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Global FinTech Guide
Name
Global FinTech Guide
Country _ Name
United Rep of Tanzania
SectionTitle
RegTech and compliance management
Body
RegTech
is composed of the words “regulatory” and “technology”. It is a collective term for the application of modern technologies, to get the increasing regulation in the banking- and financial sector under control both from an IT and a legal standpoint.
Introduction
Attitude of the country towards RegTech-services
RegTech services in Tanzania are mostly adopted by regulatory authorities including national licensing authorities. As such, the outlook towards RegTech services is generally welcoming because it increases efficiency relating to compliance on both sides.
Regulators benefit by adopting a fast and secure compliance system which allows them to carry out their duties effectively, and the regulated entities benefit by having an improved way for them to comply with the required regulations.
However, reservations may arise due to the lack of awareness in the use of some of these RegTech services. Unfortunately, Tanzania still falls behind when it comes to the use and implementation of technology in the country. Due to this, regulatory authorities need to conduct adequate training to their staff and the general public when introducing these services to their systems. Without adequate training, services may be too complicated for both users and regulators, and as such may increase the time scope in which things get done.
Legal affairs
Obligations and requirements to provide RegTech-services
As RegTech services are mostly adopted by banks and financial institutions, the general requirements would obligate a RegTech provider to apply for a license in either of these departments.
1. Regulated by Bank of Tanzania (“
BOT
”), under National Payment Systems Licensing Regulations 2015;
CATEGORIES
LICENCE FEE
LICENCE RENEWAL FEE
Inter-Institutional payment systems
Five Million
Five Million
Intra-Institutional payment system
One Million
One Million
Payment system Data management
Five Million
Five Million
Remittance
One Million
One Million
2. Network Services Licenses as regulated by Tanzania Communications Regulatory Authority (“
TCRA
”), under the Electronic and Postal Communications Licensing Procedure Rules 2014;
MARKETS
APPLICATION FEE
INITIAL LICENCE FEE
DURATION (YEARS)
INTERNATIONAL
10,000
300,000
25
NATIONAL
5000
600,000
25
REGIONAL
2000
23,100
10
DISTRICT
100
5000
10
Additional comments regarding the legal situation for RegTech-services or what RegTech’s must be aware of in this business area
N/A.
Economic conditions
Market size for RegTech-services and biggest companies in this business area
We can’t really get the exact data from revenues and customers since RegTech
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Global overview
Authors
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Name
Organisation
Email
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Susan Taryn Nelima, Advocate
Hilton Law Group
[email protected]
0
4910
Dorothy Ndazi
Hilton Law Group
[email protected]
0
4910
Masmuha Ibrahim
Hilton Law Group
[email protected]
0
4910
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