In executing its mandate of licensing Banks, Financial Institutions and Bureaus de Change, the Bank of Tanzania issues licensing criteria for such institutions.
There are two categories of Bureaus de Change, namely Class A and Class Bureaus de Change. A Class A bureau de change deals with spot transactions on the foreign currency (cash) and other approved payment instruments. Class B bureaus deal with spot transactions on foreign exchange (cash) and other approved payment instruments, instruments, and money transfer business as sub agents of international money transfer agencies or mobile network operators or any other activity as may be approved by the Bank of Tanzania. Each class of bureaus de change calls for different capital requirements.
The Bank shall, within one month of receipt of an application for a license and upon submission of a complete set of required documents, either issue a provisional approval or reject the application.
Currently, there are 62 banks and financial institutions operating in Tanzania. The Bank of Tanzania has licensed them all. The table below shows types and number of banks and financial institutions in the country;
Each type of banks and financial institutions calls for different amount of capital requirements for its establishment.
The Bank shall, within three months (90 days) of receipt of an application for a license and upon submission of a complete set of required documents, either issue a provisional approval or reject the application.
|2.||BUREAUX DE CHANGE||Pakua|
|3.||CREDIT REFERENCE BUREAUS||Pakua|
|4.||FINANCIAL LEASING COMPANIES||Pakua|
|5.||MORTGAGE FINANCE COMPANIES||Pakua|
|6.||TIER 2 MICROFINANCE SERVICE PROVIDERS||Pakua|
|7.||TIER 2 MICROFINANCE SERVICE PROVIDERS (individual)||Pakua|