Regulatory Alerts2024-01-01
Guidance Note on Digital Lenders Under Tier 2 Microfinance Service Providers, 2024
The Bank of Tanzania has issued a 2024 Guidance Note requiring all Tier 2 Microfinance Service Providers in Mainland Tanzania to notify the regulator of their digital lending platforms within fourteen days. Providers must secure a no-objection letter within thirty days to continue existing digital loans, onboard new customers without interruption, and consolidate multiple platforms into a single system while informing affected clients. Failure to comply or operate unlicensed platforms will result in the suspension of lending activities, and discontinued platforms must be closed before the moratorium period expires.
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