The Bank of Tanzania (BoT) has warned Tanzanians that participating in or operating informal savings schemes, commonly known as upatu, is illegal and carries penalties including fines and imprisonment. Speaking at a seminar for artists in Dar es Salaam, BoT officer Joseph Lubava stated that upatu arrangements are not recognized by law, making both organizers and participants liable for offenses. The warning comes amid rising complaints about such schemes, particularly within the creative industry, prompting the central bank to engage artists on financial regulations and consumer protection.