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The Bank of Tanzania has recently issued a refined Guidance Note to steer the operations of Digital Lenders under Tier 2 in the financial sector.
The guidelines among other things are meant to tame harassment and intimidation of borrowers who either default or take long to repay digital loans. Most importantly the guide provides for minimum requirements in terms of licensing , security of personal data, clear display of applicable interest rates and an added requirement of the platforms availing their services in Kiswahili or both Kiswahili and English.
Ultimately the guidelines hope to tame predatory lending and institute decency in the operation of Digital lending platforms.
