Reasons behind rise in UTT-AMIS asset value

The improvement in assets signals that Tanzanians are now aware of the various profitable investment avenues at their disposal. It also suggests that the assets were being managed profitably, thus yielding steady returns to investors, who include those in retirement, students, and those conducting various small-scale income-generating activities.

UTT-AMIS’ managing director, Mr Simon Migangala, said yesterday that the meteoric rise in the assets under management can be attributed to several strategic initiatives that have effectively propelled the company’s growth trajectory.

Apart from the government’s pro-business approach, which has injected a new zeal of reliability into Tanzania’s dealings with investors, the rise was also a result of UTT-AMIS’ seamless integration of digital technology into its investment services.

“By integrating mobile phones and banking channels, UTT AMIS has managed to reach a broader audience, making the investment process more accessible, efficient, and user-friendly,” he said during a meeting with journalists yesterday. The meeting was part of an initiative by the Treasury Registrar, Mr Nehamia Mchechu, to ensure that the institutions under his docket do come out to tell Tanzanians how their various institutions have been performing during the past few years.

And according to Mr Migangala, the current asset value was also above the initial projections, where the institution expected to collect Sh485 billion in five years (by ‘2024). “One pivotal move that has significantly influenced this outstanding growth is the reduction of the minimum initial investment amount to Sh100,000. This strategic decision has opened doors for a more extensive demographic of investors, encouraging individuals from all walks of life to participate in collective investment schemes,” he said.

He exuded confidence that if the current pro-business policies, spearheaded by President Samia Suluhu Hassan, are maintained, UTT-AMIS will achieve even more going forward.

“In short, investors are very positive with the government’s policies and we hope to do even better going forward,” he said, adding that most of the assets have been realised during the past two years.

For instance, as of June 2021, the assets stood at Sh619.6 billion, but they rose to Sh996.8 billion as of June 2022 before rising further to Sh1.536 trillion as of June 2023.

For his part, the head of marketing and public relations, Mr Daudi Mbaga, said UTT AMIS has actively contributed to the rise of awareness concerning financial market investments.

He said that through financial education and investor empowerment, the company has conducted outreach campaigns to enhance financial literacy among Tanzanians, especially young adults in schools.

“We provide a safe haven for people who want to invest with purpose. We inject the funds into safe investment options, which in turn ensure lucrative earnings for the investors,” he said.

One of the key goals for the UTT AMIS, he said, is to assist investors in accessing investment opportunities in financial markets, and this is being done to foster financial inclusion and economic development.