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Tanzania’s Central Bank is responding to the ICT era by targeting to introduce a mobile platform that will capture retail investors.<\/p>\nTanzania’s Central Bank is responding to the ICT era by targeting to introduce a mobile platform that will capture retail investors.<\/p>\n
The Bank of Tanzania (BoT) is planning to introduce a mobile platform that will enable retail investors to apply for and trade treasury bills and bonds.<\/p>\n
The central bank said the platform is expected within this year after working out a methodology with stakeholders.<\/p>\n
The plan centered on reaching mass participation for retail investors on bills and bonds but also reducing the low amount of tender to 100,000\/- from the current 500,000\/-.<\/p>\n
Bank of Tanzania’s Manager of Financial Markets, Lameck Kakula, said next month they expect to meet stakeholders including mobile network operators to map out a way forward.<\/p>\n
“We are working with FSDT [Financial Sector Deepening Trust) in introducing the platform….this will enable more players to buy government securities,” Mr Kakula said during five-day BoT’s media seminar.<\/p>\n
Currently, he said, they are working on stage requirement system of the mobile bidding platform for bonds before launching the initiative.<\/p>\n
“April [next month] we will meet with stakeholders to map out process requirements and document them.<\/p>\n
“We’ll be in a better picture after the April meeting…but we want to launch the platform this year,” Mr Kakula said.<\/p>\n
The plan could potentially take investing in treasuries to the mass market by eliminating the friction in the current market infrastructure.<\/p>\n
“The central bank aims at creating a simple platform where retail investors will tender directly without a third part using their mobile phones,” Mr Kakula said.<\/p>\n
Process requirements are documented expectations, targets and specifications for business\/service processes.<\/p>\n
They may be collected from multiple groups of stakeholders such as business units, customers, internal customers, users and subject matter experts.<\/p>\n
Data from BoT showed that the number of individual investors increased from 2.0 per cent in Q2 of 2018 to 6.0 per cent in Q2 last year.<\/p>\n
Mr Kakula said in Kenya through the Central Bank of Kenya (CBK) introduced such services of using mobile phones mid last month.<\/p>\n
Under Kenya’s platform the new service will make it easier to process transactions of Ksh 140,000 (8.2m\/-) and below.<\/p>\n
“The bank is pleased to inform you about the roll-out of the Treasury Mobile Direct (TMD) services, designed to facilitate investment in government securities using the mobile telephone,” CBK said in a notice to investors last month.<\/p>\n","protected":false},"excerpt":{"rendered":"
Tanzania’s Central Bank is responding to the ICT era by targeting to introduce a mobile platform that will capture retail investors. The Bank of Tanzania (BoT) is planning to introduce a mobile platform that will enable retail investors to apply for and trade treasury bills and bonds. The central bank said the platform is expected […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[2,21,16,26],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\n