DAR ES SALAAM STOCK EXCHANGE TO GO MOBILE BY MARCH 2015

The Capital Markets and Securities Authority (CMSA) in partnership with the Dar es Salaam Stock Exchange (DSE) are finalising plans to start selling shares using mobile phones in order to ease trading on the stockmarket.

According to Magabe Maasa, the DSE programmes and projects manager, the process will be used for the first time in the upcoming initial public offering of Mwalimu Bank.

“After finalising talks with CMSA, plans are underway to use the mobile system once Mwalimu Bank is listed on the bourse,” he said.

Mwalimu Bank is expected to list its shares by March next year, bringing to six the number of banks listed on the DSE. 

According to Charles Shirima, the CMSA’s public relations manager, the system will be used as a platform to assist not only teachers but anyone interested in buying or selling shares.

“We expect this system to succeed by one hundred per cent because most people are using mobile phones,” he said.

Mr Shirima said that the CMSA’s aim is to empower the public and create awareness about capital markets.

According to DSE chief executive officer Moremi Marwa, an increasing number of Tanzanians are investing in capital markets as demonstrated by the oversubscription of recent IPOs including that of Twiga Cement which had Tsh23 Billion ($13 million) worth of stock on offer, and was oversubscribed for over Tsh92 billion ($52 million).

The East African