Mobile lender Tala published a post on its Facebook page informing that the company is not offering loans in Tanzania, without giving any reason for the suspension.
Tala provides consumer credit product to people without a formal credit history, instantly underwriting and then disbursing loans from USD 10 to USD 500 via mobile phone.
The application takes only minutes and money is sent directly to the borrower’s mobile money account or other cash-out options.
The company operates in India, the Philippines, Mexico, Tanzania, and Kenya.
However, Tala has not decided to permanently close operations in Tanzania.
A statement addressed to the Kenyan market reads “After piloting our credit product in Tanzania, we have paused our lending operations and are undertaking a review of our operations to determine our path forward in the market.”
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