Public urged to invest with UTT for bigger profits

By The guardian reporter

Daudi Mbaga, Marketing and Public Relations Director of Unit Trust of Tanzania (UTT)

Tanzanians and those living abroad have been urged to invest their money through UTT Asset Management and Investor Service (UTT- AMIS), because the schemes produce good earning to investors.

This was said in Dar es Salaam on Wednesday by the Marketing and Public Relations Director of Unit Trust of Tanzania (UTT), Daudi Mbaga, when speaking on the development and opportunities of the sector.

He said such schemes namely Umoja Fund, Wekeza Fund, Jikimu Fund and Liquid Fund yield good profits.

UTT-AMIS collects fund from individuals and groups and invest such money mainly in two areas equity market and money markets as fund manager, he said.

Citing Mbaga said, an individual can hardly get a double digit interest for an amount less than 100m/- deposited through other financial institutions but with UTT- AMIS it is very possible to earn double digits as collective investment allows creation of bulk cash which gives way to economy of scale negations.

Stressing, he said, with an amount of more than 1bn /- banks will always give better interest rates. In the end the beneficiary are the investors who contributed to such bulk cash each earning a proportionate return relative to their portion of the amount invested.

“Tanzanians should not hesitate to invest with UTT because the returns are good and safety issues are well taken care of,” he said.

On safety, he said, UTT-AMIS is a government entity, it’s regulated by Capital Market and Securities Authority (CMSA), and its accounts are audited as per rules and regulations governing such bodies, and above that CRDB bank as a custodian of the UTT-AMIS schemes is also charged with the controlling role.

According to him investors also form part of controlling through annual general meeting where all accounts, way forward and other recommendations are passed.
He said while most Tanzanians leave under average income which translates to little saving, it is time we got out of this box and looked at the expenditure side.

“If we look at the expenditure side there is a lot we can save, it’s time we asked ourselves a few questions—whether it is necessary to spend the way we do.

In short, he said, if we look at the expenditure side there is so much to save and a little saving could translate to a lot of money through collective investment, citing Umoja Unit which was sold at 70/- during initial public offering and now has reached 288/-

UTT-AMIS started as UTT in 2003 with one of the main objectives being to establish, launch and manage collective investment schemes in the country so as to cultivate a sustained saving culture among common Tanzanians.

On future plan UTT-AMIS consider to start a dollar fund scheme where people can invest in forex, and also venture into other areas as was demonstrated by UTT venturing into UTT-Microfinance and UTT-projects. 

SOURCE: THE GUARDIAN