Tanzania: DSE offers trading service via mobile phone
It allows investors to carry out stock market transactions from their phone.Investors are able to carry out transactions on the Tanzanian stock market via a mobile application, the development manager of the Dar es Salaam Stock Exchange (Dar es Salaam Stock Exchange / EHR) has announced.
"It facilitates the completion of forms with intermediate traders as well as stock market transactions," said Patrick Mususa, quoted by the Ecofin agency.
The service is offered by the company Maxcom Africa, a provider of payment solutions in Tanzania. Final arrangements are made by traders.
The Exchange hopes this service will open investment opportunities to residents beyond Dar es Salaam and will also unlock the potential of the stock market to finance businesses.
The DSE has multiplied development efforts in recent years and recorded in 2014 a capitalisation reaching 17.301 billion Tanzanian shillings (€7.1 billion), up 27.8 per cent on the previous year.
The Bank of Tanzania (BoT)'s Financial Stability report of March 2014 also showed that the banking and financing index (BI) was the main driver of growth, with a 62.1 per cent appreciation. Industrial and allied share index increased by 27.0 per cent and TSI 46.1 per cent.
The bond market also recorded significant growth. Tsh960.76 billion worth of Treasury bonds with different maturities were listed during the year ending March 2014, equivalent to 6.4 per cent increase from the Tsh903 billion listed during the corresponding period in 2013.