The Dar es Salaam Stock Exchange is in the final phase of joining the National Payment System (NPS), an efficient customer-centred payment platform that is designed to ease the conduct of business.
The NPS minimises payment, clearing and settlement risks, and promotes reliable, secure, cost-effective transaction.
DSE’s programmes and projects manager Magabe Maasa said the bourse is working with two banks on the Society for Worldwide Interbank Financial Telecommunication (Swift) system as it awaits approval by the central bank to join the NPS.
“The DSE is using the Swift system in conjunction with Akiba Commercial Bank and CRDB,” he said.
When the NPS is in operation, banks will be able to buy shares for clients and make payments through the system.
Investors seeking large amounts of shares will find it easier to buy through the new system instead of the client having to transfer funds through the Swift system and buy the shares in a separate process.
The DSE has been pushing for the NPS since 2006, but it its implementation has been delayed by lack of funds.
“We expect the Bank of Tanzania to approve the system by December,” Mr Magabe said.
The Bank of Tanzania expects to use the system’s efficiency in supplying timely and accurate information on stocks and flow of funds to facilitate faster exchange and settlement of funds and securities in order to reduce floats and improve efficiency in the circulation and transmission of funds.
The East African
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