July 18, 2024

NMB Bank Tanzania Opens Doors to Stock Market Investments

NMB Bank Tanzania Opens Doors to Stock Market Investments

NMB Bank Tanzania has embarked on a groundbreaking initiative, receiving approval to act as an agent for licensed stockbrokers at the Dar es Salaam Stock Exchange (DSE Tanzania). This is in an effort to expand financial inclusion and empower Tanzanians to actively participate in the capital markets.

The journey commences with a formal partnership agreement signed with Orbit Securities Co. Ltd, a leading and well-respected broker on the DSE. Through this strategic collaboration and leveraging nmb bank unparalleled network of 231 branches across Tanzania, the bank is now fully equipped to provide a comprehensive suite of services to facilitate seamless share and bond transactions.

With this approval and the MoU signing, nmb bank is now prepared to offer the following services through their 231 branches across Tanzania:

  • Share and Bond Transactions – Shares and bonds will be sold through all nmb bank branches on behalf of DSE brokers.
  • Order Processing – NMB will receive orders for the sale or purchase of shares and bonds on behalf of brokers, and once an order finds a buyer or seller, the person who placed the order will be notified via phone call or email.
  • Customer Assistance – Customers can visit any nmb bank branch to fill out a special form for buying or selling shares or bonds, and we will coordinate with the broker for the next steps.

According to the 2023 Finscope report, only a meager 0.5 percent of Tanzanians currently leverage capital markets for investment purposes. NMB Bank innovative initiative aims to bridge this gap and significantly increase participation in the Tanzanian capital and securities markets. This has the potential to unlock a new avenue for wealth creation and empower Tanzanians to take control of their financial futures.

The bank acknowledges the instrumental role played by the Bank of Tanzania (BoT), the Capital Market and Securities Authority (CMSA), and the Dar es Salaam Stock Exchange (DSE) in granting this approval and facilitating this critical partnership.

NMB Bank invites all Tanzanians to explore the exciting world of investment opportunities through their convenient branch network. The bank is confident that this new service will open doors for individuals to diversify their portfolios and achieve their long-term financial goals.

Furthermore, nmb bank welcomes other licensed stockbrokers to partner with them and contribute to the shared goal of fostering financial inclusion and empowering Tanzanians through participation in the capital markets.

Read Also : NMB Tanzania Loan Portfolio Jumps to TZS 7.9 Trillion

Licensed stockbrokers are financial experts who act as intermediaries between investors and the stock market. They handle buying and selling of stocks and other investments on behalf of their clients.

Stockbrokers shoulder a variety of responsibilities, including keeping abreast of ever-changing financial regulations, monitoring market performance to identify trends, conducting thorough research and analysis to make informed investment decisions.

They also understand client needs and risk tolerance to recommend suitable investment options, and provide accurate information, including associated risks, to ensure clients make informed choices. Their expertise lies in stocks, bonds, and options, differing from financial advisors who offer a broader range of services such as financial planning, insurance, and tax advice.

Reach out to the nmb bank tanzania customer care through the nmb bank tanzania contact +255 22 232 2000, or the nmb bank tanzania email address tuambie@nmbbank.co.tz for additional information.