VELMA Law, Dar es Salaam Tanzanian Law Firm 1200 627
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VELMA Law, Dar es Salaam Tanzanian Law Firm 310 310

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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:

  1. Tier 1 – deposit taking microfinance service providers, such as banks and microfinance banks.
  2. Tier 2 – non-deposit taking microfinance service providers, such as credit companies and financial organisations.
  3. Tier 3 – SACCOS under the Cooperative Societies Act.
  4. 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.

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