Diasporas have been asked to join government and other development partners in accelerating economic situation of the country through purchasing shares from various companies listed at the Dar es Salaam Stock (DSE) Market.
This is now possible following official launch of mobile trading platform where one can purchase shares trough mobile phone from wherever in the world.
Capital Market and Securities Authority (CMCA), Chief Executive Officer, Nicodemus Mkama said that the system was a result of cooperation between stakeholders in sup- porting the government’s efforts to empower low income earners in reducing poverty.
“You have to ensure that the system sensitize youths as most of them are mo- bile phones addict, and you must also put in place plans to incorporate diasporas as we need them in the process of building our economy” urged Mkama.
CMCA Chief said the mobile trading platform system has followed all necessary rules and regulations and it was safe for members of the public to utilise it in buying shares. He said that the system goes along with implementation of strategies for National Financial inclusion Framework 2018 – 2022 for capital markets development in Tanzania.
Dar es Salaam Stock exchange (DSE) Chief Executive Officer Moreme Marwa said that the new mobile trading system will expand and simplify the purchasing process at the DSE hence increase number of shareholders.
Marwa acknowledged that 23 years of operation, the market has only 550,000 investors which is equivalent to one percent of all Tanzanians.
“Every member of the public has an opportunity to invest at the DSE, we hope through this new system the number will shoot up” the CEO said. He said that the increase of numbers of investors at the City market will in- crease liquidity hence the value of investment.
However through NIDA, the mobile trading system will now modify the investment process recognition through information filled by an investor from his\her National Identification card. Marwa said so far, the total capital of all companies listed at the DSE was TSh 15 trillion and among them 9.1 trillion are domestic companies which have collected a total capital of sh 998.7 billions.
Executive Director of Financial Sector Deepening Trust, (FSDT) Sosthenes Kewe said that economically the mobile trading system will allow members of the public to invest easily while in the financial sector people will now be involved in stock mar- kets and mobilize resources.
However Kewe said that the system will reduce chaos among investors as they will now need not to go to the DSE offices. “We have to aim bigger, we really need to promote creativeness among our youths to participate, said Kewe and added that the challenge was creativeness and its implementation”. He concluded that the country is now a middle income economy so financial sector has to look at these issues deeper.