Tanzania’s commercial bank, Bank M Tanzania Limited (Bank M) has introduced Money.Market programme to attract potential investors to buy and sell government securities. According to Bank M Head of Transactional Banking, Jacqueline Woiso, the programme is designed to efficiently attract investors to bid, buy and transfer by way of sale any government security.
It targets all types of corporate entities, public and private institutions.
Head of Treasury, of the Dar es Salaam based bank, Henry Lesika, also explained that the Money.Market is embedded with technical and advisory role on portfolio structuring and restructuring to achieve targeted rate of return, meet regulatory and policy requirements, diversification, collateralisation and consolidation.
Explaining how the product works, Woiso said that once the basic documentation has been completed, the client will be enlisted as a subscriber to the Money.Markets product and will also be registered into the Central Depository System of the Bank of Tanzania, of which an ID and account number would be issued.
The programme will serve all needy investors, not necessarily Bank M’s customers, in government securities’ primary and secondary market trading. Customers using this service will also enjoy the Bank M’s Service Standard Guarantee policy which assures clients of reliability, consistency and efficiency.
The product also help clients in executing a variety of government securities in primary and secondary market trades.
Woiso revealed that the bank is among the first licensed as Central Depository Participant (CDP) warranting their direct involvement in government debt market.
With the Central Depository Participant, investors would now be able to see a high level of efficiency in the processing of transactions pertaining to government securities.
Bank M’s Money.Market programme came at the heel of Bank of Tanzania (BoT) online Government Securities System, the first of its kind in East Africa, enabling all transactions online.
Bank M is a full-fledged commercial bank regulated by the Bank of Tanzania. Since its inception, five years ago, it has been a frontrunner in service delivery, attracting large number of businesses in the market.
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