Reserve Bank of Malawi offers new accounts for citizens abroad

Malawi rolled out diaspora currency accounts with perks, tight eligibility, and freer cross-border moves.

Purpose and intent

• Reserve Bank of Malawi framed the accounts for easier home banking.
• Aimed at nudging higher remittance flows.
• Marketed as favorable terms for citizens abroad.

Who qualifies

• The Reserve Bank of Malawi limited access to citizens abroad for over 12 straight months.
• Requires deposits sourced outside Malawi.
• Bars money tied to export earnings.

Bank checks and features

• Reserve Bank of Malawi tasked commercial banks with vetting proof.
• Accepts work contracts, permits, or foreign school letters.
• Authorized Dealer Banks add lighter paperwork.
• Offers online setup, cards, digital access, and diaspora support.

Fund treatment and withdrawals

• Reserve Bank of Malawi keeps diaspora earnings tagged after returning home.
• Demands proof of source to keep that status.
• Waives exchange controls on cross-border payments.
• Allows monthly hard-currency cashouts up to 50 percent, pending approval.