Orbit bullish about new funding scheme prospects

DAR ES SALAAM: ORBIT Securities has come up with Inuka Money Market Fund aimed at steady growth and financial flexibility targeting to outperform traditional benchmarks.

The fund manager said Inuka centred to outstrip traditional yardstick like the 364-day Treasury bill by 50 basis points.

Orbit Securities’ Portfolio Manager and Head of Research and Investments, Mr Ammi Mwamunyi said yesterday that the newly introduced local currency investment fund offers investors the opportunity to diversify their portfolios across multiple countries, including Tanzania, Kenya and Uganda.

“Unlike some other investments, this fund also gives the investor the ability to use units as collateral for loans, adding an extra layer of financial flexibility,” he said.

Mr Mwamunyi said that the fund is managed with expert oversight and aims to surpass traditional financial
benchmarks.

With its focus on steady growth and the potential for higher returns compared to conventional benchmarks, this fund is designed to appeal to those seeking both reliable investment performance and financial versatility.

ORBIT Securities ’Inuka Money Market Fund has been licensed by the Capital Markets and Securities Authority (CMSA) to operate in the country as a collective investment fund.

The Capital Markets and Securities Authority (CMSA)’s Director Research Policy and Planning Mr Alfred Mkombo said over the weekend that the presence of the fund adds more value to the investment sector.

“Considering the outcome of the fund such as adequate returns, those who invest in it will have the opportunity to improve their financial capabilities,” he said.

The fund, managed by Orbit Securities, selected CRDB Bank as a custodian bank.

The fund initial offer runs from almost a month and half till mid next month.

The initial investment for the local currency is 10,000/- and is designed to give investors the chance to diversify across multiple countries, including Tanzania, Kenya and Uganda.

The Ministry of Finance, Commissioner for Financial Sector Development, Dr Charles Mwamwaja, said the presence of Inuka fund is expanding opportunities for the citizens to invest more and thus increasing their participation in financial matters.

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“As you know, proper management of money is essential for making effective plans on how to spend the limited amount we acquire from our various work.

“When you receive money, you can either spend it immediately or choose to invest it.

Investing is particularly beneficial because it helps secure your financial future,” he said.

However, Mr Mwamwaja said that despite the initiative, more financial awareness should be enhanced to encourage more citizens.