TANZANIA’S capital market has gained a new investment product following the listing of the Zan Timiza Exchange-Traded Fund (ETF) on the Dar es Salaam Stock Exchange (DSE), giving citizens another opportunity to invest, grow their savings and participate in wealth creation.
The fund, managed by Zan Securities Limited, raised Sh9.46 billion during its initial public offering (IPO), exceeding its target of Sh5 billion by 89.3 per cent.
The amount raised represents 189.3 per cent of the initial target, signalling strong investor participation and growing interest in investment opportunities available through the country’s formal financial markets.
The listing is expected to broaden investment choices for Tanzanians while strengthening the role of the capital market in mobilising domestic savings to support long-term economic development.
Speaking at the listing ceremony on October 12, 2026, Commissioner for External Payments at the Ministry of Finance, Rished Bade, said the achievement demonstrated the potential of domestic investors to contribute to national development through the capital market.
“This milestone will expand investment opportunities and strengthen the role of capital markets in mobilising long-term financing for national development. It is an important innovation that enables investors to participate in the formal capital market,” Bade said.
One of the most notable features of the initial offering was the participation of individual investors, who accounted for 99 per cent of the fund units purchased, while institutional and corporate investors contributed one per cent.
The participation highlights the potential of investment products that enable ordinary citizens to access the capital market, rather than limiting investment opportunities to large institutions and wealthy individuals.
Bade said the listing supported the objectives of the Financial Sector Development Master Plan and Tanzania’s Development Vision 2050, particularly efforts to promote a culture of saving and investing, increase market liquidity and mobilise domestic capital.
He noted that expanding investment opportunities could help more Tanzanians participate in the country's economic transformation by putting their savings into formal investment channels.
Zan Securities Chief Executive Officer Raphael Masumbuko said the listing represented an important step towards making investment opportunities more accessible to ordinary Tanzanians.
“The success of this offering is measured not only by the amount of money raised, but also by the number and diversity of investors who participated, particularly ordinary Tanzanians,” Masumbuko said.
His remarks underscore the importance of developing financial products that accommodate investors with different financial capacities and encourage broader participation in wealth creation.
For citizens, the expansion of investment options provides an opportunity to explore alternatives to traditional savings, although the suitability of each product depends on an investor’s financial goals, circumstances and tolerance for risk.
The Capital Markets and Securities Authority (CMSA) Director of Market Supervision and Surveillance, Exaut Julius, said the fund’s performance reflected continued confidence among domestic and international investors in Tanzania’s capital market.
He attributed the achievement partly to the supportive policy, legal and operational environment established to facilitate the growth of the sector.
Julius said the listing was expected to increase trading activity and liquidity on the DSE, while helping investors monitor the value of their fund units and assess their investments.
“The listing of this fund is therefore expected to increase trading activity and liquidity in the market,” he said.
Improved liquidity can make it easier for investors to buy and sell securities, although actual trading activity and the ease of selling units will depend on market conditions and investor demand.
DSE Business Development Manager Emmanuel Nyalali said the listing was another milestone in efforts to diversify investment products available on the exchange.
He said a well-developed stock market should offer opportunities beyond conventional shares and bonds, enabling people with different levels of financial resources to participate in investment activities.
According to Nyalali, a broader range of products could encourage more citizens to save and invest, deepen the capital market and contribute to national economic growth.
However, he stressed that expanding investment opportunities must go hand in hand with financial education, access to reliable information and a clear understanding of investment risks.
The listing of the Zan Timiza ETF adds another option to Tanzania’s growing investment landscape and supports efforts to make the capital market more inclusive.
For citizens considering investing, financial experts and regulators continue to emphasise the importance of understanding how a product works, its costs, potential returns and associated risks before committing money.
Investors should also review the fund’s prospectus and other official disclosures to understand its investment strategy, fees, redemption or trading arrangements and the risks of possible losses. Investment returns are not guaranteed, and the value of units may rise or fall.
With Sh9.46 billion raised against an initial target of Sh5 billion, the Zan Timiza ETF listing marks a significant development for Tanzania’s capital market, with the potential to encourage a stronger savings culture and widen public participation in the country’s economic progress.