Tanzania is the only country among East Africa Community (EAC) member states that has not enacted a law to regulate all microfinance activities, thus limiting their reinforcement and development.
Tanzania Microfinance Association (TAMFI) board chairman Joel Mwakitalu said this in Dar es Salaam yesterday during the second East Africa Microfinance summit.
He said by December 2014, there were about 13,818 microfinance institutions (MFIs) that provided microfinance services throughout the region. “Our target is to reach 20 million clients in the next five years,” he said.
According to him, Rwanda and Burundi are fully regulating the activities of MFIs, while Kenya and Uganda have also started doing so.
For more on this story visit the following link: Tanzania Only EAC Partner ‘Without Microfinance Law’