Dar es Salaam. The Chartered Financial Analyst Society CFAs) East Africa has said that lack of adequate chartered financial analysts in Tanzania has been the major reason the public has been caught unaware with the closure of banks.
This is after the Bank of Tanzania (BoT) closed five banks at the beginning of the year and another one recently.
In view of the fact, Ardhi University assistant lecturer, and also a member of CFA, Ms Upendo Mick, said this during the first CFA meeting in Tanzania aimed at creating awareness about CFA to different stakeholders in the financial sectors.
“Currently Tanzania has the least CFA’s in East Africa compared to Kenya and Uganda, however, if they were adequate they could be able to analyse financial institutions including the banking sector and create awareness of their trend before they can be closed,” she said.
According to her, Tanzania has few numbers of chartered analysts because the capital and financial markets are still developing and there are only 28 companies listed in the Dar es Salaam Stock Exchange (DSE) while Kenya has more than 100 companies and the US has more than 15,000 companies.
However, she was optimistic that the figure could increase in future taking into consideration that the DSE has also listed a factor that has tempted more firms to join the market.