The Bank of Tanzania (BoT) has earlier today announced to have taken over the administration of Bank M Tanzania PLC (Bank M).
Through a press statement, the BoT has noted that Bank M has critical liquidity problems, and it’s unable to meet its ‘maturing obligations.’
Along with taking the bank’s administration, BoT has also suspended the Board of Directors and Management of the bank and appointed a Statutory Manager to manage its affairs meanwhile.
The Bank’s services will be postponed for 90 days until BoT takes over.
However, BoT has assured the public that it will continue to protect their interests and customers as well as maintain its stability in relation to banking regulations.