The Chief Executive Officer of the Capital Markets and Securities Authority (CMSA),Nicodemus Mkama (left), speaking with the Head of Investment Banking at Stanbic Bank Tanzania, Sarah Mkiramweni, during the listing ceremony of the Makazi Bond on the Dar es Salaam Stock Exchange (DSE).
Dar es Salaam. The Makazi Bond issued by First Housing Finance (FHF) Tanzania and arranged by Stanbic Bank Tanzania has recorded a 661 percent subscription rate, reflecting strong investor appetite for housing finance instruments and growing confidence in Tanzania’s capital markets.
The bond attracted subscriptions worth Sh33.08 billion against a target of Sh5.0 billion, signalling strong demand for structured investment products and highlighting the growing role of capital markets in mobilising long-term development finance.
FHF Tanzania Board chairman Charles Mugila described the outcome as a major milestone for the institution and the wider financial sector.
The Chief Executive Officer of First Housing Finance (FHF), Amulike Kamwela (right), speaking with the Head of Investment Banking at Stanbic Bank, Sarah Mkiramweni (left), during the listing ceremony of the Makazi Bond on the Dar es Salaam Stock Exchange. In the middle is the Acting Chief Executive Officer of the Dar es Salaam Stock Exchange (DSE), Mary Mniwasa.
“This success reflects the high level of confidence investors have in our institution and the continued growth of Tanzania’s capital markets.
As a Board, we are committed to ensuring that these funds are utilised prudently, transparently and efficiently,” he said.
Following strong demand, FHF secured approval from the Capital Markets and Securities Authority (CMSA) to accept Sh28.15 billion, which will be channelled towards expanding housing mortgage lending.
The bond was listed on the Dar es Salaam Stock Exchange (DSE) on June 9, 2026, increasing the value of corporate bonds in the market by 1.63 percent to Sh2.06 trillion, up from Sh2.03 trillion.
The Chairman of the Board of Directors of First Housing Finance (FHF), Charles Mugila (left), speaking with the Head of Investment Banking at Stanbic Bank, Sarah Mkiramweni, during the listing ceremony of the Makazi Bond on the Dar es Salaam Stock Exchange (DSE) on Tuesday.
CMSA chief executive officer, Mr Nicodemus Mkama said the uptake reflects growing investor confidence in both FHF and the capital market ecosystem.
He said retail investors accounted for 96.63 percent of total subscriptions, while institutional investors made up 3.37 percent, indicating rising participation by ordinary Tanzanians in capital market instruments.
Mr Mkama attributed the success to an enabling policy environment, including tax incentives that have improved the attractiveness of corporate bonds.
Stanbic Bank Head of Investment Banking Sarah Mkiramweni said the transaction reinforces Tanzania’s position as one of East Africa’s leading capital markets destinations. She said Stanbic acted as lead arranger, working with regulators including CMSA the Bank of Tanzania and the DSE.
