Custodian means a company registered under the law of Tanzania responsible for safeguarding a firm’s or individual’s financial assets. In other words, a Custodian is always a banking institution where people securely put their assets.

Basically, among the roles of a Custodian is;

  • Safekeeping assets/securities,
  • Arrange settlement of any purchases, sales and deliveries in, or out of such securities and currency,
  • Collect income from such assets,
  • Provide information on the securities,
  • Maintain currency/cash bank accounts, effect deposits and withdrawals and manage other cash transactions,
  • Provide accurate and timely periodic reports to the trustees and the Authority on holdings and transactions,
  • Perform foreign exchange transactions where required and provide regular reporting on all their activities to their client (schemes).

Currently, registered custodians include;

  1. CRDB Bank Plc
  2.  Stanbic Bank Ltd
  3. Standard Chartered Bank Ltd
  4. Bank M (T) Ltd
  5. African Banking Corporation Tanzania Ltd
  6. KCB Bank (T) Ltd
  7. Azania Bank Ltd
  8. NMB Bank Plc
Tovuti Muhimu