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December 2022

16Dec

Malawi. Parliament passes Pensions amendment Bill

Parliament yesterday passed the Pensions Amendment Bill which, among others, provides for increasing the proportion of pension benefits to be paid as a lump sum at retirement from 40 to 50 percent. The bill also seeks to repeal the Pensions Act and replace it with a new piece of legislation. The new law—if assented to by President Lazarus Chakwera—will reportedly address current implementation challenges in the pension sector, enhance coverage of the pension sector and strengthen compliance and supervision over entities...

December 16, 2022
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August 2020

26Aug

Zamara to manage Malawi public service pension fund

Pension fund administrator Zamara Group has inked a deal to manage the Malawi public service pension fund. Zamara Group, which manages Sh300 billion pension funds for 170,000 Kenyans and operates in six other African countries said it would replicate its Kenyan model in Malawi. Zamara acquired a majority stake in a pension fund administration business in Malawi last year called Axis Pensions, a business which had been in operations for more than eight years. “We see great scope in...

August 26, 2020
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September 2018

21Sep

Endowment Effects and Usage of Financial Products: Field Evidence from Malawi

By Xavier Giné (World Bank - Development Research Group (DECRG)), Jessica Goldberg (University of Maryland, Department of Economics) When offered a choice between two savings accounts, prior account holders are significantly less likely to switch to a cheaper account, compared with new subjects without a prior account. While 49 percent of account holders retained their original, expensive accounts, none of the new subjects who opened an account chose the expensive one. This finding is consistent with the "endowment effect." Exploiting...

September 21, 2018
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