RegTech and compliance management
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.


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;
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;

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


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
is not unified for all regulators. Also, being government agencies, most of the data is not available to the general public. We cannot get the biggest companies, however, the authorities already issuing services through RegTech are Business Registrations and Licensing Agency (“BRELA”), Tanzania Communications Regulatory Authority (“TCRA”) and Tanzania Revenue Authority (“TRA”) 

Additional comments regarding the economic situation for RegTech-services or what RegTech’s must be aware of in this business area




Choose country