2. a platform for electronic trade capture and matching ; 3. an efficient settlement system that meets the bis recommendations, e. g. dvp, t + 3 ; 4. a central securities depository to facilitate transfer of ownership of scrip ; 5. centralised distribution of market information ; 6. a centralised pool of liquidity, e. g. central and transparent price dissemination from a central platform. whether or not these requirements are supply - leading, demandfollowing or some permutation of these and other determinants remains moot. conclusion the challenges to which the bond market will have to respond appear, to me, to be principally two. first, the market will have to adopt to the fiscal stance of central government. this stance will reduce the need for government to fund itself through this market, in the near - and medium terms. second, i suggest, the market will need to address the problem of “ original sin ” on the sub - continent : that is, the inability of adjacent emerging and developing economies to raise financing in their own currencies beyond their own borders. resolving this dilemma on a regional basis constitutes a formidable challenge – as does the resolution of most sins! thank you for your attention.

of existing financial sector laws, such as the banking, insurance, securities, microfinance, pension, financial cooperatives, agent banking, credit reference bureau, payment systems, introduction of the national switch which has promoted mobile money banking, which have all improved the architecture of our financial systems and advanced the financial inclusion agenda. the reserve bank continues to play this pivotal role and is currently championing the microfinance processing hub, the automated trading system for the malawi stock exchange, the central securities depository system for securities and equities. these initiatives will benefit the public through increased access to finance and, most importantly, at affordable cost. the bank is also active in consumer protection and financial literacy. the importance of the consumer protection and financial awareness needs no emphasis here. it aims to empower the consumer so that they transact in the financial sector with confidence. in keeping with this, the reserve bank created a unit to be responsible for financial consumer complaints and literacy matters. the reserve bank, in collaboration with its stakeholders, has implemented financial awareness campaigns in order to empower financial services consumers. but, i must mention that the implementation of the financial awareness program requires a lot of financial resources. the reserve bank will therefore put in place a sustainable way of implementing the program. distinguished guests, ladies and gentlemen, let me conclude my remarks by congratulating and commending the ministry of finance, economic planning and development for coming up with the 2016 – 2020 strategy for financial inclusion. this strategy will surely provide a guided direction to achieving and promoting inclusive finance in this country. this being the second strategy, we trust that it has built on the shortfalls of the initial strategy. i thank you all for your kind attention and may god bless our country.