BY DIRAMAKINI
THE Bank of Tanzania (BoT) has officially announced the opening of applications for the Third Cohort of its FinTech Regulatory Sandbox, a strategic initiative aimed at fostering innovation in the financial sector while ensuring the safety, stability, and integrity of financial services in Tanzania.
The announcement was made through a circular referenced LD.170/515/02/1305, signed by Deputy Governor for Financial Sector Stability and Supervision, Sauda K. Msemo, and addressed to all banks, financial institutions, mobile financial service operators, electronic money issuers, and financial technology companies operating in the country.
According to the central bank, FinTech firms and financial service providers with innovative products and services are invited to submit applications to participate in the third cohort of the Regulatory Sandbox through the dedicated online application platform.
The Bank stated that all applications must comply with the requirements outlined in the FinTech Regulatory Sandbox Regulations of 2024, which were established to provide a controlled environment where innovative financial solutions can be tested under regulatory oversight before being introduced into the broader market.
Applicants are required to submit their applications online through the FinTech Regulatory Sandbox Application System. Detailed guidelines, eligibility criteria, and application procedures are available through the Bank’s official portal.
The application window for the Third Cohort is now open and will close on Friday, July 31, 2026, giving eligible institutions and innovators an opportunity to present their solutions for consideration within the stipulated timeframe.
BoT emphasized that only financial products and services that are not currently covered by existing regulatory frameworks administered by the central bank will be eligible for participation in the sandbox program.
The initiative is designed to provide innovators with an opportunity to test new financial solutions in a controlled regulatory environment while allowing regulators to assess potential risks, benefits, and operational implications before such products are rolled out on a wider scale.
According to the announcement, the Bank reserves the right to publish relevant information about applicants on its website for purposes of knowledge sharing and strengthening collaboration with other regulatory authorities globally. However, it assured applicants that no proprietary information, intellectual property, or innovation-related assets would be disclosed.
Stakeholders seeking further clarification regarding the application process or participation requirements have been encouraged to contact designated Bank of Tanzania officials for guidance and support.
The opening of the third application window reflects the Bank’s continued commitment to promoting innovation within Tanzania’s financial sector, enhancing financial inclusion, and supporting the growth of the country’s digital economy through a balanced regulatory approach.
