In this month's legal briefing, we focus on the Microfinance
Act 2018 and recent public notices issued by the Bank of Tanzania
on Supervision of Microfinance Service Providers.
BOT's Notice
In December 2018 the Bank of Tanzania (BOT) issued a public
notice (the Notice) stating that it is preparing regulations for
various categories of microfinance service providers (MFIs)
identified in the Microfinance Act 2018 (the Act), and for
licensing purposes. Furthermore, the Notice required MFIs to submit
to BOT certain information regarding their business before 11th
January 2019. On 5th January 2019 BOT revised the Notice to extend
the deadline to submit information to 31st January 2019 and exempt
Savings and Credit Cooperative Societies (SACCOS) from complying
with the Notice.
