Dar es Salaam. The Treasury Registrar, Nehemia Mchechu, has launched a partnership between the National Commercial Bank (TCB) and the Dar es Salaam Stock Exchange (DSE), aimed at providing the bank’s customers with the ability to buy and sell shares via mobile phones.
Speaking in Dar es Salaam on February 21, 2025, during the launch ceremony, Mr Mchechu described the initiative as a significant milestone for the banking sector, as it will enhance public awareness of the stock market’s role in investment and economic growth.
He noted that the collaboration would broaden investment opportunities and offer Tanzanians a chance to participate in the ownership of various projects.
“The stock market is a crucial platform for businesses and investors to expand their capital and contribute significantly to economic development,” he said.
Mr Mchechu urged stakeholders and regulatory authorities to explore ways to increase participation in the stock market and introduce a wider range of financial instruments to enhance market vibrancy.
He said it was important for businesses to understand the benefits of listing on the stock exchange, noting that selling shares enhances corporate governance and operational efficiency, particularly when more shareholders are involved.
The government, he said, is committed to bringing more state-owned enteprises (SOEs) into the stock market and is conducting studies to determine which entities should be listed.
“We are assessing which institutions, and the appropriate timing for their listing. There are over 248 institutions, but we cannot list them all at once. Our focus is on achieving positive investment outcomes,” he said.
TCB Chief Executive Officer, Adam Mihayo, thanked DSE for the partnership.
He noted that TCB is the first bank to enter such a collaboration, reinforcing its position as a leader in financial innovation.
“This initiative will enable our customers to conveniently trade shares using their mobile phones,” said Mr Mihayo.
He added that TCB has been at the forefront of introducing innovative services, including a loan scheme for retirees, through which the bank has disbursed Sh1 trillion.
Additionally, TCB has partnered with telecom companies to offer digital savings and lending services, reaching over 500,000 groups, and has collaborated with the Standard Gauge Railway (SGR) to facilitate revenue collection.
DSE Chief Executive Officer, Peter Nalitolela, said the initiative would also benefit Tanzanians living abroad by providing them with easier access to stock market investments.
“TCB customers will now have the opportunity to invest in shares, which could increase local participation in the stock market. At DSE, we are continuously improving our systems to ensure that Tanzanians can invest without having to visit stockbrokers’ offices,” he said.
Meanwhile, the Chief Executive Officer of the Capital Markets and Securities Authority (CMSA), CPA Nicodemus Mkama, commended TCB for its innovation, saying that the initiative would have a positive impact on capital markets by attracting more investors.
He noted that CMSA is working to create an enabling and inclusive environment to increase public participation in capital markets.
“There is growing confidence in Tanzania’s capital markets, which remain strong and continue to expand, making them an attractive destination for both local and international investors. Our capital market has introduced various products that have left a mark globally, including the country’s first green bond,” said CPA Mkama.
