This report is the result of a study undertaken in late 2013 on Malawi’s legal and regulatory framework for mobile money.1 The study was commissioned by the MM4P and conducted in consultation with the Reserve Bank of Malawi (RBM). The study had three outputs which are the focus of this report:

1. to provide a market update on mobile money in Malawi, focusing on the status of mobile money programs and the regulatory environment for mobile money;

2. to identify the main regulatory challenges for mobile money to develop safely in Malawi; and

3. to provide preliminary recommendations for RBM for dealing with those challenges.

The overarching objective of the study is to assist in developing an enabling legal and regulatory environment for market players and end-users in the mobile money space, thereby encouraging that space to develop and grow. Mobile money products and services can be used to provide access to financial services for the unbanked and under-banked, thereby providing greater opportunities for many Malawians to rise above their current standards of living.

The study is part of a broader international research project being undertaken by the Law Faculty at the UNSW on the regulation of mobile money. This international research project is supported by the Centre for International Finance and Regulation (CIFR), UNCDF, Standard Chartered Bank and UNSW.