The Bank of Tanzania issued a public notice stating it has not held discussions or issued any directive to license or allow operations of a company named Leo Beneath London (LBL), contradicting reports circulating online. It also confirmed legal action is being taken against LBL officials for alleged fraudulent activity involving the provision of financial services without a Bank of Tanzania licence. The notice cites deposit mobilization, interest distribution and financial transactions as among the activities undertaken without legal authorisation. The Bank advised the public to avoid engaging with any institution, company or individual offering financial services without a licence from the Bank of Tanzania or other financial sector regulators, and warned that any parties unlawfully using the Bank’s name to further their activities should stop or face legal action.
Bank of Tanzania 2025-02-24
Bank of Tanzania says it has not licensed Leo Beneath London and is taking legal action over alleged unlicensed financial services
The Bank of Tanzania clarified it has not authorized or held discussions to license Leo Beneath London (LBL), countering online reports. Legal action is underway against LBL officials for allegedly providing financial services without a licence. The Bank advised the public to avoid unlicensed financial service providers and warned against unauthorized use of its name.