To enhance citizen participation in the capital market, the National Microfinance Bank (NMB) has signed an agreement with ORBIT Securities, an agency and investment advisory firm, to represent it in the Dar es Salaam Stock Exchange (DSE).

This development follows NMB’s authorization to become agents of stockbrokers in the Dar es Salaam Stock Exchange from the Bank of Tanzania (BoT) and the Capital Markets and Securities Authority (CMSA).

Consequently, stocks and bonds will be traded through all NMB branches on behalf of Stockbrokers, where it will receive orders for the sale or purchase of stocks and bonds on their behalf.

Speaking at the signing ceremony held today at the bank’s headquarters in Dar es Salaam, NMB’s Chief Executive Officer, Ruth Zaipuna, stated that with this authorization, they would sell and buy shares and bonds in all their branches nationwide.

“Therefore, any Tanzanian will be able to buy and sell shares and bonds of various companies listed on the capital market in our 231 branches,” she said.

Zaipuna highlighted that only a small percentage of Tanzanians currently use the stock market for investment. Hence, she emphasized that this step would reach more Tanzanians.

“This is a significant step in involving more Tanzanians together with investors in the capital market in the country,” she noted.

On his part, the Chief Executive Officer of Orbit Securities, Godfrey Gabriel, stated that this move would ease the stock market for Tanzanians.

He mentioned that people outside Dar es Salaam would now access the service, ending the previous challenge of having to come to the city first to access it.

“This collaboration opens doors for individuals and traders and aligns with the government’s financial sector development plan by strengthening these markets and financial inclusion,” he said.

The goal is to reach at least five percent of Tanzanians with stock market products and services by 2030.

Furthermore, the Acting Chief Executive Officer of DSE, Mary Mniwasa, acknowledged past complaints from investors that the stock market only involved people from Dar es Salaam. However, she emphasized that the market belongs to all Tanzanians.

“These agreements will increase investment in the stock market and improve service delivery, making it easier to reach many investors,” she noted.

Alfred Mkombo, a representative from the Capital Markets and Securities Authority (CMSA), stated that the financial sector would undergo changes due to the establishment of this service.

He said that this move would place Tanzania on the global capital market map: “We aim to increase citizen participation in the capital market, ensuring they benefit,” noted CPA Mkombo.