The Bank of Tanzania wishes to publish a list of Digital Lending Platforms (DLPs) and Applications offering digital loan products and services without obtaining prior approval from the Bank. This publication aims to warn and protect the public against risks associated with engaging with digital lenders that do not hold valid licenses and approvals to offer digital loans.
It should be noted that issuing loans through Digital Lending Platforms or Applications without approval from the Bank of Tanzania constitutes an offence under Section 16 of the Microfinance Act, 2018. Once it is established that a person is engaged with such DLPs or Applications that the Bank has not approved, that person risks losing the rights of protection afforded to consumers of financial services under the Bank of Tanzania (Financial Consumer Protection) Regulations of 2019 (as amended).
The Bank of Tanzania requires the Public to immediately report to the Bank any Digital Lending Platform or Application that does not appear on the list of licensed or approved institutions to offer digital loans published on this website (List of Licensed Institutions), so that appropriate action can be taken in accordance with the applicable law. In addition, the Bank of Tanzania will regularly update the list of Platforms and Apps that do not have a license or approval to issue digital loans, and will take legal action against them whenever they are identified.
