DSE
In 2025, the Dar es Salaam Stock Exchange (DSE) recorded notable growth, with total market capitalization reaching TZS 23,995.45 billion (approximately USD 9.42 billion), a 34.30% increase from TZS 17,868.17 billion in 2024.[1]
The Dar es Salaam Stock Exchange (DSE) is Tanzania's national securities exchange, established in 1996 as a non-profit entity and operational since 1998.
It plays a central role in mobilizing capital for both Government and private issuers, listing equities, Treasury and corporate bonds, Sukuk certificates, and Exchange Traded Funds (ETFs).
Origins and Institutional Milestones
The DSE was established in 1996 following the creation of the Capital Markets and Securities Authority (CMSA) in 1995, as part of Tanzania's financial sector liberalization policy.
It became operational in 1998 with the first privatization and listing of a state-owned enterprise, marking Tanzania's transition from a public sector-dominated economy to a private sector-driven one.
The Exchange began listing and trading Treasury Bonds in 2002, and launched the Enterprise Growth Market (EGM) in 2013 to expand access for smaller companies and investors.
Following the 2014 amendment of the Foreign Investors Regulations, restrictions on foreign participation were lifted.
In 2015, the DSE introduced a regulatory framework enabling the use of mobile phone technology in initial public offerings (IPOs), debt issuance, and secondary trading.
The Exchange was demutualized in 2016, reincorporated as a public limited company, and self-listed; the same year's Finance Bill required telecommunications companies to list on the DSE, leading to the 2017 listing of Vodacom Tanzania Plc, the country's largest telecom company.
Equity Market Performance 2025
Domestic market capitalization stood at TZS 15,559.44 billion (USD 6.11 billion) in 2025, reflecting a 27.08% increase from TZS 12,243.37 billion in 2024.
The DSE All Share Index (DSEI) grew by 29.08% year-on-year, rising from 2,139.73 in 2024 to 2,761.93 in 2025.
The Tanzania Share Index (TSI) grew by 24.70%, increasing from 4,618.78 to 5,759.41.
The largest contributor to this growth was the Banks, Finance, and Investments (BI) Index, which surged by 88.46% from 5,783.87 to 10,900.19, spurred by the performance of local banks.
Total equity market turnover grew by 190.31% to TZS 663.75 billion (USD 260.54 million), up from TZS 228.63 billion in 2024, reflecting a turnover-to-market-cap ratio of 4.26%.
Total traded volume increased by 109.57% from 227.99 million to 477.81 million shares, while domestic equity market turnover grew by 180.59% to TZS 641.51 billion (USD 251.82 million).
The DSE currently has 28 listed companies (two suspended and in the process of being delisted), including 22 domestic firms and six cross-listed companies.
Bond and Sukuk Market
In the fixed-income market, Government securities dominate trading at the DSE, while corporate bonds are primarily issued by leading local banks and account for a smaller share of total market activity.
In 2025, the combined volume of debt securities and Sukuk certificates traded grew by 86.08% to TZS 5,860.68 billion, up from TZS 3,149.56 billion in 2024.
Government securities increased 86.04% to TZS 5,848.35 billion, with investor appetite focused on long-dated bonds, particularly 15- and 25-year paper.
Corporate and sub-national bonds traded reached TZS 12.12 billion, a 174.43% increase from TZS 4.41 billion in 2024.
Sukuk certificates traded amounted to TZS 214.19 million, an 86.73% decline from TZS 1,620 million in 2024.
The first Sukuk on the DSE was issued in 2021 to raise TZS 2 billion and was oversubscribed by 36%, receiving TZS 2.72 billion in bids.[2]
In 2024, the Tanga Urban Water Supply and Sanitation Authority issued a 10-year Water Infrastructure Green Revenue Bond valued at TZS 53.12 billion, the first sub-national green bond of its kind in Tanzania, listed on both the DSE and the Luxembourg Stock Exchange (LuxSE), oversubscribed by 103% and offering a 13.5% annual interest rate.
ETFs and Product Innovation
In October 2025, the Exchange saw the listing of Tanzania's first Exchange Traded Fund (ETF), tracking the performance of a diversified portfolio of actively traded equities listed on the DSE.
A second ETF was launched in January 2026, focusing on large-cap equities listed on stock exchanges across the East African Community.
This second ETF was oversubscribed by 540%.
The DSE is also diversifying its product offerings with sustainability-focused instruments such as Sukuk and green bonds, and is establishing multiple market segments to attract both domestic and international investors.
Digital Access and Retail Participation
To enhance retail access, the DSE introduced Hisa Kiganjani in 2020, a mobile trading platform allowing investors to buy, sell, and manage their investments directly from their phones.
The full integration of the DSE application into the country's largest mobile money platform drove a 397% increase in mobile trading registrations, with mobile-driven turnover accounting for 24.3% of total equity trading.[4]
Retail adoption drove a 316.28% surge in new Central Depository System (CDS) account registrations, with 123,547 new accounts opened compared to just 29,679 in 2024.
The majority of these new registrations (40.33%) belonged to investors aged 21 to 30, bringing the total number of unique CDS accounts to 740,639, a 20.01% increase from the 617,092 accounts held at the close of 2024.
The DSE is targeting 1 million investors by the end of 2026 and 10 million by 2032.[5]
DSE Institutional Performance
In 2025, the DSE Group posted strong financial growth, with total revenue increasing by 51.67% to TZS 17.50 billion, up from TZS 11.54 billion in 2024.[3]
This performance was driven by significant increases across all core revenue streams: Listing Fees rose to TZS 5.92 billion (from TZS 4.17 billion), Transaction Fees more than doubled to TZS 3.84 billion (from TZS 1.71 billion), and Registry and CSD Fees grew to TZS 3.12 billion (from TZS 1.61 billion).
Total expenses rose by 54.09% to TZS 11.12 billion, up from TZS 7.22 billion in 2024, comprising Staff Costs of TZS 5.37 billion, Operating Expenses of TZS 4.51 billion, and Administrative Expenses of TZS 1.24 billion.
Profit before tax grew by 47.64% to TZS 6.38 billion, and profit after tax reached TZS 6.08 billion, representing a 42.37% increase over the previous year.
Total assets grew by 17% to TZS 42.18 billion, and shareholders' funds increased by 15% to TZS 35.97 billion.
Regulatory and Policy Framework
The DSE operates under the oversight of the Capital Markets and Securities Authority (CMSA), established in 1995 to oversee Tanzania's capital markets framework.
In June 2025, the Exchange amended its trading rules to improve market liquidity, transparency, and investor protection.
Key changes included the introduction of a Volume Weighted Average Price (VWAP) for closing prices to enhance price discovery, as well as revised regulations on price variation caps and block trades to boost liquidity, particularly for smaller counters.
In 2019, the Exchange launched the Dar es Salaam Enterprise Acceleration Program (DEAP), a pilot initiative designed to help SMEs with growth potential adopt sound governance and investment readiness practices.
Insights gained from this pilot phase are expected to inform the future integration of DEAP into the EGM segment infrastructure.
Investment Opportunities
The DSE offers diversified entry points for both domestic and international investors, spanning equities across 28 listed companies, Treasury and corporate bonds, Sukuk certificates, and newly listed Exchange Traded Funds.
Long-dated Government bonds (15- and 25-year paper) are attracting strong investor appetite, while sub-national green bonds such as the TZS 53.12 billion Tanga UWASA issuance (oversubscribed by 103%, 13.5% annual coupon) demonstrate growing demand for sustainability-linked instruments.
The Enterprise Growth Market (EGM) provides a listing pathway for SMEs with growth potential, supported by the DEAP program that prepares companies for financing from commercial and development banks, private equity firms, venture capital funds, crowdfunding platforms, and eventually IPOs.
The Banks, Finance, and Investments segment, which surged 88.46% in 2025, offers exposure to Tanzania's expanding financial sector, while the launch of ETFs broadens diversified access including regional East African Community large-cap exposure.
Foreign participation has been unrestricted since the 2014 amendment of the Foreign Investors Regulations, and mobile-based trading through Hisa Kiganjani has lowered entry barriers for retail investors.
Last Update: May 2026
References
- https://www.tanzaniainvest.com/wp-content/uploads/2026/03/Dar-Es-Salaam-Stock-Exchange-Market-Performance-2025.pdf (Guide reference #112)
- https://uttamis.co.tz/ (Guide reference #114)
- https://www.instagram.com/p/DUL1KsnDIF1/?hl=en&img_index=1 (Guide reference #115)
- https://dse.co.tz/storage/securities/DSE/financial_statement/Annual/PZFznv6PcCqY3s7h7hyLGLmHKoxcxu11OXxjL4pf.pdf (Guide reference #122)
- https://dailynews.co.tz/govt-dse-to-expand-capital-market-access (Guide reference #123)
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