By Wendi Mkandawire
The Deposit insurance Corporation (DIC) has urged depositors in the country that they need to keep their money in the bank saying their monies are protected in commercial banks and they are secured.
Speaking during the awareness workshop with the Association of Business Journalists in on Thursday 18 th 2026 in Lilongwe Operations Manager for DIC Lowina Mwasigala said that deposit insurance is a government policy that has been put in place to ensure that vulnerable depositors’money that they put in a bank is covered.She further said that currently the DIC protects eligible deposits up to 3 million per depositor per bank.
She indicated that the protection limit is at 3 million kwacha because the primary objective of deposit protection is to cover small depositors.
” At that limit 93 percent of all deposit accounts are fully covered, however the limit is subject to revision from time to time to align with economic conditions”, she added.
Mwasigala also highlighted that the disposable income in Malawi is very low and believes people are putting money elsewhere.
She has however encouraged all Malawians to put their money into the banks
In his remarks Deputy Coordinator for Association of Business Journalists Alex Banda said that they are getting ideas of most Malawians not depositing their money in banks” government should put policy to ensure that people are not shunning banks deposit companies or microfinances levies and other issues that might draw them back from investing or putting their money in banks “, he added.
The Deposit Insurance Corporation is a statutory body established under the Deposit Insurance Corporation Act 2023 whose main objective is to provide protection to depositors against risk of losing their eligible deposits following a failure or closure of a bank.
Members of the Association of Business Journalists and DIC officials during the workshop.
