The Dar es Salaam Stock Exchange (DSE) is set to list three specialised funds managed by iTrust Finance Limited, which will raise money to be invested in blue chip stocks listed on stock exchanges within Africa. The funds include the iAfrica Financials ETF, iAfrica Mining & Energy ETF, and iAfrica Telco & Tech ETF, each targeting to raise Sh10 billion. The offer opened on October 26, 2026, and will close on November 27, 2026.
The initiative marks a major milestone for retail and institutional investors in Tanzania, allowing them to diversify portfolios across high-growth African economies without the regulatory complexity or cost of directly accessing foreign stock exchanges. Units are priced at Sh1,000 during the IPO period, with a minimum entry threshold set at 100 units (Sh100,000) per fund. This move is expected to satisfy growing domestic demand for asset diversification beyond the East African Community (EAC) and Southern African Development Community (SADC) regions.
Speaking during the launch in Dar es Salaam, iTrust Chief Executive Officer Faiz Arab said the products were developed to provide investors with more diversified opportunities. He noted that investors want to access growth opportunities across the entire continent from right here in Tanzania. Under the structure, iTrust Finance Limited serves as the fund manager responsible for portfolio weightings and liquidity, while the National Bank of Commerce (NBC) acts as trustee and custodian.
The Capital Markets and Securities Authority (CMSA) confirmed it has approved the offer prospectuses and trust deeds after iTrust fulfilled all statutory requirements. CMSA Director of Market Supervision and Investigation, Exaut Julius, noted that the approvals bring iTrust's total ETF offerings to four, alongside six collective investment schemes under its management. This regulatory green light ensures that the investment products meet strict legal and regulatory standards, fostering transparency and investor protection.
NBC Managing Director Theobald Sabi praised the move as a structural step forward for intra-African capital flows, aligning with the broader economic vision of the African Continental Free Trade Area (AfCFTA). He noted that iTrust’s earlier pioneer product—the regional iEAC-LC ETF—raised Sh4.03 billion against its Sh10 billion target, demonstrating a steady appetite for structured index products in the local market.
Investors can subscribe to the IPO electronically via the iTrust mobile application on the Google Play Store and Apple App Store, or through CMSA-licensed stockbrokers and investment advisers. Once listed on the DSE in January 2027, the units will trade dynamically during market hours at prevailing net asset values. iTrust Finance Limited has developed into a major capital markets player in Tanzania, having issued 12 sukuk bonds since 2021, raising over Sh100 billion.
The listing of these ETFs on the DSE is scheduled for January 14, 2027. Formerly established in 2013 as Iman Microfinance, iTrust Finance Limited has acted as transaction advisor on landmark issuances including the Samia Infrastructure Bond (Sh300 billion), the CRDB Bank sukuk (Sh120 billion and $32.5 million), and the TCB Sami Bond (Sh140 billion). This move is expected to empower Africans themselves to invest in Africa's corporate growth and participate directly in their continent's economic prosperity.
Key points
- Tanzanian investors can now access growth opportunities across the entire African continent through the Sh30 billion IPOs for three exchange-traded funds (ETFs).
- The initiative marks a major milestone for retail and institutional investors in Tanzania, allowing them to diversify portfolios across high-growth African economies.
- The funds are expected to list on the Dar es Salaam Stock Exchange (DSE) on January 14, 2027.
