Local incorporation required for conducting banking activities in Malawi.
"Eligibility
5.(1) Only body corporates and subsidiaries incorporated in Malawi, shall be eligible to apply for a banking licence.[...]" (Financial Services (Licensing of Banks) Directive, 2018 (G.N. No 22 of 2018))
Financial Services (Licensing of Banks) Directive, 2018 (G.N. No 22 of 2018)
[<a href="https://www.rbm.mw/FinancialSectorRegulation/GetContentFile/?ContentID=27527">Reg</a>]