USE and MTN Mobile Money partner to Digitize SCD Account Opening in a move to further Financial Inclusion of Ugandans

Uganda Securities Exchange’s (USE) Securities Central Depository (SCD) and MTN Mobile Money have today unveiled a digital SCD account opening platform to further efforts towards financially including all Ugandans.

A Securities Central Depository commonly referred to as an SCD account is an electronic account on which securities are held and any transactions regarding trades or transfers on the stock market are effected on this account. Anyone who intends to invest in the stock market must have an SCD account which is free to open and maintain.

Mr. Paul Bwiso, CEO of Uganda Stock Exchange (USE) stated that the digital platform is meant to democratize and support both access to the Ugandan stock market and trade as more individuals and investors will be able to open SCD accounts that are a requirement to trade in the securities market. This will subsequently enable them to invest in any of the companies and debt instruments listed on the USE.

Photo: Mr. Bob Musinguzi, Manager SCD-USE (l)Mr. Paul Bwiso, the Chief Executive Officer, Uganda Securities Exchange addresses the audience during the launch of the digital Securities Central Depository (SCD) account opening platform in Kampala today

Mr. Paul Bwiso, also stated that since embarking on its digital transformation journey in 2015, USE had been intentional about placing the investor at the forefront of its digitization strategy. He stated that the partnership with MTN Mobile Money has allowed the USE to further simplify access to the stock market for local investors since all MTN MoMo subscribers with a national ID can open accounts from any location.

“Last year we launched a web-based platform called the Easy portal as a self-service channel for opening an SCD account in service of our goal of facilitating convenient access to stock market services. This partnership with MTN Uganda is another stride towards achieving this goal.” Bwiso said.

Mr. Bwiso further noted that the service still maintains the core operational processes of the SCD, that is to say; incorporating a KYC verification process and issuance of a unique SCD account number once an SCD account has been successfully opened through the MTN MoMo platform. Additionally, new investors still retain the option to select their broker of choice.

“The Exchange is committed to creating an inclusive market and working to continually improve investors’ experience as they undertake their investment journey in the USE” Bwiso concluded.

Mr. Stephen Mutana, the Chief Executive Office MTN Mobile Money Limited said that this innovation is another step for MTN Mobile Money to digitize services that are crucial to growing the financial sector in Uganda, premised on MTN’s vision of delivering the benefits of a bold new digital world to all its customers.

“As a financial service provider with services that have championed digital finance, this is a great opportunity for us to digitize this crucial function of stock investment by simplifying it for our customers. Now that it is simpler, we believe that more people will be able to open SCD accounts and participate in the stock market as an alternative avenue of long-term investment,” Mr. Mutana said.

This innovation is a valuable and convenient addition to the existing channels of SCD account opening. On the MTN MoMo platform, active MTN Mobile Money customers with a valid Ugandan National Identification card shall be able to open an SCD account through their preferred licensed brokers conveniently on their mobile phone.

MTN MoMo users can access the new service through the My MTN App or by dialing *165*65# and following the prompts that will enable them to open their SCD account in minutes. The innovation resonates with USE’s mission statement of empowering investors through service excellence and innovation and the promotion of safe, convenient, and sustainable investments.

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