TCB, DSE partner for mobile stock access

DAR ES SALAAM: TANZANIA Commercial Bank (TCB) has teamed up with the Dar es Salaam Stock Exchange (DSE) to integrate digital systems, enabling its customers to access stock market services directly from their mobile phones.

The initiative enables users to conveniently buy and sell shares without the need for intermediaries, reducing costs and streamlining the investment process.

Through this partnership, TCB Bank’s POPOTE app will offer direct access to the DSE’s ‘Hisa Kiganjani’ feature, making stock trading more accessible to a wider audience, including those in remote areas.

TCB’s Managing Director Mr Adam Mihayo said the system provides a more cost-effective and user-friendly solution for individuals looking to grow their wealth through the stock market.

“This will make our stock market more active and increase the number of local investors participating in investments.” he said.

He added that streamlining the investment process, the lender is committed to empowering investors with greater convenience, efficiency and financial opportunities.

This integration fosters a more dynamic investment environment, encouraging more individuals to explore wealth-building opportunities through the stock market.

By leveraging mobile technology, the partnership reduces barriers such as the need for physical visits to brokers or financial institutions, streamlining the trading process.

The DSE Chief Executive Officer (CEO) Mr Peter Nalitolela reaffirmed the company’s commitment to continuously improving services to reach more Tanzanians and enhance investment growth in the country.

The current DSE data shows the number of local participants in market ranges between 650,000 and 670,000 which is significantly less compared to a total population of 62 million as reported by the 2022 Population and Housing Census.

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“The initiative aims to empower more Tanzanians to participate in the stock market, fostering financial inclusion and boosting market activity,” he said.

The Capital Market and Securities Authority CEO, Mr Nicodemus Mkama, said the collaboration will provide investment access to individuals in areas where stock market services are currently unavailable.

“Most stock brokerage firms are concentrated in major cities like Dar es Salaam.

Through this partnership, we will reach people in remote areas, enabling them to participate in investment opportunities,” Mr Mkama said.

Furthermore, the government is taking strategic steps to expand public investment opportunities by planning to list some of its institutions in the public market in this coming financial year which starts in July.

The Treasury Registrar Mr Nehemia Mchechu said the government is currently finalising its internal plans before the assessment for the suitable institutions for the public market.

“We have already conducted an internal report and engaged a consultant to evaluate and analyse which institutions should be listed.

“The goal is to increase public participation in wealth creation by investing in the stock market,” said Mr Mchechu who was the chief guest of the event.