Police spokesman Victor Khamisi told AFP "five people died" in the incident, which took place at around 4:00 pm (1400 GMT) on Easter Sunday in the northern district of Rumphi.
A total of 54 people had been rescued by today in a search assisted by military personnel and local fishermen, police said.
Khamisi said the passengers, members of the Church of Central Africa Presbyterian (CCAP) were "coming back from Easter celebrations when the boat met heavy winds and capsized".
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