Tala, an online mobile lender is shutting down its operations in Tanzania.
Tala gave the announcement this evening without giving an explanation, but promising to give more details later.
“We regret to inform you that Tala is currently not offering loans in Tanzania. We appreciate the opportunity to serve you, and we wish our loyal customers continued success in your financial journeys,” the company said in a statement.
Customers with pending loans in Tanzania will still be required to clear the debts.
“Due to legal reasons, we cannot divulge any more information other than what was communicated on social media,” said a source from the company as quoted by The Citizen.
Currently, the company operates in Kenya, Mexico, India and Philippines.
It is speculated that the company could have fallen out with Tanzanian authorities.