By Dr Goodluck Temu Background The Bank of Tanzania Act vests the Bank of Tanzania with the exclusive authority to issue currency in Tanzania. Section 26(1) of the Act states: “The Bank shall have the sole right to issue bank notes and coins in and for Tanzania, which shall be the only legal tender in […]

By Dr Goodluck Temu Background Pursuant to Section 459A of the Companies Act, Cap. 212, and the Beneficial Ownership Regulations, 2023 published through Government Notice No. 478 of 2023, all Tanzanian companies are required to submit Beneficial Ownership Information to the Registrar of Companies. The law initially required companies to comply with this requirement within six months from the 1st day […]

By Dr Goodluck Temu Act No. 13 of 2024 introduced substantial amendments to the Fair Competition Act of 2003. After 21 years of existence, a degree of rejuvenation was undoubtedly necessary. One significant area affected by these amendments is the law governing mergers in Tanzania. This brief article highlights the key changes. 1. Definition of […]

By Adv. Angelista Nashon and Ms Elaine Bawazir What is adoption? Adoption is the legal process of taking another’s child into your own family and treating them as your own child, with all the associated rights and responsibilities. According to the law of the Childs Act, there are two forms of adoption; open adoption and foster […]

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 Adv. Coletha Mwambola. Public Procurement process (es) in Tanzania is governed by the Public Procurement Act, [Cap 410 R. E:2022] (“the Act”) together with the Public Procurement Regulations GN No.  446 of 2013, as amended from time to time(“the Regulations”). The Act defines the procurement process as successive stages in the procurement cycle, including […]

On 15th of February 2023, A Bill for an Act to amend the Fair Competition Act to make better provisions for its effective implementation was read for the first time in Tanzania’s National Assembly. The Bill seeks to “amend the Fair Competition Act, Cap. 285 in order to address some challenges which have been encountered […]