Mobile lending app Tala shuts down operations in Tanzania

Mobile money lender Tala has shut down its operations in Tanzania without giving a clear explanation.

In a statement shared on social media, Tala Tanzania says; “We regret to inform you that Tala is no longer offering loans in Tanzania.”

Customers with pending loans in Tanzania will still be required to clear the debts.

“We appreciate the opportunity to serve you, and wish our loyal customers continued success in your financial journeys. You can use the following paybill number to pay outstanding balances,” said the company.

Tanzanian newspaper, The Citizen, reports that the company is expected to issue a statement later on explaining the reason behind the closure.

“Yes, we are no longer offering loans in Tanzania. Unfortunately, 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.

Other than Tanzania, Tala, a now popular mobile lending app, also operates in Kenya, Mexico, India and Philippines.