Dar es Salaam. The Stawi Bond, launched by Tanzania Commercial Bank (TCB) in September, has surpassed expectations, with subscriptions exceeding the initial target by more than three times.
The five-year bond raised Sh140.2 billion, beating the planned Sh50 billion by a remarkable 180 percent, reflecting growing trust in Tanzania’s capital markets.
The bond was officially listed on the Dar es Salaam Stock Exchange (DSE) on Wednesday, December 3, 2025.
Speaking on the milestone, Deputy Permanent Secretary in the Ministry of Finance, Mr Elijah Mwandumbya, said the overwhelming response shows that Tanzanians are increasingly engaging in financial markets and contributing to the country’s economic growth.
“The strong participation demonstrates not only confidence in this investment product but also trust in TCB’s efforts to promote inclusive economic growth,” he said.
The Stawi Bond is part of a Sh150 billion Medium-Term Note (MTN) programme approved by the Capital Markets and Securities Authority (CMSA).
Of the total subscriptions, 96.7 percent came from retail investors, while only 3.3 percent came from institutional investors.
Most investors (99.6 percent) were local, with 0.4 percent foreign participation.
TCB indicated that the funds will be used to expand lending to support economic transformation, boost SME growth, enhance social welfare, and strengthen institutional development.
Mr Mwandumbya added that the government is committed to creating a favorable environment for financial institutions, increasing access to affordable credit, and ensuring that SMEs have the capital they need to grow.
CMSA Chief Executive Officer, Mr Nicodemus Mkama, said the Stawi Bond’s strong performance demonstrates the maturity and expansion of the country’s capital markets.
“The proceeds enable TCB to improve liquidity and strengthen its capital base, allowing it to serve more customers, including entrepreneurs and ordinary Tanzanians,” he said.
Mr Mkama noted that the success of this bond sets a precedent for other government and private institutions seeking to use capital markets for funding development projects.
He said this initiative aligns with the Government’s Alternative Project Financing (APF) Strategy, which is part of the Financial Sector Development Master Plan (FSDMP) 2020/21–2029/30.
TCB Managing Director and CEO, Mr Adam Mihayo, said the bond’s oversubscription is a sign of high public trust in the bank.
“What makes this achievement particularly remarkable is the large participation of ordinary Tanzanians, showing growing financial literacy and confidence in capital markets,” he said.
