The Bank of Tanzania (the “BoT”) issued a press release on 7 November 2018 through which it has notified the public that it has extended the administration period of Bank M Tanzania Plc (the “Bank”) for a further period of sixty (60) days from 2 November 2018 after expiry of the initial ninety (90) days which ran from 2 August 2018.

The Bank was put under administration of and by the BoT in August 2018 following a determination by the BoT that the Bank had critical liquidity issues and was unable to meet its maturing obligations and the BoT also suspended normal business operations of the Bank to allow it to determine appropriate resolution options. The BoT has extended the period for a further sixty (60) days as the process of determining resolution options has not been completed.

If you have any questions regarding this legal update, please contact Amish Shah by email on