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;
- CRDB Bank Plc
- Stanbic Bank Ltd
- Standard Chartered Bank
- Bank M
- African Banking Corporation Tanzania Limited
- KCB Bank Tanzania Limited