A PYMNTS Company

Malawi: National banking group accused of collusion

 |  October 2, 2013

The Bankers Association of Malawi is in hot water with the nation’s Competition and Fair Trading Commission after being accused of bid-rigging and forming a monopoly to bar new market entrants to the credit referencing bureau sector, say reports.

The CFTC released a report revealing the collusive actions of BAM, finding that the banking group rigged bids when awarding a contract to CRB Africa Limited; reports say some BAM members are shareholders in the CRB Africa company, one of two licensed bureaus in the nation.

A probe was launched into BAM following a complaint lodged by Credit Data in September of last year. Credit Data claimed it was refused access to credit data information by various banks, despite similar information being provided to CRB Africa.

The regulator will now request the Reserve Bank to conclude which measures to take against the banking group.

Full Content: Nyasa Times

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.