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 (eg. money, diamonds, confidential documents etc).

Basically, the role of a Custodian would be;

  • Hold in safekeeping assets/securities,
  • Arrange settlement of any purchases and sales and deliveries in/out of such securities and currency,
  • Collect information on and 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 clients (schemes).

As at Jane 2016, registered Custodians include;

  1. CRDB Bank Plc
  2. Stanbic Bank Ltd
  3. Standard Chartered Bank
  4. Bank M
  5.  African Banking Corporation Tanzania Limited
  6. KCB Bank Tanzania Limited
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