The Bank of Tanzania (BOT) has completed its administration of Yetu Microfinance Bank Plc, by transferring its assets and liabilities to NMB Bank Plc, Tanzania’s second-largest bank by assets.
The move comes five months after Yetu Microfinance Bank Plc was placed under the administration of BOT, following an assessment of the bank’s operational and regulatory position.
A BOT statement issued on 23rd May 2023, explains that depositors and other creditors of Yetu Microfinance Bank Plc will soon be advised on how and when they can start accessing their banking services through NMB Bank Plc.
In the meantime, all borrowers have been advised to continue honouring their loan commitments as per the stipulated terms and conditions of their respective agreements.
In its statement, BOT reiterated its commitment to safeguarding the interests of depositors and creditors, while ensuring the overall stability of the nation’s banking sector.
About Yetu Microfinance Bank
Yetu Microfinance Bank plc was incorporated in 2013 to take over the business of Youth Self Employment Foundation (YOSEFO), a credit-only microfinance institution that evolved into a microfinance bank.
Yetu became the fifth firm to list on the Dar es Salaam Stock Exchange (DSE) Enterprise Growth Segment in March 2016 with the stock symbol YETU.
The company managed to secure a banking licence on 20 February 2017 after meeting licensing conditions including the minimum capital requirement of TZS 5 billion.
However, in December 2022, BOT placed Yetu under statutory administration following the failure of the bank to meet regulatory requirements regarding liquidity and capital adequacy.