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CSMA Shares

The Management Team at CMSA is led by Chief Executive Officer who is the overall in charge of day to day operations of the CMSA reporting to the Board. The CEO is assisted by Management Team comprised of Head of Directorates and Independent Departments who oversee operational aspects and report to the CEO. The Management is assisted by technical officers in each of the Directorates and Departments who are responsible for implementation of the operations aspects of the Authority. The CMSA Management is as follows:-


Mr Nicodemus D. Mkama is the Chief Executive Officer of the CMSA. Mr. Mkama has 22 years working experience. He has worked with the Capital markets and Securities Authority for more than ten years serving in different Managerial Positions such as Director of Research, Policy and Planning; Manager Markets Development; Manager Finance and Acting Manager Administration and Personnel; Occasionally, he has been delegated with the responsibilities of the Chief Executive Officer, when the tentative CEO of the CMSA is away from office on official duties. He has a wide experience in Capital Markets sector.

  • Before joining CMSA, he worked with the Bank of Tanzania (BOT), Directorate of Banking Supervision as Bank Examiner for eight (8) years. While working with BOT, he was appointed to be the statutory Manager to take over Delphis Bank Zanzibar Branch. He also worked with the Eurafrica Bank, a subsidiary of Belgolaise Bank Brussels for three (3) years. Further, he worked with the Aga Khan Education Services as an Accountant, Part of Agakhan Group Foundation, an International Organisation for one (1) year.
  • Mr. Mkama holds a Masters Degree in Business Administration (MBA) specialized in Finance; Bachelor of Commerce and Management specialized in Accounting (B.Com) (Hons); Certified Public Accountant (CPA) registered by the National Board of Accountants and Auditors (NBAA) as ACPA 1347 in good standing; Approved Trainer of International Financial Reporting Standards (IFRSs), International Standards on Auditing (ISAs),and International Public Sector Accounting Standards (IPSAs); and trainer of the Securities Industry Certification Course offered by the CMSA and the Chartered Institute of Securities and Investment (CISI), United Kingdom. Passed Commodity Exchange Certification Course (CECC), and has completed the Regional Leadership Program for Securities Regulators.
  • He is an associate of Toronto Centre, Canada in Association with Monetary Authority Singapore (MAS), Centre for Global Leadership in Financial Supervision.


Ms. Fatma A. Simba is the Director of Legal Affairs and Enforcement responsible for: 

  • Formulating rules and regulations for the purposes of regulating the activities of Capital Markets and Securities industry;
  • Carrying out preparations for the licensing of Securities Dealers, Investment Advisors and their representatives;
  • Conducting market surveillance to ensure orderly, fair and transparent dealing in securities;
  • Disseminating information to the public and other relevant bodies within and outside the country;
  • Keeping abreast of, and reviewing related laws of the country and proposing amendments to the Capital Markets and Securities Act;
  • Providing legal advise to the Capital Markets and Securities Authority;
  • Conducting research on legal and other pertinent issues related to the areas of expertise for the purposes of creating an enabling environment for the orderly growth and development of the Capital Market and Securities industry in Tanzania; and
  • To perform any other duties and responsibilities as may be assigned by the Chief Executive Officer

Prior to her appointment as Director of Legal Affairs and Enforcement, she worked at CMSA as a Manager of Legal Affairs and Enforcement and Acting Director of Legal Affairs and Enforcement for some years.Before joining CMSA she worked with the Office of the Chief Parliamentary Draftsman for about ten years.

  • She holds a Master’s degree of Business Administration from the Eastern and Southern Africa Management Institute (ESAMI), Advanced Legislative Drafting course from University of the West Indies (Barbados), Bachelor’s Degree in Laws from the University of Dar es salaam, and registered as an Advocate of the High Court of Tanzania. She has detailed knowledge in the development of Financial Markets in Tanzania.
  • She is a member Tanganyika Law society, Tanzania Women Lawyers Association, East African Law Society and Admitted to the Bar Advocate of High Court of Tanzania and Courts subordinate to the High courts.


Mr. Exaut Julius is the Acting Director of Market Supervision and Market Development responsible for:

  • Maintaining Orderly, Fair and transparent dealing in securities through market surveillance;
  • Strengthening the Market Inspections, Surveillance and Investigations Mechanisms for Market Intermediaries, Securities Exchanges, Commodities Exchanges and Securities Depositories.
  • Enhancing Supervisory Framework for Financial and Technological Developments.
  • Onsite and offsite inspection of Licensed Dealing Members, Custodians, Collective Investment Schemes, Investment Advisers and Fund Managers;
  • Analysis of Financial and others reports of dealers, investment advisors and exchanges;
  • Preparation of the Daily Market Report and the submission to the Chief Executive Officer for noting;
  • Preparation of the Monthly Market Report and the submission to the Chief Executive Officer for noting/further action and guidance;
  • Attending various market supervision related issues arising from market intermediaries like:
  • Review of financial reports submitted to the Authority by the brokers, listed companies and the exchange;Review of onsite inspection report to the brokers as submitted by the inspection team; Review and recommend for approval all financial information requested by the Market Intermediaries for Publication.
  • Prior to his appointment as the Acting Director, he was working as the Manager of Finance of the Capital Markets and Securities Authority (CMSA).
  • Exaut worked with different institutions before joining CMSA such as:
    • The Director of Finance of the College of Business Education (CBE) for the three campuses and
    • Head of Revenue Department at University of Dar es salaam where prior to that position, he worked as an accountant expenditure at the same university Expenditure Department and part time basis Financial Manager / Accountant of various University of Dar es Salaam Donor funded Projects like projects funded by NORAD,NUFFIC,USAID,SIDA,GLOBAL FUND,FORD FOUNDATION, Royal Danish Embassy etc.

Exaut also worked with various private sectors such as Financial Controller of Chawe Group of (five) Companies, an Auditor with Mangesho Authorized Accountants and Auditors.He holds a Masters of Business Administration (MBA- Finance) - University of Dar es Salaam, 2006, Bachelor of Commerce and Management (B.COM-Accounting) - University of Dar es Salaam, 1998 and Certified Public Accountant – CPA (T).He is a member of National Board of Accountants and Auditors; the regulator of accounting profession in Tanzania, Toronto Centre (Canada): Global Leadership in Financial Supervision; registered as an Associate of the Toronto Centre and Chartered Institute for securities and Investment (London) and St. John University Audit Committee.


Responsible for designing and implementing human resources management policies and procedures governing recruitment, placement, rewarding, training and development, welfare service and all human resource related functions.


Mr. Alfred Mkombo is currently in charge of the Directorate of Research, Policy and Planning at the Capital Markets and Securities Authority (CMSA). He is involved in championing the formulation of appropriate corporate policies and operational plans supervising research aimed at implementing measures for deepening and broadening capital market in Tanzania. He also oversees the implementation of professional certification programs which aim at increasing the number and competence of market players. Mr. Mkombo joined the CMSA in 2012 as Manager Internal Audit in-charge of the internal audit function with direct reporting to the Authority, through its Audit and Risk Committee.

  • Prior to joining the CMSA, Alfred worked with Bank of Tanzania as Bank Examiner for 11 years. He was roles included financial analysis and preparation of institutional profiles for commercial banks as well as offsite monitoring their operations. He was a team leader in the project related to formulation Business Continuity Guidelines for Banks and Financial Institutions in Tanzania. He also served as a member to the core team for the implementation of the New Capital Accord (Basel II), where one of the activities involved were to carry out a series of impact assessments studies.
  • Other engagements were with professional audit and consulting firms KPMG and PricewaterhouseCoopers in the years 1997 to 2001 raising from Audit Associate to Audit Senior. The experience with such firms earned him a strong foundation in the analysis financial sector issues, involving him in assignments related to business assurance and management consultancy.
  • Mr. Mkombo holds an MBA in Financial Management from the University of Exeter, United Kingdom; a CPA(T) in the category of Associate from the NBAA and a BA in Statistics from the University of Dar es Salaam.


Responsible for the internal audit functions reporting to the Audit Committee and Risk Management of the Authority


Responsible for all finance and accounting matters of the Authority


Responsible handling the media and protocol issues, Spokesperson of the CMSA on authorization of the CEO, coordination of public awareness and education programme and publication materials designed to enhance public knowledge on capital markets and commodity exchange

  Responsible for enforcement functions and licensing matters,assisting the Director of Legal Affairs in matters related to licensing and enforcement and implementation of directives examine and process applications for licensing and inspection and verification of applicants.