TANZANIA BANKERS ASSOCIATION CODE OF CONDUCT

The Tanzania Bankers Association recently published the Tanzania Bankers Association Code of Conduct which has been effective since September 2019. In this article, we review the significant changes brought by the Code of Conduct and outline what this means for the members of the Tanzania Bankers Association, including the new sanctioning power provided to them.

The key issue, which will be addressed later in more detail, is that the Tanzania Bankers Association Code of Conduct (the Code) provides sanctioning power to the Tanzania Bankers Association (the TBA). Ordinarily such sanctioning power is vested only in the key regulator, namely the Bank of Tanzania (the BoT), however the significant change here is the empowerment of TBA in terms of sanctioning power.

Pursuant to the Preamble of the Code, the Code 'is adopted and implemented with the overall objective of ensuring strict adherence to best banking practices and strong commitment to highest ethical and professional standards in the banking industry in Tanzania'. The Code is applicable to all TBA members (Members), their non-executive directors, executive directors, managers at all levels and howsoever designated, officers and employees including full-time, part time, temporary, casual employees and out-sourced service providers.

The TBA

The TBA is an association of banks and financial institutions formed in 1995 with the following strategic objectives:

• bringing together Members in order to foster continued collaboration and cooperation in handling of matters of common interest
• developing, maintaining and elevating professional standards for the industry and standards of provision of services, while allowing fair competition and putting customers at the centre of banking services and products
• promoting growth of the sector/industry and entire economy, thus positioning TBA and its Members as main/major contributor and facilitator of economic growth in the county
• ensuring sustainability of the banking sector and TBA, as an institution

To accomplish the above, the TBA works very closely with other stakeholders including the Government, regulatory agencies such as the BoT, the media and the general public.

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