Tanzanian banks braced for credit reference launch

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The Bank of Tanzania wants all the country's banks to be fully compliant with a new credit reference system by December 1, the day of its official launch.

The system, currently in a testing phase, was designed to collect payment records of the customers of all banks, financial institutions and other savings schemes in Tanzania. The information will be aggregated and used to improve the lending processes of banks and aims to ensure more equitable public access to credit.

Agapiti Kobello, director

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