We Have Not Exited Tanzania, Tala Says In An Official Statement
Following news that Tala a mobile lending app shut down operations in Tanzania, the FinTech oriented institution has come out to refute the information saying that this is just a “temporary stoppage”. In a statement, the mobile lender points out that returns in the lender space did not pan out as expected, hence the company has decided to pause operations.
“Tala Tanzania has not made a decision to permanently close operations. However, after piloting our credit product in Tanzania, We have paused our lending operations and are undertaking a review of our operations to determine our path forward in the market.” reads a statement sent to newsrooms
Tala, however, says it will actively work to continue financial access in the country, maybe just not in the lenders’ space. The company is however keen on expanding business in Kenya, saying that it will venture into financial education and coaching.
Our operations in Kenya continue uninterrupted as Kenya is a critical part of our global business. “We are continuing to evolve our product to meet the needs of our 3 million customers here and are also piloting some exciting new offerings.”
Tala currently operates in Kenya, Mexico, Philippines, with India being the latest market to invest in, with over $1 billion in disbursed loans attracting over 27 million people around the globe.
