Mobile money lender Tala has shut down its operations in Tanzania without prior warning or a reason as to why it has made the move.
Tala Tanzania said in a social media statement,“We regret to inform you that Tala is no longer offering loans in Tanzania.”
Tala’s shut down does not mean debtors are relieved of the responsibility to repay the loans.
The firm said, “We appreciate the opportunity to serve you, and wish our loyal customers continued success in your financial journeys. You can use the following pay-bill number to pay outstanding balances.”
Local Tanzanian newspaper, The Citizen, reports that Tala will soon issue a statement explaining the shut down.
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A source at Tala told the paper, “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.”
Tala is a popular micro-lending service, with operations in Kenya, Mexico, India and Philippines.
