Tanzania bars foreigners from microfinance outfits
Traders carry out business at Zanzibar. The country has issued a directive barring foreigners from being employed in the microfinance sector. PHOTO | FILE | NMG
The Bank of Tanzania (BoT) has introduced regulations that prohibit the employment of non-Tanzanians in the country’s microfinance service sector, in a development likely to undermine the spirit of regional integration as the economy battles an unemployment crisis estimated at more than 8.9 percent.
The regulator, through the draft Microfinance (Non-Deposit Taking Microfinance Service Providers) Regulations, 2024, notes that in the event non-Tanzanians are given opportunity to work for these institutions their number should not exceed five at any given time.
