Tanzania’s central bank on Saturday directed all commercial banks and financial institutions to put in place a primary or secondary data center in the east African nation.
A statement issued by the Bank of Tanzania (BoT) and signed by BoT’s deputy governor for Financial Stability and Deepening, Bernard Kibesse, directed the banks and financial institutions to reconfirm to the central bank compliance status within seven days from the date the directive was made.
The statement said the compliance will be followed by testing of the data center.
“Any bank or financial institution which will be found not to have complied with the requirements, shall be liable to a penalty of 5 billion Tanzanian shillings (about 2.2 million U.S. dollars),” said the statement.
The statement said BoT has noted with serious concern that most of the banks and financial institutions have not provided a true position on compliance with the requirements to put in place the data center. Enditem