110 Foreign Exchanges & Money Transfer Bureaux Lose Licenses in Tanzania

110 foreign exchanges and money transfer bureaux in Tanzania were shut down last month after failing to observe new regulatory guidelines. The Bank of Tanzania (BoT) made regulation changes due to money laundering activities and the need to protect the Tanzanian Shilling.

In a press briefing, Eliamringi Mandari, manager Directorate of Banking Supervision announced that 71 out of 297 bureaux in Tanzania would remain in operation after they were re-licensed.

“Our expectation is that when the exercise is completed, at least 50 per cent of the bureaux de changes would have stopped operations,” Mandari stated.

The Bank of Tanzania will finish reviewing 65 bureaux before March.