This archive report was first published on 17 September 2019.
On September 17, 2019, Tala, a mobile-based online lending firm, shocked its customers in Tanzania by announcing its exit from the country without providing a reason.
The company, which operates in Kenya, Mexico, India, and the Philippines, provides fast, personalized loans to self-employed individuals who do not require collateral, attracting over 27 million people worldwide.
According to a statement issued by Tala, the company will give more details about its exit at a later time.
"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 statement read.
When contacted, a Tala official confirmed the announcement, stating that the company could not divulge any further information due to legal reasons.
The company has urged its customers with outstanding balances to repay their loans.
