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 […]
On the 1st of September 2023, the Governor of the Bank of Tanzania issued amendments to theForeign Exchange Regulations 2022. The spirit of the 2022 Regulations was to regulate foreignexchange activities. Major issues covered in the new amendments are; 2. Revised penalty for non-compliance with foreign loans registration requirement. For questions or advice, contact info@africorp […]
It can arguably be said that no other sector has grown at such an unprecedented speed as the telecommunications sector. We have grown from having less than 1% subscription in 2000 to over 100% subscription rate in Tanzania. It is obvious that this sector is vital to human development. Not only does it connect people […]
In June 2023, the Minister of Investment, Industry, and Trade issued the Companies (Retention and Disposal of Company Documents) Regulations, 2023, in accordance with Section 455A of the Companies Act. The Regulations specify how companies should retain important documents. The important points of the Regulations are as follows: S/N Type of Document Retention Period 1 […]
The coming into force of the Personal Data Protection Act, 2022 (“the Act”) on 1 May 2023 has been followed by the issuance of The Personal Data Protection (Collection and Processing of Personal Data) Regulations, 2023 GN. No. 349 of 2023 (“the Regulations”) on 12 May 2023 by the Minister for Information, Communication and Technology. The […]
In our previous brief on the subject, we discussed the rationale for the BoT’s takeover of banksand financial institutions. We highlighted that the primary objective of supervision and regulation of financial institutions is, as provided by Section 5 of the Banking and Financial Institution Act, to “maintain the stability, safety and soundness of the financial […]
Each year, Tanzanian citizens eagerly wait to listen to and read the General Audit Report by the Controller and Auditor General (“the CAG”) for the preceding financial year. Recently, the CAG submitted his Audited Reports for the year 2021/22. The Report has caused an outcry from the public, pointing to mismanagement of public funds, among […]
The Bank of Tanzania (BoT) placed Yetu Microfinance Bank Plc (Yetu bank) into statutory administration on December 12, 2022, in accordance with Section 56(1)(g)(iii) of the Banking and Financial Institutions Act of 2006. As a result, the BoT suspended Yetu’s normal business operations for 90 days, until March 12, 2023. However, on March 13, 2023, […]
The Bank of Tanzania (BOT) has released new regulations governing the opening of foreign branches or subsidiaries. This is accomplished by the Banking and Financial Institutions (Licensing) (Amendment) Regulations, 2022 [GN No 13 of 2023] and is to be read in conjunction with the Banking and Financial Institutions (Licensing) Regulations, 2014. In general, unless approved […]
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