TANZANIANS ADVISED TO INVEST IN FINANCIAL MARKETS

Director of Financial Markets and Treasury of NBC Bank, Peter Nalitolela, (right), speaks to some students of the University of Dar es Salam Business School ( UDBS) , during a workshop organised by the bank to equip students with practical knowledge on financial markets. It was held at Mlimani Campus, Dar es Salaam recently.

Tanzanians have been advised to invest in financial markets in order to reap the sustainable rewards emanating from a wide range of money-making products available there, but which encouragingly entails but modest initial capital outlays.

The advise have been chipped in by Director of Financial Markets and Treasury of NBC Bank, Peter Nalitolela, during a special financial markets education clinic set up by the bank for University of Dar es Salaam Business School (UDBS) students, in Dar es Salaam recently.

The main aim of the workshop, held at the Mlimani Campus, was to fine-tune the level of understanding of financial markets of the students in order to prepare them to utilize opportunities available in the markets once they complete studies.

“There is a nagging illusion among middle-income earners that investing in financial markets is an expensive venture and that it is an investment enclave reserved for the affluent, a notion that holds no water when you assess the reality,” said the director.

Nalitolela said the minimum amount needed to invest in the financial markets is Tsh 600,000, an amount he noted could be viably raised by any committed person driven by a zeal to consistently save and invest for their future benefits.

Ironically, he, said, most people who regard themselves as middle-income earners tend to invest in mainstream projects like buying a commuter bus or opening a retail shop, options which cost far much larger start-up capitals compared to shares, bills or bonds.

“We advise Tanzanians to invest in the many privatized firms which are run profitably, in order to both take an active part in the running of their economy, and earn part of the constant income churned out by the corporate entities they invest in.

Elaborating on the training programme, he said it was part of NBC Corporate Social Responsibility strategy and is aimed at imparting practical financial markets skills to students reading finance and banking at the university as a means of preparing them to profitably utilize the markets.

This need is what informs our drive to educate students to discern how their academic knowledge relates to real-time situation in the financial markets. As a seasoned financial services provider, NBC will continue to mobilize the public into increasingly using financial markets.”