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The Bank of Tanzania (BoT) has reinforced its commitment to protecting financial service users, describing consumer protection as a key pillar for the stability of the country’s financial system and fair market practices.
Senior Legal Officer at BoT, Ramadhan Myonga, said consumer protection is a combination of laws, policies, procedures, and institutions designed to safeguard users’ rights.
He emphasized that financial service providers must offer products and services transparently, accurately, and without deceptive practices.
Speaking to journalists in Dodoma on November 20, 2025, Myonga noted that the BoT 2019 Guidelines on Protecting Financial Service Users remain central to ensuring consumers receive accurate information before making financial decisions.
He explained that these measures were informed by lessons from the 2007–2008 global financial crisis, which exposed gaps in consumer protection in countries like the United States, contributing to widespread instability in financial systems.
On the global front, Myonga highlighted that countries such as the U.S. and the UK have strengthened financial oversight.
He cited the U.S. Dodd-Frank Act of 2010, which established the Consumer Financial Protection Bureau (CFPB), and the UK’s creation of the Financial Conduct Authority (FCA) in 2012, tasked with regulating market conduct and protecting consumers.
He added that several developing countries, including Zambia, have also amended laws to enhance protection for financial service users.
Myonga further noted that United Nations guidelines on consumer protection now cover transparency, fair business practices, customer data protection, financial literacy, and complaint resolution.
These guidelines provide a key reference for countries working to strengthen accountability in the financial sector.
He stressed that Tanzania continues to implement measures that improve information oversight, regulate the conduct of service providers, promote financial literacy, and ensure citizens access services without abuse, deception, or unfair practices.
“These steps aim to boost public confidence in the financial sector, promote financial inclusion, and ensure Tanzanians use financial services safely and with proper understanding,” Myonga said.