Tanzania’s central bank has cancelled licences for five banks operating in the country and placed them under receivership.
The Bank of Tanzania (BoT) said the lenders breached core capital rules.
The banks are Covenant Bank for Women, Efatha Bank Limited, Njombe Community Bank Limited, Meru Community Bank Limited, and Kagera Farmers’ Cooperative Bank Limited.
“We have 58 banks in Tanzania. We want the banking regulator to take action against the failing institutions. We would rather have a few viable banks than many failing ones”