A report from the Reserve Bank of Malawi has shown that complaints of poor customer services have continued to top the list, out of other complaints that are addressed to the central Bank. The report shows that complaints submitted are about financial abuse, inadequate disclosure, lack of awareness, over-debtedness and financial fraud, while poor customer service complaints remain an increasing concern.
The report has specified that the reports are mostly from microfinance institutions, insurance sectors and the banking sector. In 2018 microfinance institutions registered 97 complaints, insurance firms 91 and bank sector registered 59. In 2017, a total of 133 complaints were addressing poor customer care. According to the report, he decrease in 2018 has been attributed to an enhanced legal and regulatory framework on financial consumer protection and market conduct.
In 2019, Competition and Fair Trading Commission (CFTC) was praised by a delegation from the Competition Authority of Botswana that was in the country to appreciate how Malawi is performing on consumer protection laws, to which the Botswanans said they were impressed.