https://en.sputniknews.africa/20240203/tanzania-restricts-foreigners-from-working-in-microfinance-industry-1064912540.html
Tanzania Restricts Foreigners From Working in Microfinance Industry
Tanzania Restricts Foreigners From Working in Microfinance Industry
Sputnik Africa
Since 2015, the East African nation has had The Non-Citizens Employment Act, which aims to regulate the employment of non-citizens in the country and aims to... 03.02.2024, Sputnik Africa
2024-02-03T16:52+0100
2024-02-03T16:52+0100
2024-02-03T16:52+0100
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The Bank of Tanzania has introduced new rules governing the microfinance sector that prohibit the employment of foreigners in companies in the sector, according to regulations published on the bank's website.Under the new rules, a non-Tanzanian may be approved for employment in the area, depending on the availability of qualified Tanzanians for the proposed position and the complexity of the functions to be performed.The regulator noted that if foreigners are authorized to work in microfinance institutions, their number should not exceed five.The new regulations will apply to Tier 2 microfinance service providers in mainland Tanzania, including credit companies, finance organizations, housing microfinance companies, individual moneylenders and digital microfinance lenders.Speaking of other financial developments in the East African country, in January Tanzania adopted an interest rate-based monetary policy system, which means that instead of focusing on controlling the amount of money in circulation. Bank of Tanzania Governor Emmanuel Tutuba emphasized that the new approach is expected to be more effective in keeping prices stable and low, which will ultimately benefit consumers, businesses and entrepreneurs alike.
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tanzania, east africa, central bank, finance, economy, labor
tanzania, east africa, central bank, finance, economy, labor
Tanzania Restricts Foreigners From Working in Microfinance Industry
Since 2015, the East African nation has had The Non-Citizens Employment Act, which aims to regulate the employment of non-citizens in the country and aims to streamline the application and issuance of work permits.
The Bank of Tanzania has introduced new rules governing the microfinance sector that prohibit the employment of foreigners in companies in the sector, according to
regulations published on the bank's website.
"A microfinance service provider, shall not employ a non-Tanzanian or renew any contract of such a person, unless it seeks and obtains prior approval of the Bank," the Bank of Tanzania said in the new regulations of the sector.
Under the new rules, a non-Tanzanian may be approved for employment in the area, depending on the availability of
qualified Tanzanians for the proposed position and the complexity of the functions to be performed.
The regulator noted that if foreigners are authorized to work in microfinance institutions, their number should not exceed five.
The new regulations will apply to Tier 2 microfinance service providers in mainland Tanzania, including credit companies, finance organizations, housing microfinance companies, individual moneylenders and digital microfinance lenders.
Speaking of other financial developments in the East African country, in January Tanzania
adopted an interest rate-based monetary policy system, which means that instead of focusing on controlling the amount of money in circulation.
Bank of Tanzania Governor Emmanuel Tutuba emphasized that the new approach is expected to be more effective in keeping prices stable and low, which will ultimately benefit consumers, businesses and entrepreneurs alike.
