Dar es Salaam. iTrust Finance Limited has made history in Tanzania's capital market after its corporate bond shattered three major records, attracting subscriptions worth more than TZS 118 billion against its initial target of TZS 15 billion, a milestone that stakeholders say reflects growing investor confidence in the country's economy and the increasing role of capital markets in financing private sector growth.
The achievement was celebrated during the official listing of the bond on the Dar es Salaam Stock Exchange (DSE), where the Guest of Honour was the Chief Executive Officer of the Capital Markets and Securities Authority (CMSA), CPA Nicodemus Mkama.
Speaking at the ceremony, Mkama said the iTrust bond had set a new benchmark by becoming the first bond issued by a company licensed both as a stockbroker and a fund manager.
He noted that the inaugural issuance alone raised the entire amount originally planned under the company's TZS 100 billion bond programme, which had been scheduled to be issued in four tranches through 2029.
He further said the bond achieved an oversubscription rate of 787.8 percent, making it the most successful corporate bond issuance in the history of Tanzania's capital market.
According to him, more than 98 percent of investors were Tanzanians, while nearly 97 percent were individual investors, demonstrating growing public participation in formal investment markets.
Mkama added that the listing increased the value of listed debt securities on the DSE by more than five percent, further advancing Tanzania's financial inclusion agenda.
He encouraged both public and private sector institutions to utilise the capital market as a reliable source of long-term financing for business expansion and development projects.
Representing the DSE Chief Executive Officer, Ally Othman said the success of the iTrust bond demonstrates that Tanzania's capital market has become a trusted platform for raising long-term capital.
He noted that although the bond targeted TZS 15 billion, it attracted subscriptions exceeding TZS 140 billion, describing the outcome as a strong vote of confidence in both iTrust Finance and Tanzania's capital market.
He added that during the 2025/26 financial year, Tanzania's corporate bond market had already mobilised approximately TZS 256 billion from more than 6,500 investors, highlighting the growing demand for well-structured fixed-income investment products.
Meanwhile, iTrust Finance Chief Executive Officer Faiz Arab said the success of the bond should not only be measured by the amount of money raised but also by the breadth of investor participation, revealing that more than 1,300 individual investors subscribed to the bond.
He said iTrust currently manages six investment funds with assets under management approaching TZS 570 billion, yet none of those funds invested in the bond, meaning all subscriptions came directly from the market.
Arab also revealed that immediately after the listing, the company had already received demand worth more than TZS 1 billion in the secondary market.
He further announced that iTrust plans to launch three new investment products before the end of the year while continuing efforts to encourage more private companies to access capital through Initial Public Offerings (IPOs).
In his closing remarks, the Chairman of the Board of iTrust Finance thanked CMSA, DSE, transaction advisers, reporting accountants, legal advisers, investors and the company's staff for making the historic transaction possible.
He said the achievement reflected the strong collaboration among capital market stakeholders and reaffirmed iTrust's commitment to working with regulators to develop innovative investment products that will expand opportunities for Tanzanians.
A representative of CRDB Bank Plc, the lead transaction adviser for the issuance, said the successful bond demonstrated the capability of Tanzanian financial institutions to execute sophisticated capital market transactions.
He noted that the bank served as transaction adviser, listing sponsor, receiving bank, registrar and one of the investors, adding that the overwhelming investor response reflects increasing public awareness and confidence in investing through Tanzania's capital market.
From an economic perspective, the success of the iTrust bond marks an important step in broadening long-term financing options for the private sector while reducing reliance on conventional bank lending.
The overwhelming participation of domestic investors signals growing confidence in Tanzania's economy and financial markets, while the increased value and liquidity of listed securities on the DSE strengthen the capital market's role as a key driver of economic growth.
If more companies follow iTrust's example by raising capital through the stock market, Tanzania will be better positioned to attract investment, create jobs, foster innovation and accelerate the implementation of the country's Development Vision 2050.
