By Miss Francisca Bwashi Definition In Tanzania, there is no law or statute that defines or explicitly governs an “Escrow Account.” Instead, the concept and practice of Escrow accounts operate within the framework of general contract, banking, and financial regulations. However, an Escrow Account is generally defined as a financial arrangement where a third party […]

By Dr Goodluck Temu Confidentiality ensures financial institutions protect customer information, handling it securely and only disclosing when legally required. Key highlights include: 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 […]

By Dr Goodluck Temu The Bank of Tanzania has released comprehensive guidelines for non-bank payment systems providers to ensure fair and transparent fee structures. These guidelines, cited as “Guidelines on Fees and Charges for Non-Bank Payment Systems Providers, 2024,” aim to protect financial consumers and promote financial inclusion. Key highlights include: These guidelines reflect the […]

By Dr Goodluck Temu The Bank of Tanzania has issued “Guidelines on Fees and Charges for Banks and Financial Institutions 2024” to provide a comprehensive framework for the imposition of fees and charges on financial products and services offered by banks and financial institutions. Here is a summary of the key points: These Guidelines come […]

By Angelista Nashon The Attorney General has recently presented the Written Laws (Miscellaneous Amendments) Act No. 2 of 2024, which has introduced significant amendments to several legislations. Notably, the amendments to the Immigration Act and the Land Act hold particular importance for the Tanzanian diaspora. Key Amendments Immigration Act Amendments The amendment to the Immigration […]