Dar es Salaam, July 6th, 2026 - The Tanzania Mortgage Refinance Company (TMRC) has achieved a major milestone in the country's housing finance sector by listing its inaugural Nyumba Bond on the Dar es Salaam Stock Exchange (DSE). The listing represents an important step in deepening Tanzania's capital market while mobilising long-term domestic financing to expand access to affordable housing.
The bond attracted overwhelming investor interest during its Initial Public Offering (IPO), receiving verified subscriptions worth TZS 30.2 billion, representing an oversubscription rate of 151.18 percent against the initial target of TZS 20 billion. The strong demand reflects growing investor confidence in both TMRC and Tanzania's capital market.
FIRST HOUSING BOND UNDER TZS 100 BILLION PROGRAMME
The Nyumba Bond is TMRC's first housing bond issued under its Second TZS 100 Billion Medium-Term Note Programme, which is designed to mobilise long-term domestic capital to support mortgage lending and increase home ownership opportunities across Tanzania.
Speaking during the listing ceremony, TMRC Chief Executive Officer, Eribariki Ndossi, described the successful issuance as a significant achievement for both the institution and the country's housing finance market.
He noted that proceeds from the bond have already been deployed to refinance eligible mortgage lenders, improving liquidity, strengthening banks' long-term asset-liability management and enabling financial institutions to extend more mortgage loans to Tanzanians.
FIVE-YEAR BOND OFFERS ATTRACTIVE RETURNS
The five-year bond, launched in May 2026, carries a fixed annual coupon rate of 11 percent and will mature on 12 June 2031.
Initially offered at TZS 20 billion, the issue included a TZS 10 billion greenshoe option, increasing the total approved issue size to TZS 30 billion following strong investor demand.
According to Mr Ndossi, the bond's success demonstrates increasing investor confidence in TMRC's governance, business model and risk management framework while reaffirming the capital market's role in mobilising domestic savings for productive long-term investments.
DSE HISA KIGANJANI BOOSTS RETAIL PARTICIPATION
TMRC attributed the high level of retail investor participation to the DSE Hisa Kiganjani digital investment platform.
Approximately 117 individual investors subscribed through the platform, while 125 out of 138 registered investors were retail investors, accounting for nearly 90 percent of all subscribers.
The figures highlight the growing role of digital technology in expanding public access to investment opportunities within Tanzania's capital markets.
GOVERNMENT COMMENDS TMRC'S ROLE
Deputy Minister for Lands, Housing and Human Settlements Development, Kaspar Mmuya, praised TMRC for strengthening Tanzania's mortgage financing ecosystem.
He said the oversubscription demonstrates strong confidence from both institutional and individual investors, urging more Tanzanians to participate in capital market investments.
Mr Mmuya also emphasised that investment products such as the Nyumba Bond enable citizens to grow their savings while contributing to national economic development.




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