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VELMA Law is based in Dar es Salaam, Tanzania. We provide Tanzanian law advice on commercial matters in a wide range of areas.
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A Microfinance Bill has been published on 5 November 2018.
It is set to regulate licensing and registration of deposit and non-deposit taking microfinance business in 4 tiers:
- Tier 1 – deposit taking microfinance service providers, such as banks and microfinance banks.
- Tier 2 – non-deposit taking microfinance service providers, such as credit companies and financial organisations.
- Tier 3 – SACCOS under the Cooperative Societies Act.
- Tier 4 – community financial groups, individual money lenders and community based organisations.
The Bill was enacted 16 November 2018.
Please contact us if you have any comments or questions.
NOTE: This has been prepared for general information purposes for any interested persons, it is not comprehensive information on the subject matter and it should not be regarded as legal advice.
If you want detailed advice on this, or any other matter, please contact us.