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| Banking Dispute Resolution in Tanzania: A Way Forward |
Mzee, Mzee Mustafa
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Abstract:
The banking sector all over the world has developed tremendously in terms of services and products, this development, however, have contributed to the rise of the banking disputes. To ensure all these disputes are resolved effectively various mechanisms are established in different countries. These mechanisms include the classic dispute settlement which is the court process and alternative methods to litigation which include arbitration and mediation. Thus, this paper examines the banking dispute settlement in Tanzania to find out the existing methods and propose appropriate methods. The methodology adopted in this paper is based on content analysis of legislations, decided cases, leading textbooks and journal articles to address the study in question. The findings of the study show that Tanzania in solving banking disputes uses Bank of Tanzania resolution desk, court process and arbitration. Hence, the study suggested for some improvement for the banking dispute settlements in Tanzania which include uses of mediation, establishment of commercial court in subordinate court, amendment of arbitration laws and making court-annexed mediation as compulsory.
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