BANKING AND FINANCIAL SERVICES
The banking and financial services industry in Tanzania is governed primarily by the Bank of Tanzania Act, 2005, Banking and Financial Institutions Act, 2006, and the Foreign Exchange Act, Cap. 271, R.E 2002. The Acts regulate and supervise the activities of wide range of institutions, which accept deposits from the general public, and provide kindred services.
Persons falling within the scope of the Act are obliged to register as depositing institutions and to comply with onerous duties and restrictions (such as the rendering of returns and the maintenance of certain capital and liquid asset requirements).We also offer expert services on:
Preparation of loan and security documentation;
Advice on all aspects of banking and insurance legislation;
Advice on international development projects and rescheduling of debts;
Preparation of contracts and various financing documentation;
Establishment of representative and branch offices of foreign institutions and
Debt recovery (in the basis of making a follow up toward debtors hence
repayment of loan and official swap of the debt and enter a special agreement between Debtor and bank)
This is a different venture of debt recovery where by the firm enter into an agreement with the debtor that will repay the loan to the bank hence avoid increase of bank interest and at the same time the debtor shall be repaying the loan to the firm and debtor consenting the firm to be appointed as administrator to the mortgaged property(s).