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| Ms Woiso (center). |
Dar es Salaam based Bank M launched Money.Market programme to
facilitate potential investors to buy and sale government securities.
The move comes merely two days after Bank of Tanzania (BoT) launched
online Government Securities System, the first of its kind in East Africa,
enabling all transactions online.
“The programme designed to efficiently facilitate investors to bid,
buy, transfer by way of sale any government security, targets all types of
corporate, parastatals, public and private institutions,” she said.
The programme will serve all needy investors, not necessarily Bank M’s
customers, in government securities’ primary and secondary market trading.
Bank M Head of Treasury Henry Lesika said Money.Market is embedded with
technical and advisory role on portfolio structuring and restructuring to achieve
targeted rate of return, meet regulatory and policy requirements,
diversification, collateralization and consolidation.
The debt market analysis will include indicative pricing of primary and
secondary market trades, interest rate trends, timely market information,
access to technical advice on investment and rate of return.
An application for a bid for primary market deals would be processed
within 30 minutes of receipt and request for inter-account transfers, transfer
by sale and outright purchases from the secondary market would also be executed
by the bank in the new system within half an hour of receipt of the request.
According to the bank, customers using this service would also enjoy
the Bank M’s Service Standard Guarantee policy which assures clients of
reliability, consistency and efficiency.
Source: The Daily News,http://www.dailynews.co.tz, reported by Abduel Elinaza
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