Bank of Tanzania issues new guidelines for digital lenders
Dickson AlexanderSenior Tech Editor
1 month ago
4 min read
Image via Unsplash
The regulatory framework comes after a surge in unregulated lending apps, ensuring that borrower data is handled with strict confidentiality.
The Bank of Tanzania (BoT) has issued comprehensive guidelines for digital lenders to curb predatory practices and protect consumer data. The new rules require all digital credit providers to be licensed and to adhere to strict data privacy standards.
This move comes in response to public outcry over aggressive debt collection tactics used by some unregulated apps. "Innovation cannot come at the expense of consumer dignity," stated the BoT Governor.
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