GEITA, Aug. 21 -- THE Bank of Tanzania (BoT) has approved a proposal by the Federation of Miners Associations of Tanzania (FEMATA) to establish a bank for small-scale miners.

BOT Governor Mr Emmanuel Tutuba accepted the proposal presented by FEMATA on August 20th, 2026 during a special meeting between BOT and FEMATA members in Geita Region.

Mr Tutuba said that if FEMATA is genuinely committed to establishing the bank, BoT was ready to receive a formal application and begin the process of establishing the financial institution.

“When it comes to capital, we consider the amount required by law before issuing a licence. The capital must also be from a source other than borrowed funds,” he said.

He said that despite the commit...