UTT aims for 25pc fund growth

TANZANIA: THE UTT Asset Management and Investors Services (UTT AMIS) aims to increase its investment fund by 25 per cent within one year.

To reach its goal, the oldest mutual fund in the country launched a special campaign dubbed ‘Kijiwe Mchongo’ to educate the public on the importance of portfolio investment through social and traditional media.

UTT AMIS Director of Marketing and Communication, Mr Daudi Mbaga, during the launch of the campaign yesterday further said that currently the fund has reached 330,000 investors after investing 2.2tri/-.

“The number is still low going by the country’s population figure…. I know we can reach more investors regardless of their income portfolio,” Mr Mbaga said.

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The country has the population of almost 62 million as per 2022 census. The census showed that the working age population between 15 and 64 years is 53.4 per cent. The goal is to at least reach some 400,000 investors in this fiscal year.

“We will make sure that the campaign reaches all Tanzanians using social and traditional and even mobile phones to increase investors,” Mr Mbaga said.

The state-owned mutual fund manages six schemes of Umoja Fund, Wekeza Maisha Fund, Jikimu Fund, Watoto Fund, Liquid Fund and Bond Fund.

Additionally, UTT AMIS has grown more than sevenfold over the past decade, from 300bn/- to 2.2tri/-, thanks to strong profits and fund security.

The process of buying and selling units has also been streamlined through a mobile phone platform.