Top Mobile-based online lending firm Tala will no longer office services to residents of Tanzania.
The firm has since announced its plans to leave the neighboring country after experiencing a series of challenges in the market.
The lender has, however, not given a concrete explanation on why it decided to withdraw the services from the country.
In a statement released to the media houses on Tuesday, the firm said it will share more details of the decision with the customer base 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, as seen by Daily Nation.
The firm has been offering clients personalised loans. Sources indicate that it has more than 27 million customers from different parts of the world since it was launched.
An official, who spoke on condition of anonymity said that the management cannot explain the reason behind the closure at the moment because of legal reasons.
The firm has continued to rise over the recent years with millions of people embracing the issue of mobile lenders. Interest rate and fastness of the loans offered by the firm have made it more attractive to millions across the globe.C
Currently it operates in Kenya, Philippines, India and Mexico.