Regulatory Alerts2023-09-19
Added · Updated
Application Checklist for Tier 2 Microfinance Business License
This document establishes the mandatory checklist and documentation requirements for applicants seeking a Tier 2 Microfinance Service Provider license from the Bank of Tanzania. It specifies a non-refundable application fee of TZS 500,000 for entities or TZS 300,000 for individual money lenders, and requires proof of capital availability, including a minimum balance of TZS 20,000,000 for new providers. The checklist details required submissions such as proof of legal establishment, board and CEO certifications, tax clearances, and specific lending policies and loan agreement templates compliant with the Microfinance (Non-Deposit Taking Microfinance Service Providers) Regulations, 2019. Additional requirements for entities include certificates of incorporation and board resolutions, while foreign-owned entities must provide home country regulator approval and succession plans for Tanzanian staff.