What does it take to get an e-money licence in Malawi?
To hold an e-money licence in Malawi, you need the E-Money Issuer licence from Reserve Bank of Malawi. Published minimum capital: K50,000,000.00 (fifty million Malawi Kwacha / MWK) minimum paid-up capital for a non-bank e-money service provider (reg 6(1)(a); a minimum core capital of 100% of paid-up or 2% of outstanding e-money liabilities, whichever is higher, also applies under reg 6(1)(b)). 2 entities currently hold an e-money licence in Malawi. Full requirements — minimum capital, local presence, timeline, local ownership, fees and ongoing obligations — are set out below in each instrument's own words, with source and date; amounts are in the statute's own currency.
“E-money issuance” here is the normalized activity: Issue stored-value / electronic money redeemable at par and hold the customer float. The category of licence that lets a provider keep customers' money.
Activity id (as used by the Afriset MCP): fintech:EMONEY_ISSUE
E-Money Issuer
Reserve Bank of Malawi| Requirement | As published | Source | Source date |
|---|---|---|---|
| Minimum capital | K50,000,000.00 (fifty million Malawi Kwacha / MWK) minimum paid-up capital for a non-bank e-money service provider (reg 6(1)(a); a minimum core capital of 100% of paid-up or 2% of outstanding e-money liabilities, whichever is higher, also applies under reg 6(1)(b)). Verbatim“a minimum paid up capital of fifty million Kwacha (K50,000,000.00)” | Payment Systems (E-Money) Regulations, 2019 (GN 13/2019; under s.43 of the Payment Systems Act 2016) — reg 5 (provision of e-money services), reg 6 (capital), reg 7 (trust account) | 2019-05-03 |
| Local presence / incorporation | An entity that does not conduct banking business in Malawi and wishes to provide e-money services must establish a separate legal entity for the operation and management of the e-money services (and may own not more than one such subsidiary). Verbatim“shall be required to establish a separate legal entity for the operation and management of the e-money services” | Payment Systems (E-Money) Regulations, 2019 (GN 13/2019; under s.43 of the Payment Systems Act 2016) — reg 5 (provision of e-money services), reg 6 (capital), reg 7 (trust account) | 2019-05-03 |
| Timeline | A value has been located but not yet verified, so we don't publish it here. | — | — |
| Local ownership | No such requirement: The E-Money Regulations 2019 impose no local-shareholding or nationality cap on an e-money service provider (the reg 6 exception is for banking-business entities, not an ownership cap). | Payment Systems (E-Money) Regulations, 2019 (GN 13/2019; under s.43 of the Payment Systems Act 2016) — reg 5 (provision of e-money services), reg 6 (capital), reg 7 (trust account) | 2019-05-03 |
| Fees | A value has been located but not yet verified, so we don't publish it here. | — | — |
| Ongoing obligations | An e-money service provider must at all times maintain in a bank trust account a balance equal to at least 100% of the total outstanding (or unclaimed) e-money balance of all holders, reconciled daily; e-money must be issued in Malawi Kwacha and redeemable at par, and the provider shall not grant loans from e-money funds. Verbatim“the total balance held in a trust account shall be equal to at least 100% of the total outstanding or unclaimed balance of all holders of the e-money under the service” | Payment Systems (E-Money) Regulations, 2019 (GN 13/2019; under s.43 of the Payment Systems Act 2016) — reg 5 (provision of e-money services), reg 6 (capital), reg 7 (trust account) | 2019-05-03 |
Requirements as published in the cited instruments — not legal or compliance advice. Capital and fees are shown in the currency the statute itself uses. Where a value is located but not yet verified, we show that it exists but don't publish the figure. Verify directly with the regulator.
Maintained: this official source is re-checked on a weekly schedule — last checked 2026-08-04 · unchanged since the previous check.
Who already holds this licence?
2 entities are on the Reserve Bank of Malawi register under the E-Money Issuer category — view the register .
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