Regulatory Alerts2023-01-01
Banking and Financial Institutions (Development Finance) (Amendment) Regulations 2023
Issued by the Governor of Tanzania under the Banking and Financial Institutions Act, these 2023 regulations amend the principal Development Finance Regulations by defining executive and non-executive directors, raising the non-refundable application fee to ten million Tanzanian shillings, and mandating quarterly charge-offs for risk assets remaining in the loss category for four consecutive quarters. The amendments further clarify that compliance-related suspensions remain active until rectified, delete outdated provisions, and update the First and Fourth Schedules to reflect the revised fee proof requirements. These changes collectively strengthen regulatory oversight and operational compliance for development financial institutions.
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