Dar es Salaam based Bank M launched Money.Market programme to facilitate potential investors to buy and sale government securities.
The move comes merely two days after Bank of Tanzania (BoT) launched online Government Securities System, the first of its kind in East Africa, enabling all transactions online.According to Bank M Head of Transactional Banking, Jacqueline Woiso, the bank is among the first licensed as Central Depository Participant (CDP) warranting their direct involvement in government debt market.
“The programme designed to efficiently facilitate investors to bid, buy, transfer by way of sale any government security, targets all types of corporate, parastatals, public and private institutions,” she said.The programme will serve all needy investors, not necessarily Bank M’s customers, in government securities’ primary and secondary market trading.
Bank M Head of Treasury Henry Lesika said 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, collateralization and consolidation.
The debt market analysis will include indicative pricing of primary and secondary market trades, interest rate trends, timely market information, access to technical advice on investment and rate of return.An application for a bid for primary market deals would be processed within 30 minutes of receipt and request for inter-account transfers, transfer by sale and outright purchases from the secondary market would also be executed by the bank in the new system within half an hour of receipt of the request.
According to the bank, customers using this service would also enjoy the Bank M’s Service Standard Guarantee policy which assures clients of reliability, consistency and efficiency.
By ABDUEL ELINAZA, Tanzania Daily News