# Tanzania's UTT investment funds hit Sh2.2 trillion after ‘exceptional’ growth

## What you need to know:

**UTT AMIS’ this year's profits have surpassed Sh250 billion, a considerable increase over the previous year**

**Dar es Salaam.** A favourable investment climate, systematic adoption of technology and market stability have propelled the six funds managed by UTT Asset Management and Investor Services (UTT AMIS) to a combined value of Sh2.2 trillion in the past financial year.

The funds grew from Sh1.6 trillion in 2022/23 to Sh2.2 trillion in 2023/24, with returns of 12 percent or more across all portfolios, the collective investment scheme said.

Among the funds, the liquidity and bond funds have stood out, offering investors greater flexibility, including the option to withdraw their funds at any time.

"Our funds have performed exceptionally, growing from Sh1.6 trillion in 2022/23," said UTT AMIS director general, Mr Simon Migangala.

The funds managed by UTT AMIS are; Umoja Fund, Wekeza Maisha Fund, Watoto Fund, Jikimu Fund, liquid Fund and Bond Fund.

"We thank our investors for their continued trust and alongside the government, we remain committed to improving Tanzania’s investment environment. We aim for even greater success," he said while speaking to journalists on Friday, November 15, shortly before the start of the Annual General Meeting for Shareholders.

Mr Migangala highlighted that the funds' growth is advancing well.

He added that the current strategy includes enhancing technology infrastructure to broaden access and reach more Tanzanians.

Mr Migangala noted that this year's profits surpassed Sh250 billion, a considerable increase over the previous year, and the collective investment avenue projected a target of expanding the value of funds to Sh2.5 trillion by next financial year—a milestone already achieved by October.

However, Mr Migangala acknowledged that the number of Tanzanians investing in the funds remains limited.

To address this, UTT AMIS is implementing various strategies aimed at boosting financial inclusion and attracting more investors, he said.

Currently, the organisation accounts for 40 percent of all investors in Tanzania’s capital market, according to him.

"Our growth encourages us to extend our reach to other East African countries and in the Southern African Development Community (SADC), allowing greater participation and creating more reliable investment opportunities," he said.

UTT AMIS board chairman, Prof Faustine Kamuzora, emphasised that the funds are secure and managed by professionals, encouraging Tanzanians to invest and benefit from strong returns.

"This year has been a great success for our funds, thanks to the trust in our experts. The funds are safe, and the risks associated with investing in them are minimal. Tanzanians can feel confident about receiving profits at the end of the year," Prof Kamuzora said.

He further noted that the six funds are tailored to meet diverse investor needs, calling on Tanzanians to invest with assurance of the safety and reliability of their funds.