This archive report was first published on 15 July 2019.
Published on July 15, 2019, the Bank of Tanzania imposed a TSh1 billion fine on Diamond Trust Bank Tanzania Limited for failing to establish a data center in the country as instructed by law in 2014 and 2016.
The regulator stated that the bank's noncompliance would incur an additional 10% penalty charge each month until the directive is implemented.
DTB owns 65.7% of the shares in the Tanzanian lender, which is the bank's best-performing subsidiary outside Kenya, contributing 14.5% to DTB's overall revenue in 2018.
The fine is the latest in a series of tough regulations imposed by President John Magufuli's administration, which has slowed down Tanzania's economic expansion and deterred investors from investing in the country.
