Tanzania's stock investors receive well mobile trading

Dar es Salaam Stock Exchange’s mobile trading platform has been welcomed well as the numbers of users continue to climb daily.

The platform launched some six weeks ago has attracted many investors since it went in use almost mid-August signifying a new trading trend at the bourse. 

DSE Chief Executive Officer Mr Moremi Marwa (pictured) said as at the end of third quarter, a month after the launch, some 700 investors used the mobile phones platform.
“We [DSE] envisage the increase in number of mobile trading platform as more people get to know the existence and operability of this technology,” Mr Marwa said.

The bourse chief said in a third quarter CEO Note that the initiative enables investors to buy and sale listed shares using their mobile phones through Automated Trading and Central Securities Depository infrastructure.

The infrastructure the first of its kind in the Africa was launched as planed during this year’s third quarter. Mr Marwa said the advent of the bourse mobile trading technology provides access to a wider and growing range of investment and savings instruments on the capital markets. “…and all from the comfort of your mobile phone,” Mr Marwa said.

Mwalimu Commercial Bank used mobile platform to sell their share during primary offer thus attracted a number of investors. “During this [fourth] quarter, we expect at least three listings: Mwalimu Commercial Bank, Mufindi Community Bank and Yetu Microfinance,” Mr Marwa said.

Because of mobile platform, Mwalimu Bank managed to reach many in the rural areas to turn IPO table around as upcountry buyers’ outpaced Dar es Salaam residents in buying shares.

The IPO ended up oversubscribed by over 24 per cent. The bank wanted to raise 25bn/- as a capital to establish the bank but it received 31bn/-, thanks to mobile venue.
Source: Daily News, reported from Dar es Salaam, Tanzania
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