WHI Faida Fund raises 34bn/-, surpasses half of target

TANZANIA: WATUMISHI Housing Investment (WHI) has successfully raised 34bn/- through its Faida Fund scheme as of December last year, surpassing half of its target for the fiscal year.

The target for this year is 40bn/- and with such progress, WHI is on track to meet or exceed its goal. According to WHI Senior Public Relations and Marketing Officer, Ms Maryjane Makawia, the success is largely attributed to heightened public awareness around the investment schemes.

“The increased public awareness and participation in the Faida Fund scheme foster a culture of savings and long-term financial planning among investors,” she stated.

She noted that the increase was particularly noticeable in the second quarter of the 2024/25 fiscal year, when there was a significant surge of public interest in investing.

During the period under review, nearly 2,000 potential investors’ submitted applications, reflecting a significant increase in interest from individuals across various sectors.

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She said currently, about 7,000 in total have invested while 24,811 have shown interest. Ms Makawia highlighted that, despite the festive season when many expected people to focus on year-end celebrations, there was a noticeable shift toward investment.

She also pointed out that the unit value had risen to 124/- from 100/-, meaning those who initially invested 100/- had earned a profit of over 24/-.

Looking ahead, Ms Makawia revealed WHI’s plans to make use of the ESS portal system, which will allow public servants to have their contributions automatically deducted from their salaries, streamlining the investment process.

“This system will greatly reduce the time spent obtaining control numbers and making payments. With ESS Utumishi, deductions will be automatic,” she explained.

She emphasised that the new system will be especially beneficial for employees who often juggle heavy workloads, leaving them little time to invest or visit physical offices.

The investment option, she said, offers a secure way for employees to grow their savings.

“We’re working on creating a more straightforward approach that encourages employees to save for their future goals,” she added.