Tanzania Banking Act

With a view to meeting the demands of modern business practice and catering for the needs of the local and international banking sector, the government of Tanzania repealed the Banking and Financial Institutions Act 1991, Cap 342 (the "BFIA '91") and replaced it with the Banking and Financial Institutions Act 2006 (the "BFIA '06"). The bill was presented to the National Assembly by the Minister for Finance on 28 March 2006 and passed by the National Assembly on 3 March 2006. The law came into force on 5 April 2006. On 12 December 2008, the BFIA '06 was supplemented with the Banking and Financial Institutions Regulations, 2008 (the "Regulations").

The primary objective of the BFIA '06 (as stated in its "objects" and "reasons") is to establish a framework for the comprehensive regulation and supervision of banks and financial institutions in Tanzania, and to ensure the stability, safety and soundness of the financial system with the aim of reducing the risk of loss to