Tanzania Cracks Down on Predatory Loans: Central Bank Excludes Unlicensed Apps 🚫 💸 🇹🇿
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Tanzania's Central Bank implements strict measures targeting unlicensed digital lenders, aiming to curb predatory lending practices and protect consumers from high-interest rates and debt-shaming tactics.
Tanzania's Central Bank, in alignment with the Microfinance Act 2018, prohibits over 100 unregistered digital loan apps from operating, emphasizing the need for valid licenses to engage in lending activities.
Licensed platforms are mandated to provide borrowers with detailed loan agreements, including transparent terms and conditions, a move aimed at promoting financial transparency and consumer protection.
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