Many financial institutions felt in this category, and some were forced to undergo closure since there was no way they could perform business. However, financial institutions that survived this tough period were those whom were intact with the digital operations.
The parliament of the United Republic of Tanzania, passed a bill and came up with the Microfinance Act 2018, which among many things was or is to transform and reform the financial operations in Tanzania to the digital operations. This initiative was basically aiming at advancing the operations of the financial institutions in Tanzania and reduce the humanly errors that might have in one way or the other contributed to pulling down the development of the financial institutions in Tanzania.
This initiative too aimed at boosting the economy, through formalizing the activities of the Microfinance service providers and by regulating all of the financial sector stakeholders under one umbrella of the central bank meaning, The Bank of Tanzania (BOT).
Although the time given for microfinance service providers to transform and request for new operating licenses with which require them to have deployed a Digital systems (FinTech), Financial Technologies in their operations yet it has been hard for all microfinance service providers to have deployed financial technologies.
Amala Core Banking is a registered solution for managing the operations of the financial institutions in Tanzania and Africa at large. Our dedication is to transform the operations of the financial institutions which are Microfinance and SACCOS with the system that will help them in managing their day to day activities.
With Amala Core Banking financial institutions are able to manage their operations with multiple features such as Loan Management, Savings Management, Client Management, Accounting, and SMS Notification support. Our service support is available at all times 24 hour, 7 days and our well trained team of experts that will handle your issue in a premium care.
Choose today to be served by Amala Core Banking by visiting https://amala.co.tz or Dial; +255 76 652 1258