Mobile lender Tala has clarified that it is not exiting the Tanzanian market but has temporarily stopped lending.
In a statement, Tala said it is reviewing its operations “to determine our path forward in the market.”
“After piloting our credit product in Tanzania, we have paused our lending operations…We are actively working to continue to support financial access in Tanzania,” read the holding statement.
The company said operations in Kenya continue uninterrupted as Kenya is a critical part of the global business.
Tala has disbursed over $1 billion in microloans to over 4 million customers across Kenya, Tanzania, the Philippines, Mexico, and India
Headquartered in Santa Monica, Tala has offices in Nairobi, Manila, Dar Es Salaam, Mexico City and Banglore.