Home BusinessBanking Tanzania: Why BoT Wants Names of Sacked Bank Workers

Tanzania: Why BoT Wants Names of Sacked Bank Workers

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Dar es Salaam — In a move aimed at ensuring that banks and other financial institutions in Tanzania are manned by staff of high integrity, the Bank of Tanzania (BoT) has decided to establish a database of employees with a proven record of involvement in gross misconduct or fraud.

BoT banking supervision manager Sadati Musa said the move was part of the central bank’s regulatory and supervisory mandate.

Hence, banks and financial institutions in the country are required to submit to the regulator in a prescribed format information pertaining to staff who were or will be terminated because of gross misconduct or fraud.

“Information covering the period from January 1, 2011 to date, to be submitted within ten days after receiving these instructions,” he said in a statement seen by The Citizen.

He said going forward information shall be submitted within seven days from the date of conclusion of staff termination process including completion of internal appeal process or from the date when staff resign from employment during the disciplinary hearing process.

This is according to the overall mandate of BoT as provided under the Banking and Financial Institutions Act, 2006 and its regulations. It aims at vetting of bank and financial institutions staff.

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