DSE

How to Invest and Trade at the Dar es Salaam Stock Exchange (Tanzania Stock Exchange).


Currently, the financial products traded at the Dar es Salaam Stock Exchange (DSE) are shares,  bonds (corporate and treasury), and ETFs. There are 28 listed equity securities. DSE’s total market capitalization reached TZS 35.175 trillion by the end of Q2 2026. This is equivalent to about USD 13.3 billion and about +46.5% compared to TZS 23,995 trillion (approximately USD 9. billion), itself a 34.3% increase on TZS 17,868.17 billion (approximately USD 7 billion) in 2024.

Companies Listed at the DSE Stock Exchange

*Taken over by NMB Bank.

History & Key Milestones

Foundation and Early Years, 1996 to 2013

The DSE was incorporated in September 1996 under the Capital Markets and Securities Act as a non-profit making body to enhance the country's capital market. Its formation was part of a broader initiative to reform Tanzania's financial sector, ensuring better regulation and increased transparency.

Trading began on 15 April 1998, when Tanzania Oxygen Limited (DSE: TOL), today TOL Gases Limited, became the first company to list. It was also the first state-owned company selected for privatization through the capital markets.

In 1999 the exchange created its Central Depository System and recorded its first corporate bond listing, the same year that guidelines for the issuing of corporate bonds were released. The listing and trading of treasury bonds followed, extending the exchange beyond equities.

In 2013 the DSE launched its second-tier market, the Enterprise Growth Market (EGM), designed to give smaller and fast-growing businesses a route to public capital with lighter listing requirements than the Main Investment Market Segment (MIMS).

Opening Up and Demutualization, 2014 to 2019

In 2014, the Foreign Investors Regulations were amended and limitations on foreign investors were lifted. This provided foreigners access to participate in the stock exchange without restrictions on the equity market. Foreign participation in government securities, previously prohibited, was partially opened to allow East African Community residents to acquire, sell or transfer government securities of up to 40% of the amounts issued, with investors from any single EAC country limited to two-thirds of that 40%.

On 12 July 2016 the DSE demutualized, reincorporated as a public limited company and self-listed on its own exchange. The shares were offered at TZS 500 and closed their first session at TZS 935, an increase of 87%, having touched TZS 1,000 during the day (DSE share price rise at first day of listing).

In August 2017 Vodacom Tanzania (DSE: VODA) listed in the largest initial public offering in Tanzanian history. The company offered 560 million shares at TZS 850 each, valuing the 25% stake at TZS 476 billion. The listing followed the Electronic Postal and Communications Act, as amended by the Finance Act 2016, which requires all telecommunications licensees to float 25% of their shares on the DSE (Vodacom Tanzania IPO receives approval).

On 6 June 2018 the National Investments Company Limited (DSE: NICO) resumed trading after being delisted in 2011 for failing to comply with listing regulations (NICOL returns to the DSE).

In 2019 the DSE obtained membership of the World Federation of Exchanges, the global industry body for regulated exchanges, placing it among a small group of African markets to meet that standard.

New Instruments and Digital Access, 2020 to 2026

In 2021 Tanzania saw its first Sharia-compliant sukuk, issued by Imaan Finance, which sought TZS 2 billion and attracted TZS 2.72 billion in bids, an oversubscription of 36% (Tanzania sukuk).

In 2024 Tanga UWASA issued Tanzania's first sub-national green bond, a ten-year TZS 53.12 billion instrument carrying 13.5% annual interest, oversubscribed by 103% and dual-listed on the DSE and the Luxembourg Stock Exchange. On 31 December 2024 Tanzania also moved to market-determined coupon rates for government bonds.

In July 2025 the DSE integrated its Hisa Kiganjani trading platform into the NMB Bank mobile application, giving more than 6 million users direct mobile access to share trading and marking the start of the exchange's distribution through commercial bank channels.

On 16 October 2025 the DSE listed Tanzania's first exchange traded fund, the Vertex International Securities Exchange Traded Fund (DSE: VIS-ETF), whose offer closed at a 136% success rate with 82.2% of subscriptions coming from retail investors (Tanzania launches first ETF).

A second fund followed on 28 January 2026, the iTrust East African Community Large Cap Exchange Traded Fund (DSE: IEACLC-ETF). Against a planned issue of TZS 10 billion it drew applications worth TZS 54.03 billion, an oversubscription of 540% (second ETF listed after 540% oversubscription).

On 28 May 2026 the MAPATO SUKUK issued by KCB Bank was listed at TZS 30.237 billion, while a Shariah-compliant sukuk from iTrust Finance raised TZS 14.86 billion against a TZS 5 billion plan, a subscription level of 297.2%. Sukuk capitalization on the exchange grew by more than 2,500% during 2025.

In July 2026 the DSE marked its 30th anniversary with 28 listed companies out of 29 that have listed over its history, a market capitalization of TZS 35.2 trillion, 870,000 investment accounts, 266,000 investors using Hisa Kiganjani, TZS 1.585 trillion mobilized through equity issuances and 105 licensed capital markets service providers (DSE celebrates 30 years).

On 6 August 2026 Tanzania opened Treasury bills and bonds to all foreign investors regardless of nationality. The Foreign Exchange (Amendment) Regulations 2026, issued under the Foreign Exchange Act Cap. 271 and gazetted as Government Notice No. 206 of 2026 on 17 July 2026, removed the previous restriction limiting participation to residents of the East African Community, the Southern African Development Community and the Tanzanian diaspora. Non-resident investors now access the market through approved Central Depository Participants (Tanzania opens government bills and bonds to all foreign investors).

On 26 August 2026 the DSE extended mobile trading further by embedding Hisa Kiganjani inside the NBC Kiganjani application of NBC Bank, Tanzania's third largest bank, which serves 952,000 retail customers including 270,440 mobile banking users who can register using their National Identification Number (DSE expands mobile trading through NBC partnership).

On 17 August 2026 Zan Securities launched Tanzania's third exchange traded fund, the Zan Timiza ETF, the first regional fund of funds in East Africa. It invests in a diversified pool of collective investment schemes operating within the East African Community, spanning corporate bonds, government securities, money market instruments and equities listed across EAC exchanges, giving investors cross-border exposure through a single product without separately managing currency conversion, foreign brokerage arrangements and multiple regulatory regimes. The offer runs from 17 August to 17 September 2026 at TZS 100 per unit with a minimum subscription of TZS 20,000, equivalent to 200 units, after which the fund lists on the DSE secondary market. It was launched alongside the Timiza Plus Fund, a mutual fund whose investors redeem through the fund manager rather than on the exchange (Tanzania sees launch of 3rd ETF).

Looking ahead, the government has indicated it intends to list up to five state-owned enterprises on the DSE by the end of the 2026/27 financial year, with the stated aim of broadening public ownership and deepening the domestic capital market.

Structure and Governance

The DSE operates under the oversight of the Capital Markets and Securities Authority (CMSA). The exchange is managed by a board of directors and an executive team responsible for day-to-day operations. The current Chief Executive Officer (CEO) is Peter Nalitolela.

Dar es Salaam Stock Exchange Performances

DSE Performances in H1 2026

The first half of 2026 was the strongest six-month period in the history of the Dar es Salaam Stock Exchange. Market capitalization, equity turnover, every major index and the exchange operator's own profits all reached record levels, driven overwhelmingly by the banking counters.

Market Capitalization

The total value of the 28 companies listed on the DSE reached TZS 35.175 trillion by the end of Q2 2026, a 79.11% increase on the TZS 19.639 trillion recorded at the end of June 2025 (DSE Q2 2026 performance).

The market capitalization of the 22 Tanzanian companies listed on the exchange rose 84.85% to TZS 23.744 trillion from TZS 12.845 trillion over the same period, meaning domestic firms grew faster than the cross-listed regional counters.

At the end of the first quarter total market capitalization stood at TZS 33.44 trillion, up 39.38% from TZS 24.00 trillion in the previous quarter, with domestic market capitalization at TZS 15.58 trillion against TZS 12.94 trillion a year earlier, a 24.73% annual increase (DSE Q1 2026 performance).

Market leadership has shifted decisively to banking. NMB Bank closed Q2 2026 as the largest listed company with a market capitalization of TZS 8.105 trillion, followed by CRDB Bank at TZS 6.869 trillion. The companies with the highest market capitalization at the end of Q1 2026 were CRDB, NMB, KCB, Tanzania Breweries (TBL), Vodacom Tanzania (VODA), Tanzania Portland Cement (TPCC) and Tanga Cement (TCCL).

Market Turnover & Liquidity

Equity turnover reached TZS 571.1 billion in Q1 2026, a 320.86% increase on the TZS 135.7 billion recorded in the previous quarter, and TZS 496.795 billion in Q2 2026, a 227.24% increase on the TZS 151.813 billion of Q2 2025. Combined, the two quarters delivered approximately TZS 1.07 trillion, already well above the TZS 663.75 billion recorded across the whole of 2025.

Domestic equity turnover in Q1 2026 was TZS 133.2 billion, up 315.71% quarter on quarter and 347.77% year on year. Equity volumes rose to 217.3 million shares from 88.9 million in the previous quarter and 83.2 million in Q1 2025, increases of 144.42% and 161.18% respectively.

The counters recording the highest turnover in Q1 2026 were CRDB Bank, NMB Bank, Tanzania Breweries, Tanzania Cigarette Company, Tanga Cement and KCB Group, concentrating activity in the banking and industrial sectors.

The average daily value of equity transactions in Q2 2026 stood at TZS 8.280 billion. Activity peaked in June 2026, when transaction value rose 198.04% on May 2026 to reach TZS 291.82 billion.

Indexes Performances

All three headline indices set records during the half year, with the banking index the clear driver.

All Share Index (DSEI)
The DSEI, which tracks all 28 listed companies, closed Q2 2026 at 4,048.80 points, up 72.0% from 2,353.86 points a year earlier. It had ended Q1 2026 at 3,006.77 points, a 45.07% annual increase.

Local Market Performance
The Tanzania Share Index (TSI), covering the 22 Tanzanian companies, reached 9,034.38 points at the end of Q1 2026, a 56.86% quarterly and 85.03% annual increase, before easing to 8,777.10 points in Q2, still 80.88% above the year-earlier level.

Banking, Finance and Investment Index
The sector index was the single largest driver of market performance, rising 210.33% year on year to 20,351.50 points at the end of Q1 2026, and 174.05% to 19,676.07 points at the end of Q2. Index performance was led by NMB Bank, CRDB Bank and KCB Bank.

Bonds and New Debt Listings

Listed government bonds reached TZS 32.008 trillion at the end of June 2026, a 17.80% increase on TZS 27.171 trillion a year earlier. Outstanding government bonds had stood at TZS 31.72 trillion at the end of Q1 2026 against TZS 27.53 trillion a year before, a 51.21% increase.

Corporate and public institution bonds and sukuk rose 18.19% to TZS 1.598 trillion from TZS 1.352 trillion. Measured in foreign currency the increase was far larger, with value up 154.86% to USD 186.05 million from USD 73.00 million. Bond market turnover in Q1 2026 alone totalled TZS 1.65 trillion, spanning corporate, sub-national, infrastructure and vanilla corporate bonds.

Five new debt securities worth a combined TZS 236.42 billion were listed during Q2 2026.

Exchange Traded Funds

The exchange traded fund segment, which did not exist before October 2025, expanded quickly. ETF market capitalization reached TZS 185.517 billion by the end of Q2 2026, with transaction value of TZS 11.840 billion during the quarter. In Q1 2026 ETF turnover was TZS 90.03 billion, supported by newly listed funds including the East African Community large cap ETF.

Investor Participation

Retail participation continued to compound. Central Depository System accounts reached 809,175 by the end of Q1 2026, against 723,691 in the previous quarter and 582,713 a year earlier, an annual increase of 38.9%.

Accounts on the mobile trading platform Hisa Kiganjani grew even faster, reaching 216,173 from 142,998 in the previous quarter and just 62,740 in Q1 2025, more than tripling in twelve months.

DSE Plc Financial Performance

The exchange operator, DSE Plc (DSE: DSE), reported Q1 2026 total revenue of TZS 6.815 billion against TZS 3.926 billion a year earlier, a 73.58% increase, with profit before tax of TZS 3.469 billion from TZS 1.839 billion, up 77.47%, driven by higher transaction fees, greater equity and bond trading activity and growth in data-related income.

In Q2 2026 gross revenue rose 60.70% to TZS 6.26 billion from TZS 3.90 billion, while total expenses increased 52.03% to TZS 3.62 billion from TZS 2.38 billion. Profit before tax rose 74.28% to TZS 2.64 billion and profit after tax 64.58% to TZS 2.38 billion. Net profit per share increased 64.59% to TZS 99.82 from TZS 60.65.

DSE Performances in 2025

2025 was the turning point for the Dar es Salaam Stock Exchange. Results were announced on 9 January 2026 by DSE Chief Executive Officer Peter Nalitolela, who attributed the year's growth to mobile trading, regulatory reforms, strong banking sector performance, rising retail participation and rapid expansion in debt and Islamic finance instruments (DSE 2025 market performance report).

Nalitolela commented that the record showed growing confidence among investors and confirmed that capital markets were becoming an increasingly attractive destination for both local and international investment.

Macroeconomic Backdrop

Tanzania's macroeconomic environment remained broadly stable throughout 2025, providing the foundation for capital market expansion. The economy recorded estimated GDP growth of 5.9%, with inflation contained at 3.5% by the fourth quarter. Public debt remained manageable at 40.6% of GDP, while the central bank rate stood at 5.75%, supporting credit growth and investment activity.

Market Capitalization

Total equity market capitalization closed 2025 at TZS 23,995.45 billion (approximately USD 9.42 billion), a 34.3% increase on TZS 17,868.17 billion (approximately USD 7 billion) in 2024. Domestic companies accounted for TZS 15.56 trillion, a 27.1% annual increase.

The banking sector was the dominant force behind the rally, with NMB Bank becoming the largest listed company by market capitalization at TZS 4.2 trillion, overtaking Tanzania Breweries. Eight companies closed the year with market capitalization exceeding TZS 1 trillion, six of them domestic firms.

Trading Rule Reforms and Liquidity

The most consequential structural change of the year came in June 2025, when the DSE implemented new trading rules, including adoption of the Volume Weighted Average Price (VWAP) for closing prices and revised price variation caps.

The effect was immediate. Equity turnover nearly tripled, rising 190.3% to TZS 663.75 billion, while total shares traded increased 109.6% to 477.8 million shares. Liquidity improved notably in previously illiquid counters such as Tanzania Breweries, Tanzania Cigarette Company and Vodacom, confirming the effectiveness of the reforms.

Indexes Performances

The DSE All Share Index (DSEI) gained 29.1% over the year and the Tanzania Share Index (TSI) rose 24.7%. The Banks, Finance and Investment Index surged 88.5%, driven by CRDB, NMB, the regional banks and DSE Plc itself.

Retail Participation

Retail participation reached new highs, supported by rapid adoption of the mobile trading platform Hisa Kiganjani. A total of 123,547 new CDS accounts were opened during 2025, an increase of 316% year on year, bringing the total to 740,639.

Mobile trading turnover jumped 656% to TZS 106.7 billion, with nearly 95,000 new mobile trading accounts added, mostly among investors aged 20 to 39. More than 40% of all new investors were aged between 21 and 30, a shift the exchange attributed directly to digital access.

Debt, Sukuk and Infrastructure Bonds

The fixed income market also recorded strong growth. Government securities trading rose 86% to TZS 5.85 trillion, while corporate and sub-national bond turnover increased 174%.

A major highlight was the rapid expansion of Islamic finance instruments, with sukuk capitalization growing by more than 2,500%, driven by new issuances from Zanzibar Sukuk and the CRDB Al Barakah Sukuk. CRDB also listed Tanzania's first ever infrastructure bond, financing road development through TARURA.

First Exchange Traded Fund

2025 marked the introduction of an entirely new asset class with the launch of Tanzania's first Exchange Traded Fund by Vertex International Securities. The fund raised TZS 6.8 billion, exceeding its target by 36%, and closed the year with a market capitalization of TZS 21.3 billion.

How to Invest at DSE

Trading at the DSE is conducted through an automated system that matches buy and sell orders. This electronic trading platform enhances efficiency and transparency in transactions.

The DSE operates from Monday to Friday, from 8.00 a.m. to 5.00 p.m. Trading activities start at 10.30 a.m. and close at 04.00 p.m.

Steps to Start Trading

1.Open a Brokerage Account: Investors must open an account with a licensed brokerage firm.

2.Deposit Funds: Transfer funds into the brokerage account.

3.Place Orders: Submit buy or sell orders through the brokerage firm or via the DSE Mobile Trading Platform or App: https://onlinetrading.dse.co.tz

For more information, visit the Dar es Salaam Stock Exchange website at DSE Website, email info@dse.co.tz, or call +255 22 212 3983 or +255 22 212 8522.

Last updated: 5th September 2026