financial intermediaries, payment systems, credit reference systems, foreign exchange markets and money transfer systems.

Mandate
The mandate creating this unit stems from an agreement between the Government of Malawi and the UNDP/UNCDF in June, 2007 aimed at contributing to MGDS/MDGs goals of reducing poverty specifically by increasing access to financial services to the population and in particular the poor.

Purpose
To create a vibrant and inclusive financial sector through necessary financial reforms

Core Functions

• Recommending reforms that will lead to a financial sector that is inclusive, broad , deep and spur economic growth and development;
• Monitor the development and stability of the financial sector;
• Oversee the transformation, privatization and restructuring of market players in the financial sector;
• Coordinate the development of legislation to govern the financial sector; and
• Ensure that all categories of market players in the financial sector are properly regulated and supervised by appropriate institutions.