The Sandbox operates under the Bank of Tanzania (Fintech Regulatory Sandbox) Regulations, 2024.
The Sandbox operates under the Bank of Tanzania (Fintech Regulatory Sandbox) Regulations, 2024, which seek to create a controlled environment where new financial products and services can be tested before being fully regulated.The main provisions of Tanzania's Fintech Regulations include: Data protection Participants must comply with the Personal Data Protection Act No. 11 of 2022 to protect customer personal data. Intellectual property rights Applicants must also register their intellectual property rights with the appropriate authorities. Testing Applicants must: (i) Adhere to the conditions in the letter of acceptance.(ii)Safeguard customers against losses (iii)Handle financial consumer complaints (iv)Submit interim reports to the Bank of Tanzania (BoT) (v)Submit a final report within 30 days of completing testing Business plan Applicants must have a realistic business plan for deploying the financial solution after exiting the sandbox Regulatory environment The BoT creates an enabling regulatory environment to promote financial technologies Penalties Failure to comply with the rules can lead to penalties such as: Non-participation in the sandbox for two years Public naming and shaming Reprimands The BoT's Fintech Regulatory Sandbox is a controlled environment for testing financial products and services that are not yet fully covered by existing regulatory requirements. Eligible applicants include financial service providers and FinTech companies
