Following the decision, the bank will not be open for normal business for a period not exceeding 90 days during which the central bank will determine an appropriate resolution option, the BoT said in a statement
The central bank places a bank under its administration once it notes the liquidity shortage and undercapitalization to protect depositors and the financial sector.
“…to permit Yetu Microfinance Bank Plc to continue with banking operations while under the state of shortage of liquidity and undercapitalization is detrimental to the interest of depositors and poses a systemic risk to the stability of the financial system,” the central said in a statement issued by the governor, Prof Florens Luoga.
According to Yetu Microfinance Bank Plc financial results for 2021, the bank had assets valued Sh17 billion, compared to Sh19.6 billion during the previous year.
The bank’s customer deposits stood at Sh3.69 billion in 2021 while it had extended loans worth Sh13.63 billion.
Between 2020 and 2021, the bank also extended its loss after taxes from Sh54 million to Sh1.42 billio
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Tanzania’s opposition party ACT Wazalendo honours veteran politician under new policy
Unguja. Opposition party ACT Wazalendo today officially bids farewell to its former Chairman, Juma Duni Haji, also known as Babu Duni, as part of a new policy designed to honor retired senior leaders at a ceremony held at Kiembesamaki, Zanzibar.
The initiative highlights the party’s commitment to recognizing and supporting individuals who have served with dedication and integrity.
Babu Duni, who stepped down earlier this year, was succeeded by Othman Masoud, now the First Vice President of Zanzibar.
The policy aims to provide ongoing respect and support to retired leaders, ensuring their continued recognition and contribution to the party’s development.
“Recognizing their significant contributions to the development and prosperity of the party, this policy ensures that retired leaders continue to be acknowledged and respected by both the party and the community,” the policy states.
To benefit from this policy, leaders must not have left or been expelled from the party. They must have served the party with honor and dedication. The national leadership committee will determine whether a leader has fulfilled these criteria.
The policy seeks to honor retired leaders, protect their dignity, acknowledge their contributions, leverage their ideas for the party’s growth, and support them to the best of the party’s ability.
In honoring these leaders, the party will provide a vehicle, the type of which will be determined by the national leadership committee. Additionally, they will receive a monthly allowance, with the amount also set by this committee.
Other benefits include health insurance. If a leader does not own a home, the party will cover their rent at a rate decided by the committee.
The leadership committee may also grant special recognition based on the leader’s contributions. Retired leaders will participate in decision-making meetings according to procedures outlined in the party’s constitution.
Depending on the party’s resources at the time, the policy may also apply to retired deputy chairpersons for both the mainland and Zanzibar, the Secretary-General, Deputy Secretary-General for both mainland and Zanzibar, and the party’s Attorney General.
Additionally, leaders, executives, or members with exceptional contributions to the party’s protection, advocacy, and defense may also benefit, as determined by the leadership committee.
Currently, those who are eligible for benefits under this policy include Juma Duni Haji (retired party Chairman) and Zitto Kabwe (retired party leader).Continue Reading
Zanzibar introduces $44 insurance fee for visitors
Visitors travelling to Zanzibar will now have to pay an insurance fee of $44 (about Sh118,360) with effect from September 1.Continue Reading
Zanzibar’s tourism body chairman Rahim Bhaloo resigns
Bhaloo, who is also Chairman of the Zanzibar Commission for Tourism (ZCT), cited pressing family issues as the reason for his departure.Continue Reading
