The Deposit Insurance Corporation (DIC) wishes to inform the general public that the Minister of Finance and Economic Affairs, Honourable Simplex Chithyola Banda MP, will on 10th October, 2024 launch the DIC at the Bingu International Convention Centre in Lilongwe. The DIC is a statutory body established by the Deposit Insurance Corporation Act, 2022 and became operational on 1st October, 2023. Its main objective is to provide protection to depositors against risk of losing their eligible deposits as a result of bank failure. Thus, the establishment of the DIC is a significant contribution to the financial stability of the financial sector in Malawi and bolsters public confidence in the banking system.
Functions of the DIC include:
- Insuring customer deposits held in commercial banks operating in Malawi in order to foster confidence in the financial system;
- Providing financial assistance to banks, in case of imminent or actual financial difficulties, to avoid damage to public confidence in the financial system;
- Making payments to customers of a failed bank up to the maximum amount of K1,000,000.00;
- Supervising failing banks subject to the permission from the Registrar of Financial Institutions (Registrar);
- Managing and applying deposit insurance funds as per the DIC Act, 2022 requirements;
- Recommending to the Registrar closure of a failing bank;
- Performing the function of liquidator or statutory manager upon appointment by the Registrar; and
- Formulating investment policies of the DIC and overseeing the DIC’s investments.
For further inquiries, please contact:
The Director General
Deposit Insurance Corporation
P.O. Box 3118
Blantyre
info@dic.mw
