Regulatory Alerts2020-03-17
Mortgage Finance Companies Licensing Requirements
The Bank of Tanzania establishes comprehensive licensing requirements for mortgage finance companies, mandating incorporation under local law, a TZS 10 million application fee, and a minimum core capital of TZS 15 billion. Applicants must secure a pre-filing meeting and submit twenty-one specific documents, including audited financial statements, tax clearances, management profiles, and a detailed four-year business plan. The regulations ensure operational compliance with international best practices while guaranteeing financial stability and tangible economic benefits for the Tanzanian community.
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