By Dr Goodluck Temu

Confidentiality ensures financial institutions protect customer information, handling it securely and only disclosing when legally required. Key highlights include:

  • Obligations: Banks must safeguard data, disclose only under legal circumstances, and prevent unauthorized employee access and misuse
  • Importance: Confidentiality builds trust, prevents fraud and identity theft, and ensures adherence to legal and regulatory standards.
  • Framework: Tanzania’s laws, including the BFIA and Microfinance Act, enforce strict data protection and penalize confidentiality breaches.
  • Recourse: Customers can file civil suits for damages or report to the Bank of Tanzania for regulatory intervention.
  • Exceptions: Confidentiality exceptions include legal orders, financial crime prevention, protecting bank interests, customer consent, and regulations.
  • Conclusion: Tanzania balances customer confidentiality with public interest, offering legal recourse and enforcing strict regulatory standards

Disclaimer

This article is not intended to replace professional advice. No one should rely exclusively on the information provided as a substitute for seeking professional advice. The writers or the Firm are not liable for any use of the information contained herein and do not guarantee the accuracy of its contents from the date of publication to the date of usage. For contact: temu@africorp.co.tz or info@africorp.co.tz

AfriCorp Attorneys

Phone Number: +255 22 211 0660

Amverton Office Park, Plot No 64 Lugalo Street

Dar es Salaam, Tanzania