Dar es Salaam Stock Exchange (DSE): Tanzania's Capital Market Guide
Tanzania is one of Africa's most consistent economic performers. With GDP growth averaging over 6% annually for more than a decade, a young and rapidly urbanising population, and natural resources spanning gold, natural gas, tanzanite, coffee and tea, the country has attracted growing institutional attention from international investors.
Tanzania is one of Africa's most consistent economic performers. With GDP growth averaging over 6% annually for more than a decade, a young and rapidly urbanising population, and natural resources spanning gold, natural gas, tanzanite, coffee and tea, the country has attracted growing institutional attention from international investors.
At the centre of Tanzania's capital market sits the Dar es Salaam Stock Exchange — the DSE — a relatively small but increasingly significant exchange that lists 26 companies and serves as the primary venue for corporate fundraising in East Africa's second largest economy.
What is the Dar es Salaam Stock Exchange?
The Dar es Salaam Stock Exchange was incorporated in 1996 under the Capital Markets and Securities Authority Act and began trading in 1998. It is located in Dar es Salaam, Tanzania's commercial capital, and is regulated by the Capital Markets and Securities Authority (CMSA).
The DSE operates an automated trading system and is open Monday through Friday from 10:00 to 13:00 East Africa Time (EAT). Settlement is T+3.
→ View DSE data on Mansa Markets
DSE Listed Companies
The DSE lists 26 securities across equities and bonds. The majority of listings are Tanzanian companies, with a small number of cross-listings from neighbouring East African markets including Kenya and Uganda.
Key listed companies include:
CRDB Bank — Tanzania's largest indigenous bank by assets and one of the DSE's most liquid stocks. CRDB has expanded aggressively beyond Tanzania into Burundi and is exploring further regional growth.
NMB Bank — The National Microfinance Bank is Tanzania's second largest bank by assets and has the country's broadest branch network with over 220 branches. NMB is 31.8% owned by Arise BV, a Dutch development finance company.
Tanzania Breweries Limited (TBL) — A subsidiary of AB InBev and the dominant beer producer in Tanzania. TBL's brands include Kilimanjaro, Safari and Castle.
Swissport Tanzania — The Tanzanian subsidiary of global ground handling company Swissport, providing a unique exposure to Tanzania's growing aviation sector.
Tanzania Portland Cement — The largest cement producer in Tanzania, benefiting from the country's significant infrastructure investment programme.
Vodacom Tanzania — The Tanzanian subsidiary of pan-African telco Vodacom, itself a subsidiary of the UK's Vodafone Group. M-Pesa Tanzania has become one of East Africa's largest mobile money platforms.
DSE All Share Index
The primary benchmark for the DSE is the DSE All Share Index, which tracks all equities listed on the exchange. The index has grown steadily in line with Tanzania's economic expansion, though daily volumes remain modest by East African standards.
The DSE also calculates the Tanzania Share Index (TSI), which tracks only domestically incorporated companies, excluding cross-listed foreign entities.
DSE Mobile Trading — Hisa Kiganjani
One of the DSE's most forward-looking initiatives is Hisa Kiganjani — a Swahili phrase meaning "stock in your hand." This official DSE mobile application allows Tanzanian investors to monitor markets, place orders, and manage portfolios directly from their smartphones.
In July 2025, the DSE took a significant step by integrating a version of Hisa Kiganjani directly into NMB Bank's mobile app, which serves over 6 million users. This integration — enabling account opening, trading, portfolio monitoring, and market data — has the potential to dramatically broaden retail investor participation in Tanzania's capital markets.
This mobile-first approach positions the DSE as a leader among smaller African exchanges in investor accessibility.
Tanzania's Economic Context
Understanding the DSE requires understanding Tanzania's broader economic landscape:
Natural Gas — Tanzania holds some of Africa's largest offshore natural gas reserves, discovered in the late 2000s in the deep waters of the Indian Ocean. The development of an LNG export terminal — long delayed but progressing — has the potential to transform Tanzania's economic profile in the coming decade.
Tourism and Conservation — Tanzania is home to the Serengeti, Mount Kilimanjaro, Zanzibar, and the Ngorongoro Crater. Tourism is a major foreign exchange earner and driver of hotel, aviation and related service sector listings.
Agriculture — Coffee, tea, cotton and cashew nuts are major export crops. Agricultural commodity price cycles significantly influence rural economic activity and consumer spending.
Infrastructure Investment — Tanzania has been an aggressive investor in infrastructure, including the Standard Gauge Railway project connecting Dar es Salaam to the interior, and port expansion at Dar es Salaam itself.
How to Invest in DSE Stocks
Foreign investors can access the DSE through any licensed dealing member registered with the CMSA. Trading accounts are opened in Tanzanian Shillings (TZS). There are no foreign ownership restrictions on most DSE-listed equities, though certain strategic sectors may have specific limitations.
Licensed DSE brokers include Orbit Securities, Vertex International Securities, and Zan Securities.
For live DSE data and the latest on Tanzania's capital markets, visit the Tanzania Market Desk on Mansa Markets or explore all African exchanges at Mansa Markets.