By Azania Post Reporter
UTT Asset Management and Investor Services (UTT-AMIS), has pledged to continue educating Tanzanians on concept of units in order to enable more accumulate capital for their development projects.
Speaking in an interview, Rahim Mwanga, the UTT-AMIS Marketing and Public Relations Officer, said a section of people are now aware of units concept.
He said the Unit Trust of Tanzania through its asset management and investor services (UTT-AMIS) would keep on educating locals on the importance of the sector.
He said the level of units awareness has increased in recent years as compared in the past because of some technological advancement achieved so far.
According to him, at moment a Tanzanian can buy or register with one of the UTT funds using his or her own mobile phone.
“Investors can make most of services using mobile phone, there is no need for the one to come at our offices searching for it,” he noted.
Based on advice of stakeholders and the Treasury Registrar and approval of the Minister of Finance, the Unit Trust of Tanzania (UTT) was restructured into five organizations.
The objective of the restructuring was to enable each of the key businesses to focus on their activities and services so as to contribute more to increasing of government revenue and promote development of the country.
Some of organizations that resulted from the restructuring exercise, registered under the companies Act, 2002, include UTT Microfinance (UTT-MFI) and UTT Projects and Infrastructure Development (UTT-PID). UTT-PID and UTT-MFI became operational on 1st July 2013 while UTT-AMIS was re-assigned with the management of collective investment schemes from 1st October 2013.
UTT was established under the Trustee Incorporation Act, Cap 318 and was vested with the several key activities including the development of collective investment schemes; acquiring and keeping in trust the shares of privatized enterprises and encouraging savings culture through wide participation in the ownership of distributed shares / units.
Over time UTT grew in size with total funds under management of over shillings 255 billion as of the year 2017 and futher diversified into other activities in Projects Management and Microfinance businesses.
According to Mwanga, it is the interest of the Trust to have a vibrant market, which performs its rightful role as an engine of economic growth.
He said giving an opportunity to Tanzanians to understand the business will help to create committed and focused investors in future.