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Tanzania

Microfinance services in Tanzania are provided by commercial banks, regional, rural and community banks, non-bank financial institutions (including the Tanzania Postal Bank), Savings and Credit Cooperative Societies (SACCOs), and NGOs. The Bank of Tanzania regulates commercial banks, regional, rural and community banks, non-bank financial institutions, and SACCOs. NGOs are supervised under the Ministry of Finance. The National Microfinance Policy of Tanzania of 2000 articulates the vision and strategy for the development of a sustainable microfinance industry as an integral part of the country’s financial sector. The Regulation Center includes a number of regulations on banking and microfinance that were promulgated under the Banking and Financial Institutions Act of 1991, as new regulations have yet to be issued under the Banking and Financial Institutions Act of 2006.

mix-market

Regulators

Microfinance & Banking

Consumer Protection

There is currently no dedicated consumer protection law or regulatory framework in Tanzania. The country also lacks separate laws on data protection, fair credit reporting, data retention (data retention clauses scattered in various laws are not coordinated), consumer protection or admissibility of electronic evidence and certification of electronic signatures. However, select provisions of related laws and regulations address consumer protection topics. The Bank of Tanzania, as the country’s main financial regulator, is charged with protecting consumers in transactions with microfinance institutions.

Branchless Banking