Tanzania revokes licence of five banks

The Bank of Tanzania has revoked the licences of five financial institutions because they are “critically undercapitalised”, the central bank said on January 4.

The “continuation of their operations in the current capital position is detrimental to the interests of depositors and poses a risk to the stability of the financial system,” a statement published by the BoT says. The central bank has appointed the Deposit Insurance Board as the liquidator of the banks.

The five institutions are small