Dar es Salaam — Trading at the Dar es Salaam Stock Exchange (DSE) will likely go up, thanks to a mobile trading platform.
Chief executive officer of Capital Markets and Securities Authority (CMSA) Nicodemus Mkama said yesterday the new equities’ mobile trading platform will stimulate growth of the country’s capital markets.
Dubbed ‘Hisa Kiganjani,’ the platform, which was launched yesterday by DSE will allow investors to buy and sell stocks using their mobile devices through a mobile application or via website.
Mr Mkama, who graced the launch, said the capital market authority approved the platform because it met both national and international requirements.
He said the new development augurs well for CMSA plans to steer to the growth of the stock markets .
"The platform will increase the number of participants in the market and thus push for more liquidity and growth," he said.
He said selling and buying securities through mobile devices provide convenience by saving time and it would reach many people and potential investors especially those in remote areas.
He said: "There are many potential investors who live in upcountry regions, who are interested in the DSE activities, but they cannot access services. This is because many brokerage firms do not have office branches in all regions.
"However, this platform is a boon for them and the DSE because they will now simply be able to access the market."
Speaking yesterday, DSE chief executive officer Moremi Marwa said the platform will be operating as an "order management system" allowing investors to check on the market and make an order anywhere they are. "We also designed this platform as a means to expand our investors base.
"Currently, we only have 550, 000 registered participants in the market which is only nearly one percent of the total Tanzanian population," said Mr Marwa.He said the platform also aligns with the implementation of the DSE five-year strategic plan for 2018-2022.Being the third year of the strategic plan implementation, Mr Marwa said it is very difficult to project the exact number of participants that will come in as a result of this initiative.However, DSE has plans to put in place a number of supporting resources such as engaging in public awareness programmes and continuing with efforts in profiling the bourse and its visibility so as to make the numbers grow.Regarding the role of brokers in this mobile platform, Mr Marwa said they have included all the registered brokers, and a trader […]