Despite widespread public complaints about unregulated digital financial services, Myonga noted that the BoT currently lacks jurisdiction over unregistered entities
Dodoma. The Bank of Tanzania (BoT) is in the process of developing regulations to govern digital financial platforms, aiming to strengthen oversight amid rising public complaints.
BoT Senior Legal Officer, Ramadhani Myonga, told participants at an economic and finance media seminar yesterday that while no formal regulations currently exist, the central bank has engaged with Google to ensure that digital financial platforms operating in Tanzania obtain a letter of no objection from the BoT before launching their services.
“We do not regulate Google, which operates under a separate mandate, and most digital financial platforms begin operating through arrangements with Google,” he explained.
He added that the engagement with Google is informal and not legally binding, as the company is independent and has no legal obligation under Tanzanian law.
“The first step we took was to send an official letter to Google instructing them not to allow digital financial platforms to operate in Tanzania without authorisation from the BoT,” he said.
Myonga said that all licensed loan providers in Tanzania are listed on the BoT website.
Despite widespread public complaints about unregulated digital financial services, Myonga noted that the BoT currently lacks jurisdiction over unregistered entities. Misconduct by such platforms is handled by national law enforcement agencies.
“When complaints arise, we advise the relevant authorities that the entity is unregulated and should be dealt with according to the law,” he said.
He highlighted the importance of robust legal frameworks to protect consumer rights and ensure ethical conduct by financial service providers.
These frameworks include the Bank of Tanzania (Financial Consumer Protection) Regulations of 2018 and GN No. 883 of 2019.
Myonga also revealed that the BoT launched the Financial Consumer Resolution System (FCRS), known in Swahili as Sema na BOT, on 5 June 2024.
The system promotes transparency and fairness in resolving complaints in the financial sector, prioritising ethical marketing, responsible debt collection, staff integrity, data privacy, and efficient dispute resolution.
The draft regulations for digital financial platforms are still at the internal stage, but the BoT said they will provide a clear legal framework for operators and strengthen consumer protection in Tanzania’s growing digital finance sector
