Mobile-based online lending firm Tala has announced that it is shutting down its operations in Tanzania, without giving an explanation.
The company said Tuesday that it will give more details later.
“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,” reads a statement issued by the company.
Tala, which currently operates in Kenya, Mexico, India and Philippines, provides fast personalised loans to approved borrowers mainly self-employed as no collateral is required, attracting over 27 million people around the globe.
An official from the company confirmed the announcement posted on social media.
“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,” the official said.
The company urged its customers with outstanding balances to repay the loans.