Dar es Salaam, Feb. 28 -- DAR ES SALAAM: TANZANIAS microfinance sector is experiencing an unprecedented boom, marked by a dramatic increase in license applications and a growing influx of both local and foreign investors, a senior Bank of Tanzania (BoT) official has revealed.

BoT analyst, Deogratius Mnyamani, speaking at a seminar for senior business and financial journalists in Mtwara on Wednesday, disclosed that the BoT had issued 2,450 licenses to nondeposit-taking microfinance service providers as of last Friday, out of 3,075 applications.

“This clearly demonstrates that it is a fast-expanding sector attracting significant investor interest,” Mnyamani stated.

The surge in applications is evident in the weekly figures wh...