In Tanzania, mortgage financing is a regulated business. There are therefore regulatory requirements that must be met before a person engages in this business. In accordance with the provisions of Regulation 5(1) of the Banking and Financial Institutions (Mortgage Finance) Regulations 2011, a person who wishes to engage in mortgage finance operations has to apply for a licence to the Bank of Tanzania (the Bank).
In light of what is stated above, the Bank wishes to inform the general public and all entities/persons currently engaging in mortgage finance business without a licence issued to regularize their status by submitting an application for a licence to the Bank. It is an offence to carry on mortgage finance business without a licence.
Persons who are currently carrying on mortgage finance business are also required to notify the Bank of their business operations; including the name of the company, shareholders, directors and location (address) where they operate; level of operations; and basic financial data such as size of mortgage portfolios and total assets. The information should be submitted to Bank of Tanzania, Directorate of Banking Supervision, Dar es salaam, within 30 days from the first date of publication of this notice in the newspapers.
ISSUED BY
BANK OF TANZANIA
DAR ES SALAAM
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