Financial laws must match digital era
Minister of Finance, Joseph Mwanamvekha says financial laws should catch up with technology
inance Minister Joseph Mwanamvekha says Malawi cannot afford to let outdated financial laws slow the country’s transition to a modern economy.
Mwanamvekha made the remarks after Parliament passed the Deposit Insurance Corporation (Amendment) Bill, 2026, saying the changes will help align Malawi’s financial system with technological advances and strengthen the safety and efficiency of payment systems for the benefit of all citizens.
Mwanamvekha said the amendment represents part of wider efforts to align Malawi’s financial legal framework with the realities of a modern economy where technology is changing how people access and use financial services.
He said while digital transformation presents opportunities for improved financial services, the country must ensure that the changes are inclusive and responsive to the circumstances of all Malawians.
“Our laws must evolve with technology,” Mwanamvekha told Parliament, adding that such evolution must be supported by systems that protect users and build confidence in the financial sector.
The minister said the amendment will harmonise the Deposit Insurance Corporation Act with proposed reforms concerning cheques and contribute to the modernisation of Malawi’s payment systems.
Mwanamvekha said the Joint Parliamentary Committee on Legal Affairs and the Budget was satisfied that the bill was a necessary consequential amendment and urged Parliament to support its passage.
The new law comes at a time when Malawi continues to expand digital financial services, with authorities emphasising the need for stronger legal frameworks to protect citizens as payment methods continue to change.
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