Dar es Salaam. A favourable investment climate, systematic adoption of technology and market stability have propelled the six funds managed by UTT Asset Management and Investor Services (UTT AMIS) to a combined value of Sh2.2 trillion in the past financial year.
The funds grew from Sh1.6 trillion in 2022/23 to Sh2.2 trillion in 2023/24, with returns of 12 percent or more across all portfolios, the collective investment scheme said.
Among the funds, the liquidity and bond funds have stood out, offering investors greater flexibility, including the option to withdraw their funds at any time.
“Our funds have performed exceptionally, growing from Sh1.6 trillion in 2022/23,” said UTT AMIS director general, Mr Simon Migangala.
The funds managed by UTT AMIS are; Umoja Fund, Wekeza Maisha Fund, Watoto Fund, Jikimu Fund, liquid Fund and Bond Fund.
“We thank our investors for their continued trust and alongside the government, we remain committed to improving Tanzania’s investment environment. We aim for even greater success,” he said while speaking to journalists on Friday, November 15, shortly before the start of the Annual General Meeting for Shareholders.
Mr Migangala highlighted that the funds’ growth is advancing well.
He added that the current strategy includes enhancing technology infrastructure to broaden access and reach more Tanzanians.
Mr Migangala noted that this year’s profits surpassed Sh250 billion, a considerable increase over the previous year, and the collective investment avenue projected a target of expanding the value of funds to Sh2.5 trillion by next financial year—a milestone already achieved by October.
However, Mr Migangala acknowledged that the number of Tanzanians investing in the funds remains limited.
To address this, UTT AMIS is implementing various strategies aimed at boosting financial inclusion and attracting more investors, he said.
Currently, the organisation accounts for 40 percent of all investors in Tanzania’s capital market, according to him.
“Our growth encourages us to extend our reach to other East African countries and in the Southern African Development Community (SADC), allowing greater participation and creating more reliable investment opportunities,” he said.
UTT AMIS board chairman, Prof Faustine Kamuzora, emphasised that the funds are secure and managed by professionals, encouraging Tanzanians to invest and benefit from strong returns.
UTT AMIS board chairman, Prof Faustine Kamuzora, speaks to journalists before the start of the annual general meeting on Friday November 15, 2024. PHOTO | /NASRA ABDALLAH
“This year has been a great success for our funds, thanks to the trust in our experts. The funds are safe, and the risks associated with investing in them are minimal. Tanzanians can feel confident about receiving profits at the end of the year,” Prof Kamuzora said.
He further noted that the six funds are tailored to meet diverse investor needs, calling on Tanzanians to invest with assurance of the safety and reliability of their funds.
Share this news
This Year's Most Read News Stories
Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.
Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).
Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.
While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.
“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”
Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.
Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”
ALSO READ: NBC participates in TFF 2023/24 awards, promises to enhance competition
On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.
He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:
At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.
There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.
Source: allafrica.com
Fast Satellite Internet in Kenya by June
Elon Musk’s satellite Internet firm Starlink announced it will launch in Kenya in the second quarter of this year.Continue Reading
Huduma Zimezorota Hospitali Ya Rufaa Mnazi Mmoja Zanzibar
Huduma katika Hospitali ya Rufaa ya Mnazi Mmoja Zanzibar zimezidi kuzorota huku wananchi wengi wakilalamikia uongozi wa Hospitali hiyo na watendaji wake.Continue Reading
