dcc Africa Ltd (“dcc”) are pleased to announce an initial investment of US$100m in the Tanzanian banking and financial services sector.
In an agreement confirmed today, dcc Africa will become a major shareholder in Archco Ltd, the long-established stockbroker in Dar es Salaam, effective from 1 January 2020.
dcc fully supports The Bank of Tanzania’s declared aim of consolidation in the banking and finance sector. dcc will contribute to this shared goal by bringing high levels of management and liquidity to its investments in Tanzania along with digital real-time banking for all its customers, both personal and commercial.
Leslie Cairns, Head of Investment for dcc Africa, said:
“dcc Africa is determined to demonstrate a new model of meaningful foreign investment in Tanzania, exploring impactful investment opportunities, strengthening the investment environment and championing exceptional corporate governance. This initial investment signals our commitment to strengthening Tanzania’s financial services sector, and to improving trust and confidence in Tanzania’s economic development as a whole in 2021.”
Iyen Nsemwa, Managing Director of Archco , said:
“dcc’s investment is not only a vote of confidence in Archco, but in the potential of Tanzania’s financial services sector as a whole. We are looking to achieve significant growth in 2021 and we welcome dcc’s financial support along with their wealth of knowledge growing and strengthening companies.”
Archco will be provided with additional cash resources enabling it to provide digital real time share trading facilities for all and underwrite the listing of companies throughout Africa via the Dar es Salaam exchange.
dcc Africa is in advanced negotiations with a number of other financial services companies in Tanzania and across the African continent and expects to announce further investments in due course.
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