The Malawi Communications Regulatory Authority (Macra) recently slapped Airtel Malawi with a K820 million fine for failing to comply with the Communications Act, which partly states that 20% of its shareholding should be local. In reaction to the hefty fine and in compliance with the Act, Airtel Malawi has announced that it is working towards ensuring that its ownership has 20% local shareholding.

According to a statement by the company, Airtel Malawi is committed to abiding by the regulations that govern its business and industry and is supportive of enhancing the participation of Malawians on the Malawi Stock Exchange [MSE]. “To this end, Airtel has been and continues to work towards ensuring that the business complies with the requirements of the Communications Act of 2016 for 20 percent local shareholding of the company.”

According to Macra director general Godfrey Itaye, Airtel Malawi has not been able to ensure 20% ownership of locals, since the company renewed its license 2014. On the other hand, Airtel Malawi confirmed that it paid the fine to the Authority.