Tanzania: National Bank of Commerce fined over data rules breach

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Tanzania’s National Bank of Commerce has been fined 1 billion Tanzanian shillings (US$435,000) after failing to establish its own data centre.

Tanzania’s central bank ordered the country’s financial institutions to establish data centres in 2014, promising heavy fines for non-compliance. The National Bank of Commerce is the second bank to be penalised in the past two months for failing to comply with the regulations.

National Bank of Commerce fined 1 billion shillings

Last month, the central bank fined Diamond Trust Bank Tanzania 1 billion shillings for breaching new regulatory rules on financial data and service availability. Now, the National Bank of Commerce finds itself in the same position as Tanzania continues to try and clean up the financial sector.

The central bank has also issued a new directive that all banks and financial institutions must establish primary data centres within the next three months or face fines of 5 billion shillings.

Featured image: By FredyVC – Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=64252137

About Aaron Brooks

Aaron Brooks is a UK journalist who wants to cut out the international agendas in news. Spending his early years in both England and Northern Ireland he saw the difference between reality and media coverage at an early age. After graduating from the University of Chester with a BA in journalism, his travels revealed just how large the gap between news and the real world can be. As Editor-in-Chief at East Africa Monitor, it’s his job to provide a balanced view of what’s going on in the region for English-speaking audiences.