Act No. 4 on the Bank of Tanzania (consumer protection-related)

Tanzania

(enacted in 2006)

Act No. 4 on the Bank of Tanzania of 2006 mandates the Bank of Tanzania to set up a credit reference bureau specialized in the collection and sale of credit performance information for individuals and companies. A databank administered by the Bank of Tanzania would receive information from and supply information to banks, financial institutions, credit bureaus, and other institutions regarding the credit transactions of customers, including their off-balance sheet operation (Section 48). The Bank of Tanzania is currently implementing its mandate. The only existing credit bureau as of present is the one established by the Bankers Association for its members.