Move comes three weeks after Magufuli directed regulator to take action

 Bank of Tanzania headquarters  Photo: Courtesy

The Bank of Tanzania has revoked business licenses for five banks due to the breaching of core capital rules. This move comes three weeks after President John Magufuli directed the country’s regulator to take action on such banks.

It also ordered for a compulsory liquidation and possession of The Covenant Bank for Women (Tanzania) Limited, Efatha Bank Limited, Njombe Community Bank Limited, Kagera Farmers’ Cooperative Bank Limited and Meru Community Bank Limited.