DAR ES SALAAM: The Bank of Tanzania (BOT) has banned 69 digital lending applications for operating in the country without the required licenses and permits from the lender of last resort.
In a statement issued on Thursday, Central Bank Governor Emmanuel Tutuba noted that the BOT suspended these applications after determining that they failed to meet the requirements outlined in the Guidance Note on Digital Lenders under the Second-Class Microfinance Service Providers, 2024, issued on August 27, 2024.
“The guidance aims to enhance the supervision of Second-Class Microfinance Service Providers in the country and ensure compliance with the Consumer Protection Regulations for Financial Services. This includes transparency, proper disclosure of fees and interest rates, debt collection methods, safeguarding of customers’ personal information, and privacy protection,” the Governor stated.
The banned applications include:
Boba Cash, Hewa Mkopo, Money Tap, Soko Loan, Bola Kash-Bola Kash Financial Credit, Hi Cash, Mpaso Chap Loan-Mkopo Kisasa, Sunloan, Bongo Pesa-Personal Online Loan, HiPesa, Mum Loan, Sunny Loan, Cash Mkopo, Jokate Foundation Imarisha Maisha, My Credit, Swift Fund, Cash Pesa, KOPAHAPA, Nikopeshe APP, TALA, Cash Poa, Kwanza Loan, Nufaika Loans, TikCash, CashMam, L-Pesa Microfinance, Okoa Maisha-Mkopofast, and Twiga Loan.
The Bank of Tanzania also warned citizens against engaging with these platforms, emphasizing that it is collaborating with the Tanzania Communications Regulatory Authority (TCRA) to block access to these unauthorized financial services.
