The Registrar of Financial Institutions (RFI) has appointed chartered insurer and businessperson Stain Singo as statutory manager for the Public Service Pension Trust Fund two months after dismissing its board of trustees.
Reserve Bank of Malawi (RBM) Governor George Partridge, who is the RFI, said Singo’s appointment is for an initial three months, but subject to renewal.
| Nation
Reads the announcement: “Members of the general public are hereby informed that, pursuant to Section 68 of the Financial Services Act, Cap. 44:05 of the Laws of Malawi, my office has appointed Mr. Stain Singo as the statutory manager for the Public Service Pension Trust Fund, with effect from 1 July 2026.”
The statement said the appointment is meant to protect the interests of fund members and ensure the safety and soundness of the fund in the absence of a board of trustees.
Yesterday, Centre for Social Transparency and Accountability executive director Willy Kambwandira said the appointment was a welcome governance step, but it must not be treated as an end in itself.
“Pension funds safeguard the lifetime savings of workers, and their management demands the highest standards of integrity, transparency, independence, and fiduciary responsibility,”he said.
A statutory manager as defined as an independent expert appointed by a government regulator or court to take control of a struggling company or organisation to fix the business, protect stakeholder assets, and prevent sudden collapse.
Singo is a chartered insurer who has previously served as chief executive officer for Nico Life Insurance Company Limited and founded Smile Life Insurance Company Limited.
On April 30 2026, Partridge revoked licences of 11 trustees of the Fund over alleged failure to comply with a financial services law.
Under clause 10.1 of the Trust Deed, the Fund is supposed to have 12 Trustees, half of whom are representatives of the Employer (Ministry of Finance), while the others are for members appointed by the Malawi Congress of Trade Union.
A report from the BRM released in September 2025 shows that when the Fund d functioned without a board from October 2024 to June 2025, secretariat continued with construction investment, making payments amounting to K4.9 billion without the Board’s blessings and oversight.
