Malawi shuts down Tipindule over financial collapse

The Malawi Registrar of Financial Institutions has shut down Tipindule Community SACCO after declaring it financially unsound.

The Registrar has revoked the SACCO’s licence over serious failures involving capital and liquidity requirements.

The institution will now be compulsorily wound up under the Financial Services Act.

In a notice seen by Malawi24, the Registrar said it will take control of the liquidation process and act as Liquidator.

Members, creditors and other people owed money by Tipindule Community SACCO have been given 60 days to submit their claims.

Each claimant must provide their full name, contact details and a copy of their National ID or another identification document.

They must also submit evidence supporting the claim and state the amount they are demanding.

The Registrar warned that submitting a claim does not guarantee full payment.

Approved claims will be settled according to the legal ranking set out in the Financial Services Act.

Payments will also depend on how much money is recovered from the SACCO’s remaining assets.

By Joseph Mphiya