Chipper Cash, a cross-border payments app, on Monday, 29 August 2022, joined Uganda Securities Exchange (USE) as a trading participant.
USE is a central place for trading of securities by licensed brokers/dealers. It provides a platform for raising of capital through the issuance of appropriate debt, equity and other instruments to the investing public.
Speaking at the event in Kampala, Mr Richard Byarugaba, the board chairman of USE, welcomed Chipper Cash to the exchange and urged them to do more to increase SCD accounts beyond the current 100,000 by signing up greater part of Uganda’s estimated 45 million population.
“Bring in more customers because I know u have been doing a lot of marketing for your product for the international stocks but let’s put that marketing effort towards the stocks here in Uganda,” Byarugaba, who is also the NSSF Managing Director, said.
“I cannot over-emphasize the need for financial literacy and inclusion in this country because a lot of people don’t know about the stock market and its benefits. I implore Chipper to prioritize this,” he added.
Miriam Ekirapa Musaali, the Board Secretary at Capital Markets Authority, said in the era of technology, Chipper Cash will make a big difference in the performance of stock markets.
She called upon Chipper and other stock brokers to join the market and springboard it’s vibrancy.
“We call upon Chipper and other stock brokers to abide by all the rules of the Capital Markets and call upon more brokers to join the market and springboard the market vibrancy,” she said.
She said reforms are in the offing to increase liquidity through a bond market and through active market dealers.
Paul Bwiso, CEO Uganda Securities Exchange, said the coming on board of Chipper Cash shows that the securities market in Uganda is growing.
“The world is changing and technology, innovation and financial inclusion are a major driver of the change. Chipper’s admission to the USE is a testament of our goal to transform the nation and the market,” he said.
Dan Tumuramye, Country Director, Chipper Technologies Uganda, promised to deepen financial inclusion.
“We are committed to providing a largely unbanked and underserved demographic easy access to products and services to deeper financial inclusivity across the continent,” he said.
Chipper Cash is a cross-border payments App where over 3 million people send and receive money in and between Nigeria, Kenya, South Africa, Ghana, Uganda, Rwanda, Tanzania, and now available in United Kingdom (UK).
This comes after Chipper Cash on Thursday, 11 November 2021 launched its Global Stocks Investing Product, making it possible for Ugandans with an internet-enabled phone and mobile money to invest in US stock markets.
The platform enables Ugandans to invest in global companies like Apple, Jumia, Amazon, and Google by buying fractional shares for as low as $1 (Shs3,600).
Chipper Cash becomes the first company to offer fractional stock investing in Uganda and is licensed and regulated by the Capital Markets Authority.