TT Copies verification requirement to roll out soon

The Reserve Bank of Malawi (RBM) has announced that the long-anticipated rollout of Telegraphic Transfer (TT) Copy verification requirements for all imported goods is imminent, with final preparations nearing completion.

RBM Governor Dr. McDonald Mafuta Mwale confirmed that the initiative—designed to curb illicit forex transactions and promote transparent import financing—will soon be enforced at all border points and transit stations across the country.

“We’re almost there,” said Dr. Mafuta Mwale. “All systems are in place. What remains is finalizing a few details, including syncing an electronic platform that connects banks, the RBM, and the Malawi Revenue Authority (MRA) for faster, automated verification of TT documents.”

The Governor emphasized that the new regulation aims to ensure that all imports are financed through official banking channels, discouraging the use of informal forex markets that often operate at inflated exchange rates.

“We must eliminate shortcuts. This measure will ensure that importers prove their goods are financed legitimately through banks. It’s about transparency, accountability, and supporting the economy by ensuring taxes are paid—so we can fund essential services like hospital medicines,” he said.

Dr. Mafuta Mwale added that the final step before implementation involves aligning the system with the country’s legal framework to ensure smooth enforcement.

During a press briefing held on 22 March 2025 in Lilongwe, RBM disclosed that the TT verification requirement is part of a broader strategy to combat the use of informal financing methods, which drive up commodity prices and destabilize the forex market.

As part of the strategy, RBM will collaborate with commercial banks to automate the transmission of TT copies to both the RBM and MRA. MRA will then enforce the verification requirement at all import declaration and customs clearance offices.

Additionally, the Malawi Police Service’s Fiscal and Fraud Department is expected to bolster surveillance and pursue criminal charges against those involved in illegal import and export activities.

With the TT Copy verification requirement poised to go live, Malawi takes a decisive step toward restoring order in its import sector—promoting formal forex use, price stability, and increased tax revenue collection.

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