Collective investment awareness gives UTT boost

Increased awareness of collective investment and growth of capital markets in the country has enabled the Unit Trust of Tanzania to widen its services.

“UTT has been a Tanzanian leading fund manager and investment advisor.  

"Among other things, it offers loans to the unit holders under while they still get returns from their investment,” Prof Joseph Kuzilwa of Mzumbe University, who doubles as chairman for UTT Board of Trustees, said on Saturday in Dar es Salaam at the 10th anniversary of the establishment UTT.

He said collective investment gives opportunity to both low and high income earners to bring their resources together for the mutual fund to invest the money in the diversified portfolio such as government security, fixed deposit accounts and stocks.

He said investing in UTT schemes such as Umoja Fund which puts the resources in risk free securities would help small investors.

“Umoja Fund has helped me to save part of my salary and buy the units. Formerly, my salary as a teacher could not help me to meet my needs. 

Using this loan, I’m now financing my university eduction,” said Amina Nachinguru a teacher at Mtapika Secondary School.

Currently, UTT has an investor base nearing 100,000 and has been increasing the number of schemes, with the most recent one being Liquid Fund.
Source: The Citizen, reported by Vainess Mollel from Dar es Salaam, Tanzania
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