DAR ES SALAAM; July 9, 2026 – iTrust Finance Limited has made history in Tanzania's capital market after its inaugural corporate bond attracted subscriptions worth TZS 114.12 billion against a target of TZS 15 billion, achieving an impressive 760.78 per cent oversubscription—the highest ever recorded for a corporate bond issuance in the country.
The landmark achievement underscores growing investor confidence in Tanzania's corporate debt market as more companies turn to capital markets to secure long-term financing for business expansion and investment.
The record-breaking performance surpasses the previous corporate bond subscription record of 661.1 per cent, set by First Housing Finance Limited's Makazi Bond.
Strong Vote of Confidence
Speaking during the bond listing ceremony at the Dar es Salaam Stock Exchange (DSE) recently, the Capital Markets and Securities Authority (CMSA) Chief Executive Officer, Nicodemus Mkama, described the iTrust bond as a clear demonstration of how companies can effectively leverage capital markets to mobilise long-term financing.
He said the successful issuance supports the implementation of Tanzania's Development Vision 2050, which aims to strengthen the financial sector's role in mobilising capital for both public and private sector investments while accelerating economic growth.
Retail Investors Lead Participation
According to CMSA, retail investors accounted for 66.66 per cent of total subscriptions, while institutional investors contributed 33.34 per cent.
Domestic investors dominated the offer, representing 98.82 per cent of subscriptions, with foreign investors accounting for the remaining 1.18 per cent.
Since commencing operations in 2021 as Imaan Finance Limited, iTrust Finance has consistently utilised corporate bonds, Sukuk and collective investment schemes to finance its expansion.
The successful listing has increased the value of listed corporate bonds on the DSE by 5.46 per cent, rising to approximately TZS 2.20 trillion from TZS 2.09 trillion.
Digital Investment Channels Drive Success
iTrust Finance Chief Executive Officer Faiz Arab attributed the overwhelming response to investors' confidence in the company's business model and Tanzania's expanding capital market opportunities.
He noted that retail investors accounted for 67 per cent of total subscriptions, with digital investment platforms playing a significant role in broadening participation.
Approximately 58 per cent of applications, valued at around TZS 66 billion, were submitted digitally. The iTrust App alone processed subscriptions worth approximately TZS 54 billion, representing nearly 47 per cent of the total amount raised.
The proceeds from the four-year bond, which offers a 13 per cent annual coupon paid quarterly, will finance the expansion of the company's digital platforms, strengthen its securities-backed lending business and support the rollout of additional financial services.
Capital Market Continues to Deepen
Representing the Dar es Salaam Stock Exchange, Chief Executive Officer Peter Nalitolela, through Ally Othman, said the successful listing reflects increasing investor confidence in Tanzania's capital markets and strong demand for quality corporate debt instruments.
He noted that corporate bond issuances have mobilised approximately TZS 256 billion from nearly 6,500 investors this year, with the iTrust bond contributing TZS 115.2 billion.
Mr Othman encouraged more companies to tap the capital market to finance expansion, saying Tanzania's capital market is becoming deeper, more liquid and increasingly attractive to both issuers and investors.
Policy Reforms Fuel Investor Participation
CMSA credited the success of the bond to several government policy and regulatory reforms, including the removal of withholding tax on interest earned from corporate bonds, making such investments more attractive.
The regulator also highlighted the growing adoption of digital investment platforms, revealing that approximately 89 per cent of investment applications were submitted electronically, with over 71 per cent processed through the iTrust App.
In addition, reducing the minimum investment amount from TZS 1 million to TZS 500,000 significantly widened access to retail investors, particularly youth and women.
Another innovation introduced was the approval of quarterly coupon payments instead of the traditional semi-annual schedule, allowing investors to receive interest every three months while improving liquidity.
The authority said continued investor education initiatives and increased use of digital investment platforms are expected to further strengthen confidence in Tanzania's capital markets.
For more updates on banking, finance, capital markets and business news in Tanzania and beyond, keep following the Kitomari Banking & Finance Blog.
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