NBC backs new ETFs targeting Africa’s key economic sectors
DAR ES SALAAM: Three exchange-traded funds (ETFs) targeting Africa’s financial services, mining, telecommunications and technology sectors have opened for subscription in Tanzania, offering access to companies listed on African stock markets through the Dar es Salaam Stock Exchange (DSE).
The iAfrica Financials ETF, iAfrica Mining ETF and iAfrica Telco and Tech ETF were launched by iTrust Finance, with National Bank of Commerce (NBC) appointed trustee and custodian. These roles support the administration and safeguarding of investment assets.
Speaking yesterday at the launch in Dar es Salaam , NBC Managing Director Theobald Sabi said financial institutions were important as African capital markets became more interconnected.
“As African capital markets become increasingly interconnected, investors need strong and dependable financial institutions that can safeguard their assets and facilitate efficient, secure and cost-effective cross-border transactions,” Sabi said.
The funds focus on sectors that influence economic activity across Africa. Financial services support access to finance, mining contributes to natural-resource development and export earnings, while telecommunications and technology underpin digital connectivity, innovation and digital services. Investors should understand the risks associated with each market and the companies included. NBC’s appointment builds on its partnership with iTrust Finance.
The bank provides securities custody, trustee services, registry management and collections, alongside corporate and investment banking services. The partners previously supported the East African Community (EAC) Large Cap ETF, whose initial offer attracted 54.03bn/- against a target of 10bn/-.
The result illustrated the potential of exchange-traded funds to mobilise savings, although performance and demand may vary between products. The initial offer for the three iAfrica funds opened on 26 October and closes on 27 November 2026.
NBC said subscribers could get assistance through its branch network and digital banking channels, including its mobile application. Investors are encouraged to read the offer documents, understand each fund’s objectives and risks, and make decisions based on their financial circumstances.
The launch was led by Exaut Julius, Director of Market Supervision and Investigation at the Capital Markets and Securities Authority (CMSA), representing Chief Executive Officer CPA Nicodemus Mkama. Representatives of the DSE and the Bank of Tanzania attended. Julius said cooperation among market institutions was important for transparency and investor confidence.
“Collaboration among capital market stakeholders is vital to building investor confidence, supporting transparency and expanding access to investment opportunities,” he said.
iTrust Finance Board Chairman Aunali Rajabar, who said he had invested in East African stock markets for 25 years, pointed to Africa’s youthful population, natural resources and growing technology adoption as factors underpinning the funds’ investment rationale. He highlighted the role of institutional partners in administering investment products.
“Strong institutional partnerships are essential to developing investment products that investors can access with confidence. NBC’s involvement is an important part of the institutional support behind our investment initiatives,” Rajabar said.
NBC Director of Business Banking Elvis Ndunguru said the partnership aimed to connect savings with opportunities across African markets.
“The initiative also highlights the role of trusted financial institutions like NBC in strengthening market participation and supporting the financial infrastructure needed for long-term economic growth,” he said.
