Government Notice No. 118 on Banking and Financial Institutions Regulations
(enacted in 1997)
Government Notice No. 118 on Banking and Financial Institutions Regulations of 1997 regulates activities of banks and financial institutions in Tanzania.
These regulations include the following provisions, among others, regarding:
- Licensing criteria based on financial soundness, historical background, character and experience of shareholders, management, soundness of business strategies, plans and policies, and capital adequacy;
- Necessary conditions that need to be satisfied after approval of a license;
- Conditions under which the Bank of Tanzania may revoke a license issued to a bank or financial institution;
- Defined criterion for organization, ownership and minimum capital;
- Minimum conditions for opening representative office, branches, agencies, additional offices or subsidiaries;
- Scope of authority for banks; and
- Scope of authority of financial institutions.