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Children’s Career Plan Unit Trust Scheme (Watoto Fund)

  • Objectives: A child benefit open end balanced fund, which seeks to generate long term capital appreciation through a judicious mix of investment in debt and listed equity instruments.
  • Beneficiary child &Entry Age: Investment in the name of a child up to the age of 18 years.
  • Eligible Investor(s): Open for Investment to Resident as well as Non Resident i.e. Individuals, Corporate Bodies, Banks, Eligible Trust (NGO) etc. Investments are made for the benefit of a beneficiary child. As a special case, Foreign Nationals (Individual as well as non-individual) shall also be allowed to make investment in favor of a Tanzanian beneficiary child, on non repatriable basis.
  • Asset Ratio: (a) Debt: 0 to 100% and (b) Listed Equity: 0 to 50%
  • Investment Options: The scheme offers investment on two options-(a)Scholarship Option-Payments are made to the beneficiary children after they attain the age of 12 years. The scholarships shall be payable at two intervals-Half- yearly or Yearly (depending upon the investor`s preference):
  • (b)Growth option-No regular payments as such be made to the unit holders and instead they shall enjoy the benefit of capital appreciation in form of NAV appreciation.
  • Minimum Investment: (a) Initial Investment Amount =TZS 10,000 and (b) Additional Investment Amount =TZS 5,000/- However there is no limit on the maximum investment amount made by an investor.
  • Liquidity: Partial/full repurchase is allowed after the beneficiary child would have attained 12 years of age (which is an average age for joining secondary school education in the country).However partial /full repurchase may be allowed in case of exigencies e.g. where money is needed for medical treatment of the beneficiary child or any  other genuine reason.
  • Scheme Duration &Maturity: Though the duration of the scheme is perpetual, however for a unit holder (i.e. beneficiary child) the scheme shall mature, upon he/she attaining 24 years of age.

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