TANGA, Jan. 23 -- THE Bank of Tanzania (BoT) has been directed to intensify its oversight of the financial sector in order to protect Tanzanian citizens from the negative effects of borrowing from informal financial institutions, a practice that has caused some people to lose their property and resources due to loans with exploitative conditions.

The directive was issued by the Minister for Finance, Ambassador Khamis Mussa Omar, through a speech delivered on his behalf by the Deputy Minister for Finance, Laurent Deogratius Luswetula, during the opening of the National Financial Services Week held at Usagara Grounds in Tanga Region.

In his speech, the Minister for Finance said many Tanzanian citizens have continued to face various challe...