Regulatory Alerts2020-03-17
Added · Updated
Bank of Tanzania Bank Licensing Requirements and Application Guidelines
The Bank of Tanzania requires proposed banks to be organized as companies limited by shares incorporated under Tanzanian law and mandates prior approval of the bank's name. Applicants must pay non-refundable fees of TZS 3,000,000 for development finance banks or TZS 10,000,000 for other specified bank types, and maintain minimum core capital ranging from TZS 2,000,000,000 for community banks to TZS 50,000,000,000 for development finance banks. The guidelines specify a comprehensive list of required documents, including proof of fund sources, detailed business plans for the first four years, and personal documentation for all subscribers owning five percent or more of the share capital. Submissions must also include credit reference reports, tax clearance certificates, and declarations confirming that invested funds are not derived from criminal activity.
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