The Banking and Financial Institutions (Licensing)

Regulations, 2014
G.N. No. 297

GOVERNMENT NOTICE NO. 297 published on 22/08/2014

THE BANKING AND FINANCIAL INSTITUTIONS (LICENSING)

REGULATIONS, 2014

ARRANGEMENT OF REGULATIONS

Regulation Title

PART 1
PRELIMINARY PROVISIONS

1. Citation.
2. Application.
3. Interpretation.
4. Objectives.

PART II
APPLICATION FOR LICENCE

5. Application for licence.

6. Feasibility study.

PART III
ASSESSMENT BY THE BANK

7. Principal contact person.

8. Legal opinion.
9. Financial capacity.
10. Source of capital.
11. Assurance of capital.
12. Integrity in financial and business dealings.
13. Character and experience.
14. Contribution to the country’s economy.
15. Disclosure of intended products and services.
16. Training and succession plans.

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PART IV
ORGANISATION, OWNERSHIP AND MINIMUM CAPITAL

17. Legal form of a bank or financial institution.

18. Board membership.
19. Change of directors and management.
20. Restrictions on ownership.
21. Employment of non-Tanzanians.
22. Minimum capital.
23. Grant of licence.

PART V
CONDITIONS SUBSEQUENT TO GRANT OF LICENCE

24. Submission of Memorandum and Articles of Association.

25. Deposit of paid up capital.
26. Commencement of business.
27. Undertaking by board members.
28. Annual General Meeting.

PART VI
ESTABLISHMENT OF BANKING UNITS AND SUBSIDIARIES

29. Opening of banking units and subsidiaries.

30. Application for opening banking units and subsidiaries.
31. Supporting documentation.
32. Activities of a subsidiary.
33. Representative office.

PART VII
SCOPE OF AUTHORITY FOR BANKS OR FINANCIAL
INSTITUTIONS

34. Powers of a bank or financial institution.

35. Management agreements.
36. Fiduciary functions.
37. Additional activities.

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38. Acquisition of a company engaged in allied undertakings.

39. Investment in a company engaged in allied undertakings.
40. Establishment of foreign branch or subsidiary.
41. Segregation of assets.

PART VIII
GENERAL PROVISIONS

42. Sanctions.
43. Revocation.

________
SCHEDULES
________

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THE BANKING AND FINANCIAL INSTITUTIONS ACT

(CAP 342)

__________
REGULATIONS
___________
(Made under section 71)
___________

THE BANKING AND FINANCIAL INSTITUTIONS (LICENSING)

REGULATIONS, 2014

PART 1
PRELIMINARY PROVISIONS

Citation 1. These Regulations may be cited as the Banking and

Financial Institutions (Licensing) Regulations, 2014.

Application 2. These Regulations shall apply to-

(a) a person who intends to engage in banking business;
and
(b) any bank or financial institution except where
specifically prescribed otherwise by the Bank in any
other Regulations.
Interpretation 3. In these Regulations unless the context otherwise
requires-

Cap 342 “Act” means the Banking and Financial Institutions Act;
“allied undertaking” includes an activity as may be specified by
the Bank to be allied or related to the business of banking;
“applicant” means applicant for a license;
“Bank” means the Bank of Tanzania;
“bank” has the meaning ascribed to it in the Act;
“banking business” means the business of receiving funds from
the general public through the acceptance of deposits
payable upon demand or after a fixed period or after
notice, or any similar operation through the frequent sale
or placement of bonds, certificates, notes or other
securities, and to use such funds, in whole or in part, for

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loans or investments for the account of and at the risk of

the person doing such business;

“banking unit” has the meaning ascribed to it in the Act;

“conflict of interest” means a situation in which someone in a
position of trust has competing professional, business or
personal interest, making it difficult to fulfil his duties
impartially;
“connected party” has the meaning ascribed to it in the Act;
“core capital” has the meaning ascribed to it in the Act;
“director” has the meaning ascribed to it in the Act;
“financial institution” has the meaning ascribed to it in the Act;
“financial intermediation” has the meaning ascribed to it in the
Act;
“fit and proper person” means a person with the attributes
required of a member of the board of directors and
management of a bank or financial institution as per the
criteria set out in the First Schedule to these Regulations;
“independent director” means a director who-
(a) does not hold any executive or management position in
a bank or financial institution;
(b) does not have, directly or indirectly, a significant
interest in the bank or financial institution including
any parent or subsidiary in a consolidated group with
the bank or financial institution;
(c) has not been employed by the bank or financial
institution or a banking group of which he currently
forms part in any executive capacity for the preceding
three years;
(d) is not a member of the family of an individual who is,
or has been in any of the past three years, employed by
the bank or financial institution or the banking group
in an executive capacity;
(e) is not a professional advisor to the bank or financial
institution or the banking group;
(f) is free from any business or other relationship which
seems to interfere with the individual's capacity to act
in an independent manner; and
(g) does not receive remuneration contingent upon the
performance of the bank or financial institution;

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(h) “member of a family” means parent, spouse, brother,

sister, child, uncle, aunt, nephew, niece, grandfather,
grandmother, stepfather, stepmother, stepchild, and
adopted child of the person concerned, and in case of
an adopted child his adopter or adopters;

“non-executive director” means a director who does not hold any

executive or management position in a bank or financial
institution;
“person” has the meaning ascribed to it in the Act;
“related party”
(a) in relation to a body corporate means-
(i) its holding company or its subsidiary;
(ii) a subsidiary of its holding company;
(iii) a holding company of its associates;
(iv) any person who controls the company or body corporate
whether alone or with his related party or with other related
parties of it; and
(v)
(b) in relation to an individual means-
(i) any member of his family;
(ii) any company or other body corporate
controlled directly or indirectly by him whether
alone or with his related parties; and
(iii) any related party of his related parties,
and it includes connected party;

“senior management” in relation to a bank or financial institution

means a Chief Executive Officer, head of function, any
other senior manager reporting to the Chief Executive
Officer and any other person, other than members of the
board of directors, who, individually or as a group-

(a) makes or participates in making decisions that affect

the whole or a substantial part of the business of the
bank of financial institution; or

(b) has the capacity to affect the bank’s or financial

institution’s financial standing; or

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(c) may affect the whole, or a substantial part, of the

business of the bank or financial institution or its
financial standing through their responsibility for-

(i) enforcing policies and implementing strategies

approved by the Board of the bank or financial
institution;

(ii) developing and implementing systems that

identify, assess, manage or monitor risks in
relation to the business of the bank or financial
institution; or

(iii) monitoring the appropriateness, adequacy and

effectiveness of risk management systems; and
“subsidiary” has the meaning ascribed to it in the Act.

Objectives 4. The objectives of these Regulations are to-

(a) establish licensing criteria and conditions to ensure
that only sound and prudently managed bank or
financial institutions are licensed to operate in
Tanzania; and
(b) specify procedures that the Bank shall use to evaluate
banking business licence applications.

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PART II
APPLICATION FOR LICENCE

Application for licence 5.-(1) A person who intends to engage in banking business
shall, by a letter in the form prescribed in the Second Schedule,
apply for a license to the Bank.
(2) Any person shall, before submitting an application
referred to under sub-regulation (1), apply for a pre-filing meeting
with the Bank.
(3) An application referred to under sub-regulation (1)
shall be signed by the directors of the applicant or a person
authorized by the applicant and be accompanied with-
(a) a copy of each of the documents listed in the Third
Schedule; and
(b) non-refundable application fee of ten million shillings
or any other amount as may be determined by the
Bank to be paid through a bankers’ cheque or other
means acceptable to the Bank.
(4) A person shall not engage in banking business or
accept deposits from the general public unless that person has
obtained a license issued by the Bank.
(5) A person who contravenes the provision of sub-
regulation (4) commits an offence and on conviction shall be
liable to the punishment as stipulated in the Act.

Feasibility study 6.-(1) An applicant for a license shall provide details of a

feasibility study, business plan and projected balance sheets,
income statements and cash-flow statements for four years.
(2) The applicant shall, at minimum, provide-
(a) draft policies and procedural manuals establishing
how the bank or financial institution shall operate in a
manner consistent with the principles established in
Risk Management Guidelines for Banks and Financial
Institutions issued by the Bank;
(b) description of accounting system and information and
communication technology to be used in the
operations of the institution and proposed future
investment;
(c) number of employees, job descriptions of senior
management positions and an organization chart;

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(d) description of internal control procedures that the bank

or financial institution shall implement;
(e) narrative description of shareholders, board and senior
management of the bank or financial institution;
(f) plans and strategies for promoting and supporting
financial inclusion in the rural areas; and
(g) sources of funds of shareholders and subscribers.
(3) The business plan referred to under sub-regulation (1)
shall be prepared in accordance with the guidelines provided in
the Fourth Schedule.
(4) A licensed bank or financial institution shall, when
changes are made to its key policies set out in the Sixth Schedule
of these Regulations or organization chart, submit copies of
revised policies or organization chart to the Bank not later than
thirty days after they are approved by the Board of Directors.
(5) When a bank or financial institution submits a revised
copy of policy or organisation structure referred to under sub-
regulation (4), it shall clearly indicate areas of change.

Principal contact 7. An applicant for a license shall designate a principal

person
contact person for the purposes of application processes and
inform the Bank of the name and address of such a person.
Legal opinion 8. The Bank may require the applicant to provide legal
opinion on any issue related to the application of the license as it
may determine.

PART III
ASSESSMENT BY THE BANK
Financial capacity 9.-(1) The Bank shall evaluate the financial capacity of the
applicant.
(2) The soundness of an applicant’s financial position, his
business affiliates and the financial condition of those business
affiliates shall be measured on-
(a) levels of capital as shown on balance sheets; and
(b) the potential financial support that may be made
available when the bank or financial institution requires
capital injection.
(3) The Bank shall assess-

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(a) the ability of the applicant and his business affiliates to

pay their current obligations from their income;
(b) reasonability of valuation they assign to their assets; and
(c) net-worth in relation to other liabilities.

Source of capital 10.-(1) The applicant shall indicate and declare to the
Bank sources of funds for acquiring shares in the proposed bank
or financial institution.
(2) The Bank shall establish that shares in a bank or
financial institution are not acquired with borrowed money.
(3) Sub-regulation (2) shall not apply to a bank or financial
institution going public, provided that shares to be acquired at the
Initial Public Offer stage shall not be pledged as collateral.
Assurance of capital 11. A shareholder of a proposed bank or financial
institution shall, provide to the Bank an assurance that the
proposed paid up capital shall be fully paid before commencement
of banking operations.

Integrity in financial 12. The Bank shall consider the history of the applicant in
and business dealings
assessing the applicant’s reputation, experience in banking
operations, financial soundness and integrity in past and present
business practices.

Character and 13.-(1) The Bank shall make an assessment as to whether

experience
the proposed members of the Board of Directors and senior
management of a proposed institution are fit and proper in
accordance with the criteria set out in the First Schedule.
(2) Without prejudice to sub-regulation (1) the Bank shall-
(a) evaluate the proposed members of the Board of
Directors and senior management team with respect to
their experience and ability to manage funds, institute
proper credit evaluation, collection procedures,
accounting systems, effective internal controls, audit
programmes and management information systems;
(b) make an assessment of proposed board and senior
management team members regarding their formal
education, professional qualifications, work
experience, reputation, criminal record and conflict of
interest;
(c) require board and senior management team to

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comprise people of sufficiently strong character who

are able to oversee the bank or financial institution’s
operations effectively by having the requisite banking
business experience;
(d) assess whether individuals proposed as board and
senior management team members have the necessary
administrative, organizational and decision-making
skills, and ability to demonstrate reliability and sound
character; and
(e) the Bank may interview the proposed board and senior
management team members and enquire as to past
performance, reputation and skills.
(3) For the purpose of the assessment referred to in this
regulation, the proposed directors and senior managers shall
complete the questionnaire in the Fifth Schedule to these
Regulations.

Contribution to 14.-(1) An applicant for a license shall communicate to the

the country’s economy
Bank intention of the proposed institution in contributing towards
the country’s economic development.
(2) The Bank shall, when making an evaluation of the
application, take into account the extent to which the business
strategy, policies and outreach plans of the applicant are designed
to enhance financial inclusion by directly or indirectly promoting
the financial or economic activities in the rural sector including
agriculture, rural-based industries, mining and tourism.

Disclosure of intended 15.-(1) An applicant shall indicate in the business plan the
products and services
financial products and services he intends to provide and how
such products and services shall be beneficial to the country.
(2) A bank or financial institution shall, before introducing
a new product or service in the market, obtain prior approval of
the Bank.
(3) When seeking for the approval under sub-regulation
(2), a bank of financial institution shall submit to the Bank the
description of the product or service, risk inherent in it and
mitigation strategies.

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Training and 16.-(1) An applicant shall submit a training plan indicating

succession plans
specific time frames for imparting banking skills and expertise to
staff.
(2) The applicant shall submit a succession plan and
strategies on mode, time and contents of the extent to which
Tanzanian staff shall occupy senior management positions in the
bank or financial institution.

PART IV
ORGANISATION, OWNERSHIP AND MINIMUM CAPITAL
Legal form of a bank 17.-(1) A bank or financial institution shall be organized in
or financial institution
the form of a company limited by shares and incorporated under
the laws of the United Republic.
(2) The name of the proposed bank or financial institution
shall be subject to prior approval of the Bank.
(3) Any person intending to use the word “bank” in
establishing a bank or financial institution shall notify the Bank of
such intention in writing, provided that in using the word “bank”
such person shall disclose to the public the fact that it is not
licensed as a bank or financial institution.

Board membership 18.-(1) The Board of Directors of a bank or financial

institution shall be composed of not less than five members, two
thirds of whom shall be non-executive.
(2) Two of the non-executive board members referred to
under sub-regulation (1) shall be independent and shall have
requisite experience in banking, finance, accounting, auditing,
law, or economics.
(3) The chairperson of a Board of Directors of a bank or
financial institution shall be a non-executive member of the board.
(4) The chairperson of a Board of Directors of a bank or
financial institution shall not be a member of audit committee or
credit committee of the board.

Change of directors 19-(1) A bank or financial institution shall not appoint any
and management
person as senior manager or board member and assign that person
responsibilities unless it has obtained prior approval of the Bank.
(2) Where a post of senior management or member of the
Board of Directors is vacant, a bank or financial institution shall

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in writing and within seven days notify the Bank of the vacancy
provided that a post of senior management or member of the
Board of Directors shall be deemed to be vacant if a person who
holds such position is dismissed, resigns, incapacitated or for any
other reason that person ceases to hold such posts.

Restrictions on 20.-(1) A person shall not directly or indirectly own or

ownership
control a beneficial interest of more than twenty percent of the
voting shares of any bank or financial institution, except as
provided under section 15 of the Act.
(2) For the purpose of sub-regulation (1) indirect
ownership or control means ownership or control through related
parties.

Employment of non- 21.-(1) A bank or financial institution shall not employ a

Tanzanians
non-Tanzanian or renew any contract of such a person unless it
seeks and obtains prior approval of the Bank.
(2) The number of non-Tanzanians in the institution shall
not exceed five at any time.
(3) Subject to sub-regulation (2), any application for an
extra person shall be submitted to the Bank which may authorise
any additional person, taking into consideration the following-
(a) availability of qualified Tanzanians for the proposed
position;
(b) complexity of the functions and roles to be undertaken;
(c) approval granted by Tanzania Investment Centre;
(d) emergency situation which may warrant extra person;
and
(e) the timeframe the extra person is expected to stay in
the bank or financial institution and impart knowledge
to Tanzanians.

Minimum capital 22.-(1) A bank or financial institution shall commence

operations with and maintain at all times a minimum core capital
specified in the Banking and Financial Institutions (Capital
Adequacy) Regulations, or such higher amount as the Bank may
prescribe.
(2) Where capital is remitted in foreign currency, it shall
be reflected in the books of the bank or financial institution in
Tanzanian shilling using exchange rate prevailing on the date of

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remittance.

Grant of licence 23.-(1) The Bank shall-

(a) within ninety days after receipt of a complete
application; or
(b) where additional information has been required, after
receipt of such information,
grant a licence or reject the application;
(2) Where the Bank has rejected the application it shall
inform the applicant in writing explaining the grounds for
rejection.
(3) An applicant whose application has been rejected may
reapply, if the deficiencies that formed the basis for rejection of
the initial application or subsequent review have been corrected or
otherwise addressed.
(4) When a licence is issued, it shall remain in force unless
suspended or revoked in the manner provided in the Act.

PART V
CONDITIONS SUBSEQUENT TO GRANT OF LICENCE

Submission of 24.-(1) A bank or financial institution shall submit to the

Memorandum and
Articles of Association Bank a copy of its Memorandum and Articles of Association after
registration by the Registrar.
(2) A bank or financial institution shall not, without
obtaining prior written approval of the Bank, amend its
Memorandum and Articles of Association.

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Deposit of paid up 25. A bank or financial institution shall, not later than
capital
thirty days or any other period to be specified by the Bank after
grant of the licence, deposit its paid up capital either in Tanzanian
Shillings or in foreign currency, in a Tanzanian registered bank or
financial institution, or Treasury Bills and other Government
securities of maturity not more than 364 days held with the Bank.

Commencement of 26.-(1) A bank or financial institution shall commence its

business
operations within twelve months from the date the licence was
granted, unless such period is extended in writing by the Bank.
(2) A bank or financial institution shall not commence
business unless its business premises, security facilities,
communication facilities, processing equipment, accounting and
internal control systems are in place and have been inspected or
reviewed by the Bank.

Undertaking by board 27. Every member of the Board of Directors of a bank or

members
financial institution shall-
(a) execute a legally binding undertaking to fulfil his
obligations towards maintaining a safe, sound and
profitable institution; and
(b) undertake to comply with the provisions of the Act,
Bank of Tanzania Act, and other laws, regulations,
policies, circulars, orders and instructions made there
under.

Annual General 28. A bank or financial institution shall hold annual

Meeting
general meeting in accordance with the requirements of the
Companies Act.

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PART VI
ESTABLISHMENT OF BANKING UNITS AND SUBSIDIARIES

Opening of 29. A bank or financial institution shall not

banking units and
subsidiaries invest in capital expenditure for the purpose of
opening a representative office, subsidiary, branch,
agency or additional office in or outside Tanzania
unless it has obtained the prior approval of the Bank.

Application for 30. The Bank may approve an application for

opening banking
units and opening a subsidiary, branch, agency or additional
subsidiaries office after proven successful, sound and profitable
operations and it may, as a condition for approval,
require additional capital.

Supporting 31. An application for establishment of a

documentation
subsidiary, branch, agency or an additional office
shall be supported by-
(a) projected balance sheet and income
statement for the next three years;
(b) consolidated projected balance sheet and
income statement for the next three years;
(c) proposed organization structure;
(d) detailed budget and programme for the
establishment;
(e) names and particulars, including
curriculum vitae for persons proposed to
take up senior positions; and
(f) any other information the Bank may
require.

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Activities of a 32. A subsidiary of a bank or financial

subsidiary
institution shall not undertake any activity other than
those permitted under section 24 of the Act.

Representative 33.-(1) A foreign bank or financial institution

office
shall not open a representative office in Tanzania
without prior approval of the Bank.
(2) Where approval has been granted, a
representative office shall not conduct banking
business or financial intermediation.
(3) An application for establishment of a
representative office in Tanzania shall include a
detailed budget for the office, curriculum vitae for the
proposed officers and staff and other information as
may be required by the Bank.

PART VII
SCOPE OF AUTHORITY FOR BANKS OR FINANCIAL
INSTITUTIONS
Powers of a bank 34. A bank or financial institution shall have
or financial
institution powers necessary to carry out the permitted activities
specified in section 24 of the Act and the general
powers vested in companies incorporated under the
Companies Act.
Management 35. A management or technical assistance
agreements
agreement involving a bank or financial institution
shall be subject to prior approval of the Bank and
governed by the laws of Tanzania.
Fiduciary 36 A bank or financial institution with a core
functions
capital of not less than seventy billion shillings may
be approved by the Bank to perform duties and
functions of a trustee or such other fiduciary functions
as may be specified by the Bank.
Additional 37.-(1) A bank or financial institution with a
activities
core capital of not less than ninety billion shillings
may be authorized by the Bank to-
(a) acquire up to one hundred per cent of the
equity of a company organized primarily
for the purpose of underwriting debt or

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equity securities of other companies;

(b) acquire majority or all of the equity of
another bank or financial institution; and
(c) invest in the equity of a company which is
engaged in activities that are not allied or
not related to banking; provided that the
equity investment of the bank or financial
institution shall not exceed five percent of
the total subscribed share capital of the
investee company.
(2) Where a bank or financial institution intends to
deal in securities, it shall form a subsidiary for such
purpose.

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Acquisition of a 38. A bank or financial institution with a core

company engaged
in allied capital of at least forty five billion shillings may, with
undertakings the prior approval of the Bank, acquire up to one
hundred per cent of the total subscribed share capital
of the company engaged in activities classified as
allied undertakings.

Investment in a 39. A bank or financial institution with a core

company engaged
in allied capital of at least thirty billion shillings may, with the
undertakings prior approval of the Bank, invest in the equity of
companies engaged in activities classified as allied
undertakings subject to the limits provided in the
Banking and Financial Institutions (Credit
Concentration and Other Exposure Limits)
Regulations.

Establishment of 40. A bank or financial institution with a core

foreign branch or
subsidiary capital of not less than one hundred and fifty billion
shillings may be authorized by the Bank to establish a
branch or a subsidiary abroad.

Segregation of 41. A bank or financial institution authorized

assets
by the Bank to act as an agent shall account for and
keep money, securities and other valuables, which it
has received in such capacity, duly separated from its
own assets and liabilities.

PART VIII
GENERAL PROVISIONS

Sanctions 42.-(1) Without prejudice to penalties and

actions prescribed by the Act, the Bank may impose
on any bank or financial institution any of the
following sanctions for non-compliance-
(a) a penalty of the amount to be determined
by the Bank;

(b) prohibition from declaring or paying

dividends;
(c) suspension of the privilege to issue

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letters of credit or guarantee;

(d) suspension of access to the credit
facilities of the Bank;
(e) suspension of lending and investment
operations;
(f) suspension of capital expenditure;
(g) suspension of the privilege to accept new
deposits;
(h) suspension from office of the defaulting
director, officer or employee;
(i) disqualification from holding any
position or office in any bank or financial
institution under the supervision of the
Bank; and
(j) revocation of banking license.

(2) The penalty referred to in paragraph (a) of

sub regulation (1) shall apply to directors, officers or
employees of the bank or financial institution.

Revocation of 43. The Banking and Financial Institutions

GN. No. 377
of 2008 (Licensing) Regulations, 2008 are hereby revoked.

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______
FIRST SCHEDULE
__________
(Made under Regulation 13)
__________

CRITERIA FOR DETERMINING THE CHARACTER AND EXPERIENCE

REQUIRED FOR A MEMBER OF THE BOARD OF DIRECTORS AND SENIOR
MANAGEMENT OF BANK OR FINANCIAL INSTITUTION

1. In order to determine, for the purpose of these Regulations, the character

and moral suitability of persons proposed to be members of the Board or
senior management, the Bank shall have regard to the following qualities, in
so far as they are reasonably determinable, of the person concerned-
(a) adequate education background;
(b) general character;
(c) professional skills, competence and soundness of judgment for
the fulfilment of the responsibilities of the office in question; and
(d) the diligence with which the person concerned is likely to fulfil
those responsibilities.
2. For the purpose of and without prejudice to the generality of the provisions
of paragraph (1), the Bank may have regard to the previous conduct and
activities of the person concerned in the business or financial matters and,
in particular to evidence that such person-
(a) has committed any act of bankruptcy;
(b) was a director or in a senior management position of a banking
institution that has been liquidated or is under liquidation or
statutory management;
(c) has committed or been convicted of the offence of fraud or any
other offence of which dishonesty is an element;
(d) has contravened the provision of any law designated for the
protection of members of the public against financial loss due to
the dishonesty or incompetence of, or malpractices by, persons
engaged in the provision of banking, insurance, investment or
other financial services.
3. Any other criteria, which the Bank may prescribe, from time to time.
4. The following documents shall be submitted to the Bank with respect to
each proposed director and senior management team, together with other
documents the Bank may require-
(a) detailed curriculum vitae;
(b) certified copies of academic and professional certificates;
(c) photocopy of the pages of the passport which contain personal
information including photograph, nationality, date and place of
birth and issuer of the passport;
(d) two certified passport size photographs; and
(e) references from two persons who are not relatives, vouching for

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 The Banking and Financial Institutions (Licensing)
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G.N. No. 297

good moral character, integrity and performance.

_________

SECOND SCHEDULE
__________

(Made under Regulation 5)

__________

The Governor,
Bank of Tanzania,
P.O. Box 2939,
Dar es Salaam,
TANZANIA.

Re: Application for a Licence to carry out banking business

Sir,

We, the undersigned, hereby apply for a licence to establish a bank or financial institution in
Tanzania to be known as ____________________________________with principal place of
business at ____________________________________

The proposed institution shall have an authorized share capital of ______________ shillings
and paid up capital of _______________ shillings which shall be contributed by the following
subscribers:

Subscribed Shares

Name of Number Amount Amount Percentage of

Subscriber Paid-up Ownership
1 _________ _________ ________ __________ ________

2. ___________ ____________ ____________ ____________ ____________

3. ___________ ____________ ____________ ____________ ____________

4. ___________ ____________ ____________ ____________ ____________

5. ___________ ____________ ____________ ____________ ____________

6. ___________ ____________ ____________ ____________ ____________

7. ___________ ____________ ____________ ____________ ____________

8. ___________ ____________ ____________ ____________ ____________

9. ___________ ____________ ____________ ____________ ____________

10 __________ ____________ ____________ ____________ ____________

11. __________ ___________ ____________ ____________ ____________
12. ___________ ____________ ____________ ____________ ____________
13. ____________ _____________ _____________ _____________ _____________
14. ____________ _____________ _____________ _____________ _____________
15. ____________ _____________ _____________ _____________ _____________
16. ____________ _____________ _____________ _____________ _____________
17 ____________ _____________ _____________ _____________ _____________
18. ____________ _____________ _____________ _____________ _____________
19. ____________ _____________ _____________ _____________ _____________

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 The Banking and Financial Institutions (Licensing)
Regulations, 2014
G.N. No. 297

20. ____________ _____________ _____________ _____________ _____________

Total

We jointly and severally make a firm commitment to deposit a total amount of paid up capital
for the proposed institution with any bank or financial institution registered in Tanzania such
deposit to be made not later than thirty days after grant of this application.

In support of this application, we submit herewith the documents listed in the accompanying
checklist. We certify the correctness of all the information indicated in such documents to the
best of our knowledge and belief.

We hereby authorize the Bank of Tanzania and any of its authorized agents or staff members to
make an enquiry or obtain any information from any source for the purpose of determining the
correctness of all the representations made in connection with this application or of assessing
its merits.

To facilitate communication between us and the Bank, we have authorized ………………. of

the following address:
(1) P.O Box ……….............
(2) Telephone number……
(3) Email address………....
(4) Fax number ……….......
to represent all of us in regard to this application. It is understood that any notice to him shall
constitute sufficient notice to all of us.

Enclosed is a cheque for Tanzanian Shillings ten million being payment of our application fee.

Yours faithfully,

____________________ _________________________
____________________ _________________________
____________________ _________________________
____________________ _________________________
____________________ _________________________
____________________ _________________________
____________________ _________________________

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G.N. No. 297

______
THIRD SCHEDULE
________
(Made under Regulation 5)
_________

Checklist of Documents

1. Letter of application in the prescribed form.

2. Authenticated legal documents or board resolution authorizing the signatory.

3. Banker’s cheque or any other document acceptable to the Bank evidencing payment of a
non-refundable application fee of ten million shillings or any other amount as may be
determined by the Bank.

4. Proposed Memorandum and Articles of Association (unregistered).

5. Proof of source and availability of funds for investment as capital of the proposed
institution.

6. List of subscribers and proposed members of board of directors and Chief Executive
Officer.

7. Proof of citizenship of every subscriber and every proposed directors and senior
management officers. This includes detailed curriculum vitae, photocopy of the pages of
the passport which contain personal information and two recent passport size
photographs.

8. Audited balance sheet, income statement and cash flow for the last three years, of every
subscriber who owns five per cent or more of the share capital of the proposed institution
engaged in business.

9. Credit reference reports for every significant subscriber and every proposed director and
senior management officer.

10. Certified copies of annual returns of every subscriber who owns five per cent or more of
the share capital of the proposed institution and every proposed member of the board of
directors and Chief Executive Officer together with accompanying schedules or financial
statements filed during the last three years with relevant Authority.

11. Certified copies of tax returns of every subscriber who owns five per cent or more of the
share capital of the proposed institution and every proposed member of the board of
directors and Chief Executive Officer together with accompanying schedules or financial
statements filed during the last three years with relevant Tax authorities together with
respective Tax clearance certificates.

12. Statements from two persons who are not relatives vouching for the good moral character
and financial responsibility of the subscribers who own five per cent or more of the share

24
 The Banking and Financial Institutions (Licensing)
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G.N. No. 297

capital of the proposed institution and the proposed directors and senior management.
13. Home Country Regulator Certification if the applicant is a foreign bank or financial
institution.
14. Declaration that the funds to be invested have not been obtained criminally or associated
with any criminal activity.
15. Business plan for the first four years of operations including strategies for growth,
dividend payout policy, career development programme for the staff and budget for the
first year.

16. Explicit strategies for outreach through use of branches, agents, mobile banking and other
appropriate channels indicating numbers and locations for the first four years.

17. Projected balance sheets, income statements and cash flow statements for the first four
years of operation.

18. Brief description of economic benefits to be derived by Tanzania and the community
from the proposed bank or financial institution.

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 The Banking and Financial Institutions (Licensing)
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G.N. No. 297

________
FOURTH SCHEDULE
_________
(Made under Regulation 6)
__________

General guidelines for preparation of Business plan

1. The business plan should be prepared by the promoters and will be reviewed by the Bank
to determine whether approval should be given to operate a bank or financial institution.
The plan should identify the institution's markets, its proposed services, management
capabilities, growth plan, and strategies for profitability.

2. The business plan should present data, which accurately reflect the economic condition of
the delineated market and address statutory and regulatory changes, which may affect the
operations of the proposed bank or financial institution. Proposal should reflect the
realities of the market place.

3. A business plan should contain sufficient information to demonstrate that the proposed
bank or financial institution has reasonable likelihood of success. In this regard a detailed
listing of all assumptions such as used in preparing the business plan should be attached
to the submission (e.g. a margin analysis and cost of funds). Therefore, organizers must
ensure that the business plan projections are well supported and goals and objectives are
properly defined on initial submission.

Market Analysis

4. Analyse the market to be served. Describe the market in which you expect to provide
services in terms of economic characteristics for example size, income and industry
patterns. Include anticipated changes in the market, the factors influencing those changes,
and the effect they will have on the proposed institution. To the extent necessary for
making business decision, describe differences in the product market to be served for
example, differences in the depository and credit market. Analysis will be based on use
of the most current economic data available. Sources of information used are reviewed
for credibility and are important in reviewing the data.

5. Analyse the competition. List the competitors inside the market to be served, those
outside who might affect the markets served and any potential competition. Give your
perception and analysis of the market strategies and expected results in terms of relative
strength, market shares and prices.

6. Explain the strategies you will follow to capture a share of each product market and the
results you expect to achieve. Use a sample format to present a summary of your
expectations.

Plans and Objectives

7. Review major planning assumptions used in the analysis and in setting the plans and
objectives for a new institution. Include at least the following market growth,

26
 The Banking and Financial Institutions (Licensing)
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G.N. No. 297

interest rates, cost of funds and competition.

8. Projections should show the expected asset and liability mix, volume for each type of
services, fixed asset investments and officer and staff remuneration. Projections must be
based on the planning assumptions which must be submitted as part of the application,
market analysis, and strategies discussed above. Discuss the advantages and
disadvantages of the proposed asset/liabilities mix, including a net interest margin
analysis, and any actions which will be taken to reduce major risks through appropriate
funds management techniques and systems.

9. Discuss the formula or basis used to arrive at the proposed capital structure and an
explanation of why the promoters believe the proposed amount is sufficient in light of
given market factors, strategies, and expenses. Promoters are expected to raise an amount
sufficient to effectively compete in the market are and adequately support planned
operations in addition to all organizational expenses. The Bank may require a higher
amount to maintain capital adequacy to support operations projected through the end of
the institution’s fourth year.

10. Discuss plans for raising capital initially and to finance growth within the first four years.
Explain how the plans will keep the institution in conformity with the Banking and
Financial Institutions (Capital Adequacy) Regulations specifically addressing compliance
with the risk-based capital guidelines.

Credit Policy and Procedures

11. Credit policies are a set of broad statements establishing the concept and objective
parameters for type, limits for maturities, loan pricing criteria client and collateral
standards to be fulfilled by borrowers, aggregate and individual concentration limits, and
loan authority and procedures for collection and charge-offs.

12. Credit manual must be prepared comprising of detailed guidelines for implementing the
stated policies. The manual generally will address types of business desired, proper
borrower financial information; credit files maintenance; enforcement of repayment
schedules; and periodic review and other reports to be generated and distributed.

13. Credit policies and manuals need to cover all the steps of credit production and
administration which include initiation, investigation and analysis, procedures for
approval, renewals and extensions, documentation, perfection of collateral, funds
disbursement and recovery.

14. The structure should in principle reflect the nature and scope of the intended activities of
the institution and the mechanism by which the management envisages to govern the
institution and to monitor as to what extent the objectives of the institution are achieved.

15. The structure should show the relationships between the board and management. It
should also show the composition of various departments of the institution. The structure
should also indicate the number of staff envisaged for each unit. Support units such as
internal audit, legal services and others should be indicated.

16. The promoters should be able to show the names of specific persons that are envisaged to

27
 The Banking and Financial Institutions (Licensing)
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G.N. No. 297

take certain key positions in the institution. If the actual persons cannot yet be identified,
promoters should indicate the requirement clearly in terms of training, experience and
personal characteristics.

17. Promoters are required to disclose how the proposed bank or financial institution will
develop the professional and technical skills of their staff and Tanzanians will be
employed, trained and occupy positions of senior or managerial ranks in the institution.
All future plans should be indicated.

Financial Projections

18. Promoters must prepare projected balance sheets, income statements and cash flow
statements. They must submit statements that reflect their assets, liabilities, and capital
projections for the number of years projected to reach profitability; however, a minimum
of four years must be displayed.

19. At a minimum, the information in the following forms must be provided. Additional data
should be included to reflect important element of your planned asset and liability mix for
example, the loan and deposit schedules might be expanded. Average balances, rather
than year-end estimates, should be used. Average balances may be computed by
projecting monthly or quarterly account balances and averaging (annualizing) for the
appropriate number of periods used.

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 The Banking and Financial Institutions (Licensing)
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G.N. No. 297

PROJECTED BALANCE SHEET

[In’000 Tanzanian Shillings]

PARTICULARS Year 1 Year 2 Year3 Year4

Assets
Cash
Balances with Bank of Tanzania
Balances with other bank or financial
institutions
- in Tanzania
- abroad
- investment in debt
securities
- Treasury bills
- Other Securities (use
separate schedule]
Loans, Advances and Overdrafts
(Net]
- loans and Advances
- overdrafts
- allowance for losses
(as a deduction]
Bank Premises, Furniture and
Equipment
- use separate schedule]
Other Assets (Use separate schedule]

TOTAL ASSETS

Liabilities
Deposit liabilities other than banks
- current accounts
- savings deposits
- time deposits

Deposits from other bank or financial

institutions
- in Tanzania
- abroad
- other deposits (use
separate schedule]

Total deposits
Other liabilities (use separate
schedule]
Capital
- paid-up capital
- Ordinary
- preference

reserves

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G.N. No. 297

PARTICULARS Year 1 Year 2 Year3 Year4

- share
premium (discount]
- retained
earnings
- capital
reserves
- others
(specify]
Total Equity

TOTAL LIABILITES AND

CAPITAL
Off-balance sheet commitments

PROJECTED INCOME STATEMENTS

[In’000 Tanzanian Shillings]

PARTICULARS Year 1 Year 2 Year 3 Year 4

Total Interest Income
Interest Expenses
- deposits (use
separate
schedule]
- borrowings
- Others
(specify]

Total Interest Expenses

NET INTEREST
INCOME

Provision for loan losses

Bad debt written off
Non-Interest Income
- foreign
exchange
gain/losses
- commission
and fees (use
separate
schedule]
- others (use
separate
schedule]

Total Non- Interest Income

Non-Interest Expenses

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G.N. No. 297

PARTICULARS Year 1 Year 2 Year 3 Year 4

- officers’
salaries and
benefits
- employees’
salary and
benefits
- depreciation
expenses
- maintenance
costs
- others (use
separate
schedule]

Total Non-Interest Expenses

Operating Income (Losses]
Extra Ordinary
Income/Losses (specify]
Net Income/Loss before
Income Tax
Income taxes
Net Income/Loss after tax

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G.N. No. 297

PROJECTED CASH FLOW STATEMENTS

[In’000 Tanzanian Shillings]

PRACTICE Year 1 Year 2 Year 3 Year 4

Part 1
Cash flow from operating
activities
Net Income (Loss]
Adjustments to reconcile
income
- provisions
- net change in
loans and
advances
- gains/Loss on
sale of assets
- net change in
deposits
- net change in
short-term
negotiable
securities
- net change in
other liabilities
- net change in
other assets
- others (specify]

Net cash provided (used) by

operating activities

Part II
Cash flow from investing
activities
- dividend
received
- purchases of
fixed assets
- purchases of
investment
securities
- proceeds from
sales of
investment
securities
- others (specify)
Net cash provided (used) by
investing activities

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G.N. No. 297

PRACTICE Year 1 Year 2 Year 3 Year 4

Part III
Cash flow from financing
activities
- Repayment of
long-term debt
- Proceeds from
issuance of long-
term debt
- Proceeded from
issuance of share
capital
- Proceeds from
sale of fixed
assets
- Payment of cash
dividends
- Net change in
other borrowings
- Others (specify]

Net Cash provided (used) by

financing activities

Part IV
Cash and Cash Equivalents
Net decrease/increase in cash
and cash equivalents
- Cash and Cash
equivalents at the
beginning of the
year
- Cash and Cash
equivalents,
current year-to-
date

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G.N. No. 297

_________
FIFTH SCHEDULE
___________
(Made under Regulation 13)
___________

Questionnaire for Directors and Senior Managers of bank or financial institutions

Part I: Instructions for Filling the Questionnaire

1. This Questionnaire should be filled in duplicate by each director and senior manager of a
bank or financial institution licensed by the Bank.

2. This form is to be completed in English. Any documents required are to have a certified
English translation appended.

3. Answers to ALL questions should be TYPED or written in INK and in BLOCK

LETTERS.

4. No question should be left unanswered. Where the Applicant believes that a question does
not apply, the Applicant should write “Not Applicable” or “N/A”.

5. If there is insufficient space to answer a question, additional information may be provided

on an attachment page and identify the continuation of an answer by stating the question
number.

6. All dates should be completed in the form: Day / Month / Year

7. All amounts are to be recorded in Tanzanian Shilling (TZS). Conversion from foreign
currency should be made using the current exchange rate.

8. Please ensure that all answers and information are true and correct. Failure to do so
constitutes a criminal offence and can lead the Bank to reject an application or disqualify
a director or senior manager who has been cleared on the basis of untrue or incorrect
information.

9. The following documents shall be submitted to the Bank with respect to each proposed
director and senior management team, together with other documents the Bank may
require-
(a) certified copies of academic and professional certificates;
(b) photocopy of the Tanzania national identity card or pages of the passport which
contain personal information including photograph, nationality, date and place of
birth and issuer of the passport;
(c) two certified passport size photographs; and
(d) references from two persons who are not relatives, vouching for good moral
character, integrity and performance.

10. The completed application form and any supporting material, should be submitted to the
office of:

Directorate of Bank Supervision

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 The Banking and Financial Institutions (Licensing)
Regulations, 2014
G.N. No. 297

Bank of Tanzania
P.O.Box 2939,
Dar-es-Salaam

NOTE: Failure to disclose and submit all necessary information may lead to the Bank of Tanzania rejecting the
application

35
 The Banking and Financial Institutions (Licensing)
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G.N. No. 297

Affix passport size

photographs
(2 Copies)

Part II: Personal Particulars

1. Name of the bank or financial

institution in connection with
the application
2. Surname

3. First Name(s)

4. Middle Name
5. Have you been known by any
previous name(s)?
6. Are there any names by which
you are also known as?
7. Date of Birth
8. Place of Birth
9. Position to be held in a bank or
financial institution

10. For Chairman and Non-

Executive Directors only:
(a) How much time do you
give, or (if a new
appointment) do you
anticipate giving in every
month, to the business of
the bank or financial
institution?
(b) What particular
contribution do you
consider that you bring, or
(if new appointment) you
will bring, to the work of
the license holder?
11. National Identity Number
and/or National Insurance
National Identity
number and/or Social Security Social
Number National Insurance
number. Please tick and provide Security
identification number below. □ Number
Number
Attach a certified copy of the □
social security identity card and □
or national insurance identity
card appropriately.
12. Nationality (ies): Please state Birth Naturalization Marriage
how nationality (ies) was
acquired, e.g. by birth, □ □ □
naturalisation or marriage. If
acquired by naturalisation or

36
 The Banking and Financial Institutions (Licensing)
Regulations, 2014
G.N. No. 297

marriage, indicate previous

nationality.

13. Please attach a certified copy of the Tanzania national identity card.
Or pages of your passport(s) which contain personal information including photograph,
nationality, date and place of birth and issuer of the passport;

14. List below your official and residential addresses. If you have had any other addresses
during the last 5 years, indicate them as well as relevant dates.

Dates Residential Address Official Address

Name of the Organization…..
Block/Plot number………… Block/Plot number…………
Street……………… Street………………
Postal Address…………. Postal Address………….
District/Town…………… District/Town……………
City………………………… City…………………………
Country…………………… Country……………………

Name of the Organization…..

Block/Plot number…………
Block/Plot number…………
Street………………
Street………………
Postal Address………….
Postal Address………….
District/Town……………
District/Town……………
City…………………………
City…………………………
Country……………………
Country……………………
Name of the Organization…..
Block/Plot number…………
Block/Plot number…………
Street………………
Street………………
Postal Address………….
Postal Address………….
District/Town……………
District/Town……………
City…………………………
City…………………………
Country……………………
Country……………………

Part III: Academic Qualifications

15. Details of academic qualifications and the year in which they were obtained. (E.g.
Certificate, Diploma, Degree, Master’s Degree,, etc.…). Please provide certified true
copies of certificates in relation to the qualifications obtained.

Educational Establishment /
Qualification Year Obtained
Awarding Body

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 The Banking and Financial Institutions (Licensing)
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G.N. No. 297

38
Part IV: Professional Qualifications

16. Details of any professional qualifications and the year in which they were obtained (E.g.
ACA, ACCA, ACIB etc…). Please provide certified true copies of certificates in relation
to the qualifications obtained.

Membership No. Professional Qualification Year Obtained

Part V: Professional Membership

17. Details of current membership of any relevant professional bodies, their contact details and
year of admission (e.g. Institute of Directors, Institute of Management, etc…)

Levels of Status of membership

Professional Body’s Memberships (e.g. (e.g. active or
Membership Year
Name and Contact Associate, inactive)
No Admitted
Details Fellow,
Member)

39
Part VI: Employment History

18. Beginning with your present occupation or employment, please list all occupations and
employment. If self-employed please indicate “SELF EMPLOYED” (NB: The Bank may
seek references from previous employers.)

Percentage of
Name / Address of Nature of Relevant ownership (For
Position Held
employer Business Dates self-employed
only)

Name of the
Organization…..
Block/Plot
number…………
Street………………
Postal
Address………….
District/Town…………
City……………………

Country………………

Name of the
Organization…..
Block/Plot
number…………
Street………………
Postal
Address………….
District/Town…………
City……………………

Country……………

Name of the
Organization…..
Block/Plot
number…………
Street………………
Postal
Address………….
District/Town…………
…
City……………………

Country……………

40
Part VII: Directorships

19. Beginning with your present directorship, please list all directorships
Company’s Country of Relevant Date
Incorporation
Company Name nature of Registration
Number
business

20. Have you ever been involved in any litigation?

Yes
No

If yes, provide details including any judgment;

If any of the answers to questions 21 to 32 are “Yes”, please give full particulars on a separate
sheet of paper clearly stating the number of the question to which the details relate. Please note
that no time restrictions apply to the matters you are asked to disclose. Any convictions and other
facts must be stated.

21. Have you or any other body corporate, partnership or unincorporated

institution to which you are, or have been associated with as a director,
senior manager, or officer ever applied for banking business to any Yes □
jurisdiction for a license or other authority to carry on banking business or
other related business (e.g. insurance, mortgage finance, lease finance, No □
development finance, etc.) , regardless of whether the application was
successful.

22. Have you or at any time been convicted of any criminal offence? If so, Yes □
give full details of court by which you were convicted, the offence and
the penalty imposed and the date of conviction. No□

23. Have you or any body corporate, partnership or unincorporated institution

to which you are, or have been associated with as a director, senior Yes □
manager, or officer been subject of an investigation by a government, No □
professional or other regulatory body?

Yes □
24. Have you ever been subject of a disciplinary enquiry?
No □

Yes □
25. Have you ever been suspended from any office or asked to resign?
No □

41
 26. Have you been dismissed from any office of employment or barred from Yes □
entry to any profession or occupation? No □

27. Have you ever been disqualified from acting as a director of a company, Yes □
or from acting in the management or conduct of the affairs of the No □
company, partnership or unincorporated company?

28. Have you ever been adjudged bankrupt by a court, or entered into any Yes □
compromise with creditors, or are you currently the subject of bankruptcy
proceedings? Are you aware of any such proceedings pending? No □

29. Have you ever failed to honor any credit obligation as borrower of any Yes □
bank or financial institution or other money lending institution? No □

30. Have you failed to satisfy any debt adjudged due and payable by you as a Yes □
judgment-debtor under an order of a court? No □

31. Have you in connection with the formation or management of any body
corporate, partnership or unincorporated institution been adjudged by a Yes □
court civilly liable for any fraud misfeasance or other misconduct by you No □
towards such a body or company or towards any members thereof?

32. Has any body corporate, partnership or unincorporated institution with

which you were associated as a director, senior manager or officer been Yes □
compulsory wound up or made any compromise or arrangement with No □
creditors or ceased trading in circumstances where its creditors did not
receive or have not yet received full settlement of their claims.
Yes □
33. In carrying out your duties, will you be acting on the directions or
instruction of any other person? No □

Part VIII: Referees

34. State the name, address and occupation of two persons who are not relatives, vouching
for your good moral character, integrity and performance of whom the Bank may
enquire regarding their character and reputation.

42
 DECLARATION BY THE APPLICANT

I, ....................................................................................................... he reby declare the following:

This questionnaire consists of.......... pages, each signed by me.

The content of this declaration is true to the best of my knowledge and belief. I am aware that
should any information submitted herein be false, I may be liable to prosecution. I undertake, that
for as long as I continue to be a director or executive officer of the institution, I will notify the Bank
of any material changes to, or affecting the completeness or accuracy of, the information supplied
by me as soon as possible, but in any event not later than 21 days from the day that the changes
come to my attention. I know and understand the content of this declaration. I have/do not have*
objections to taking the prescribed oath. I consider the prescribed oath to be binding /not binding*
on my conscience.

_________________________
SIGNATURE OF APPLICANT

I certify that the above statement was taken by me and that the deponent has acknowledged that
he*/she knows and understands the content of this statement. This statement was sworn
to*/affirmed before me and the deponent's signature was placed thereon in my presence at
.............................................on this ............day of ................ two thousand and ..........................
__________________________________
COMMISSIONER OF OATHS

FULL NAMES: …………………………………………………………………………

ADDRESS: ……………………………………………………………….

* Delete whichever is not applicable

43
 Checklist

Below is a checklist that has been designed to assist applicants to ensure that all of the information
required by the Bank has been submitted.

□
Has the Personal Questionnaire form been filled out in full?

□
Certified copy of pages of passport which contain personal
information including photograph, nationality, date and place of
birth and issuer of the passport or Tanzania national identity card.

Certified copy of the social security identity card and or national □

insurance identity card
□
Copies of stated academic qualifications

□
Copies of stated professional qualifications

□
Copies of stated membership to professional bodies

□
Past Employment references

□
List of Directorships (if applicable)

44
 _________
SIXTH SCHEDULE
_________
(Made under Regulation 6)

KEY POLICIES

The key policies referred to under regulation 8 of these Regulations are:

S/No. Type of Policy

1 Risk Management Policy
2 Credit Risk Management Policy
3 Liquidity Risk Management Policy
4 Market Risk Management Policy
5 Operational Risk Management Policy
6 Strategic Risk Management Policy
7 Compliance Risk Management Policy
8 Human Resource Management Policy
9 Accounting Policy (Including Fixed Assets Policy)
10 Audit Policy (Including Internal And External Audits)
11 Asset/Liability Management Policy (Including Investment Policy)
12 Information And Communication Technology Policy
13 Business Continuity Management Policy
14 Anti-Money Laundering (AML) And Combating Financing of Terrorism (CFT)
Policy
15 Physical Security Policy
16 Outsourcing Policy

Dar es Salaam, BENNO J. NDULU

…………………….., 2014 Governor

45