TIRA, DSE ink deal to foster capital innovation

DAR ES SALAAM: TANZANIA Insurance Regulatory Authority (TIRA) has signed a Memorandum of Understanding (MoU) with the Dar es Salaam Stock Exchange (DSE) to promote innovative financial products and boost financial education.

TIRA Commissioner Dr Baghayo Saqware said recently that the partnership aims to expand opportunities for insurance firms by enabling them to raise capital through the stock exchange, while protecting consumer interests and enhancing financial efficiency.

“The agreement will improve information management, support joint research, build staff capacity and promote public awareness on the importance of insurance and investment,” he said.

The TIRA’s head further said that the agreement will enhance information management and analysis, allowing insurance companies to play a more active role in the capital market through the listing of their securities adding that collaboration is expected to open up new avenues for the sector to access long-term financing and improve transparency.

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“TIRA believes the success of the insurance sector is closely linked to the resilience of capital markets. Together, we can build an inclusive, strong and beneficial financial system for all Tanzanians,” said Dr Saqware.

DSE Chief Executive Officer Peter Nalitolela described the agreement as a strategic step to align the insurance sector with capital markets and advance financial inclusion across the country.

He noted that the partnership will enhance transparency, support economic transformation and contribute to the goals of the National Development Vision 2050. It will also build capacity, promote community development and foster a competitive, inclusive economy.

“The agreement includes organising joint professional events that bring together stakeholders from the insurance sector, capital markets and investors. This will strengthen key sectors, improve risk management and support a stable, predictable economy,” he said.

The move is particularly timely as the current participation of insurance companies in the capital market remains limited. Jubilee Holdings Limited is the only insurance-focused company listed on the Dar es Salaam Stock Exchange (DSE).

It owns Jubilee Insurance Tanzania, offering life and general insurance. Jubilee is cross-listed in Kenya, Uganda and Tanzania. CRDB Bank is also listed on the DSE and owns CRDB Insurance Company, which began offering Takaful (Islamic insurance) products in 2024.

However, CRDB is primarily a banking stock. Generally, no other insurance firms are currently listed on the DSE. Most of the country’s over 30 insurance companies are privately held and regulated by TIRA.