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The Bank of Tanzania (BoT) has been directed to enhance its supervision of the financial sector to curb risks associated with unregulated lending institutions and ensure compliance with laws and regulations.
Finance Minister Ambassador Khamis Mussa Omar (MP), through Deputy Minister Laurent Deogratius Luswetula, delivered the message during the opening of National Financial Services Week on January 21, 2026, at Usagara Grounds in Tanga.
The Minister highlighted that informal lending institutions have posed significant challenges, causing losses due to high-interest rates and unfavorable loan terms.
He emphasized the importance of proper regulation to maintain a stable and secure financial environment.
BoT Governor Emmanuel Tutuba, represented by Director of Financial Inclusion and Services Kennedy Komba, outlined the bank’s measures to enhance transparency, efficiency, and accountability in the sector.
These include complaint management systems, tools for cost comparison and interest calculation, and frameworks to guide smaller financial service providers in compliance with existing regulations.
“These initiatives strengthen the integrity of financial services, promote transparency, and ensure that operations across the sector adhere to legal and regulatory standards,” Tutuba said.
National Financial Services Week, held from January 19 to 26, 2026, aims to raise awareness of formal financial systems, financial literacy, and the importance of regulated institutions in supporting economic stability and national development.