“We have witnessed huge improvement in investment environment that created investors’ confidence in the financial markets thus attracting more investors,” he said.
He added, “The way President Samia is creating investors’ confidence in the financial markets is contributing greatly in the growth of the collective investment schemes.”
Mr Migangala said the outstanding performance in just two years of President Samia makes UTT AMIS the fastest growing collective investment scheme in East Africa region.
Apart from the improvement of investors’ climate, he said the Fund has invested heavily on technology that helped to reach more people.
“For example, with the mobile phone, an individual can open account and start investing in the collective investment schemes,” he said.
With technology, he added, the Fund has managed to bridge the geographical barrier reaching out urban and rural people accessing and benefitting from it.
He said also that the Fund is partnering with banks like NMB, CRDB, NBC through which investors can access and take advantage of various schemes and services.
The deployment of technology has helped to increase the number of investors to over 300,000 investing in a wide range of the Fund’s schemes and services.
Currently, UTT AMIS has seven schemes and services namely Umoja Fund, Wekeza Maisha Fund, Watoto Fund, Jikimu Fund, Liquid Fund, Bond Fund and Wealth Management Service.
Apart from providing huge investment avenue for small scale investors to participate and benefit from money markets, he said the Fund is also paying dividend to the government.
The UTT AMIS Director of Marketing Mr Daudi Mbaga said the Fund is currently covering six regions and the expansion is being implemented gradually.
He however, said the use of technology and partnership with banks has helped to cover almost the whole country to reach out all potential investors.
He said further that the Fund has been using many other platforms like exhibitions including those for farmers, entrepreneurs, innovators to provide education on the usefulness of the collective investment schemes.
The various initiatives have contributed significantly to the growth of the collective investment schemes.
For example, in 48 months from July 2019 to May this year assets increased by 1.24tri/- equivalent to 428.31 per cent.
In five years from 2009 to 2014, assets increased by 113bn/- which is an average annual growth of 22.6bn/-.
The UTT was established under the Trustee Incorporation Act, Cap 318 and was vested with the several key activities including the development of collective investment schemes, acquiring and keeping in trust the shares of privatised enterprises and encouraging savings culture through wide participation in the ownership of distributed shares/units.
The UTT was very successful in launching unit trust schemes since five collective investment schemes were launched attracting over 90,000 investors from all over the country.
Over time UTT grew in size with total funds under management of over 120bn/- as at 30 June 2013 and further diversified into other activities in projects management and microfinance businesses.
Based on advice of stakeholders and the Treasury Registrar and approval of the Minister for Finance, the Unit Trust of Tanzania (UTT) was restructured into three organisations.
The objective of the restructuring was to enable each of the key businesses to focus on their activities and services so as to contribute more to increasing of government revenue and promote development of the country.
