Individual Investors’ Awareness and Participation in the Dar es Salaam Stock Exchange, Tanzania


  • Christina Mwakabumbe
  • Sylvia Temu
  • Isaac Kazungu


Individual, investors, awareness, stock exchange, Dar es Salaam, individual invstorors awareness.


Participation of individual investors in Dar es Salaam stock markets stands at 1%, which is very low compared to Kenya, which is currently at 4%. Thus, the study evaluated the level of awareness of individuals that explained their low participation in the Dar es Salaam stock exchange. Primary data were collected from 200 participants and 200 non-participants and analysed using descriptive statistics and binary logistic regression. Findings revealed that non-participant individuals had a low level of awareness regarding DSE and its activities compared to individual participants. Regarding voting and decision-making by shareholders, only 13% of participants were aware of this right. Financial awareness was also found out to be low among individuals. Binary logistic results indicated that awareness of DSE, awareness creation seminars, and access to media were likely to influence individuals' participation decisions. Thus, the study concluded that the level of awareness among individuals was deficient and affected their participation in the stock market. Therefore, the intensification of public awareness through seminars by DSE is essential. Also, DSE should increase the use of mobile trading platform and internet technologies to disseminate awareness information on investment opportunities for participation decision.

Author Biographies

Christina Mwakabumbe

Moshi Co-operative University

Sylvia Temu

University of Dar es Salaam

Isaac Kazungu

Moshi Co-operative University