The Central Bank of Tanzania (BOT) recently informed the public that the process of determining a resolution for Yetu Microfinance Bank has not been completed thus it extends the administration of the bank for a period of 30 days effective 12th March 2023.
BOT placed Yetu Microfinance Bank under statutory administration on 12th December 2022 after the bank’s failure to meet regulatory requirements regarding liquidity and capital adequacy.
Following the takeover, BOT suspended normal business operations of the bank for a period of 90 to determine an appropriate resolution option.
BOT continues to assure the public that it will continue to protect the interests of depositors and maintain the stability of the banking sector.
