Mobile phone application lending firm Tala announced that it was shutting down its operations in Tanzania. No reasons were given forythis move. The company said that it was no longer offering loans to Tanzanians.
In a statement issued to the media the firm appreciated its loyal customers in the East African country but regretted the move it had taken. Tala currently operates in Kenya, Mexico, India and Philippines and provides fast personal loans to approved customers and no collateral is required.
The borrowing is through a mobile phone application. Since its formation, the service has attracted over 27 million people worldwide.
Tala urged its Tanzanian customers with outstanding loans to repay them.