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REQUIREMENTS FOR OBTAINING MICRO-CREDIT BUSINESS LICENSE

REQUIREMENTS FOR OBTAINING MICRO-CREDIT BUSINESS LICENSE

MAHITAJI KWA AJILI YA KUPATA LESENI YA KUKOPESHA (MICRO-CREDIT SERVICE LICENSE)

BOT regulates and issues microfinance/credit license. First, you will have to register your company or business name at Brela. For a company, its memorandum must have micro-credit offering objects. See company registration requirements HERE.

If you don’t want to operate as a company you can register abusiness name at Brela to qualify for license application.

Your company name or business name must include either of the following words “microfinance”, “finance”, “financial services”, “credit” or “microcredit”. (e.g Mikopo microcredit company limited)

Minimum share capital must be of twenty million shillings or such higher amount and this should be your minimum operating capital

NB: government employees or officers are not allowed to carry out this business

Here are Brela total costs (registration Fee, Filling fee and Stamp duty fee)

A complete registration will lead you to have two necessary documents; which are, Certificate of Incorporation and  MEMART (Memorandum and Articles of association)

These two documents will be required for you to get a micro-credit business license.  –

The following required files must be attached as one single file (document). (Linatakiwa kutengenezwa file moja)

  1. MEMARTS (Memorandum and Articles of association)
  2. Certificate of Incorporation
  3. TIN certificate of a company
  4. Tax Clearance Certificate from TRA
  5. Certified office lease contract. If the office is owned by the company or one of shareholder then attach a certificate of premise ownership. (Mkataba wa pango uliolipiwa ushuru wa stemp kama mmepanga na kama eneo la biashara lao basi kopy ya hati/leseni ya makazi iliyokuwa certified na mwanasheria)
  6. Certified copy Education certificates of shareholders ( Vyeti vya elimu vya wanahisa wote viwe certified)
  7.  Shareholders CV (CV za wanahisa wote)
  8.  Certified certificate of company accountant (Cheti cha mhasibu kilichokuwa certified kama ameajiriwa)
  9. Company accountant CV (CV ya mhasibu)
  10. Each shareholders bank statement of at least six months. Or if your company has a bank account then only the company bank statement will be required.  (Bank statements za kila mwanahisa walau ya miezi 6 na kama kampuni ina akaunt ya benk basi hakuna haja ya benk statements za wanahisa)
  11. Lending policy and procedure manual

NEED HELP?

In case you need these things as fast as possible without hustles;  We do business consulting.  We are all in one business consulting and solution for all required procedures as mentioned above. You can hire us to help you from Preparing Company Memart (Memorandum and Articles of association), lending policy and procedure manual preparations and follow up until you get your company and your micro-credit business license. All these things can be accomplished fast and hustle free.

We also deal with Logo design, professional Business Company seals/stamps, Website, business email and Hosting, Business cards design and Printing, flayers & brochure design and printing. Also with have all in one Business management and Accounting software.

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About The Author

Ibrahim Nzunda

Ibrahim Nzunda is Self-Employed Owner & CEO of Jimz Technologies Company LTD which he Co-Founded and registered in 2015-Tanzania. He Graduated in 2016 with B.Sc Agronomy at Sokoine University of Agriculture

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