Regulatory Alerts2020-03-17
Tier 2 Microfinance Service Providers (Individual Money Lenders)
The Bank of Tanzania requires individual money lenders registering as Tier 2 microfinance service providers to maintain a minimum capital of TZS 20,000,000 and pay a TZS 300,000 application fee. Applicants must submit certified business registration documents, audited financial statements, a compliant lending policy, and sworn declarations confirming clean funding sources. The regulations further mandate that the Chief Executive Officer provide verified academic credentials, citizenship proof, a completed questionnaire, and a credit bureau report prior to commencing operations.
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