Bank of Tanzania Greenlights Digital Banking Licenses
Fatma HassanFinance Reporter
1 month ago
4 min read
Image via Unsplash
The central bank's decision marks a historic shift toward digital-first banking in the country, opening doors for fintech innovation.
In a move to boost financial inclusion, the Bank of Tanzania has issued its first set of digital banking licenses. These licenses allow companies to operate as banks without physical branches, lowering the cost of operations and, theoretically, banking fees.
Three companies have been granted provisional approval. This opens the door for neobanks to compete directly with traditional lenders for deposits and loans.
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