Regulatory Alerts2020-03-17
Tier 2 Microfinance Service Providers
The Bank of Tanzania establishes licensing requirements for Tier 2 microfinance service providers, mandating a minimum capital of TZS 20 million and a non-refundable application fee of TZS 500,000. Applicants must submit comprehensive documentation including board and CEO qualifications, tax clearances, credit reference reports, and a certified declaration regarding the lawful source of funds. Foreign-owned entities face additional obligations to secure home regulator approval and implement structured training and succession plans for Tanzanian staff.
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