(3 Minutes Read)
Recently, the Bank of Tanzania (BoT) identified 69 unlicensed and unauthorised digital lending platforms and mobile applications operating illegally in the country’s lending market.
Tanzanian Minister for Finance, Dr Mwigulu Nchemba has warned that the government will take strict measures against unregistered lending institutions, a move aimed at curbing exploitative lending practices targeting citizens.
His statement comes as part of ongoing efforts to regulate the financial sector and ensure transparency and fairness in the operations of lending institutions.
Recently, the Bank of Tanzania (BoT) identified 69 unlicensed and unauthorized digital lending platforms and mobile applications operating illegally in the country’s lending market. The central bank clarified that these platforms had failed to comply with the Guidance Note on Digital Lenders under Tier 2 Microfinance Service Providers, issued by BoT in August 2024.
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The BoT urged the public not to engage with these platforms as they are unlicensed and no longer permitted to offer digital lending services. Speaking at the launch of the two-day Financial Sector Forum 2024 in Dar es Salaam on Tuesday, Dr Nchemba encouraged citizens to only borrow from licensed financial institutions. He also urged financial sector stakeholders to guide clients in utilizing loan funds for productive activities that generate profits.
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