African fintech company Chipper Technologies (@chippercashapp) has been admitted as a stockbroker on the Uganda Securities Exchange, expanding the number of options for trading by new and existing investors on the bourse. #WhisperEyeNews
The license assigning the company stock brokerage and USE Securities Central Depository Agency roles were handed over on August 29.
Uganda is the fourth market after Ghana, Rwanda, and South Africa, where the Africa-founded financial services provider, has been licensed to provide digital brokerage services on the stock markets.
As a trading participant, Chipper’s basic function on the USE will be to enable existing and potential investors trade in shares and bonds listed on USE, over its electronic platforms.
“Having acquired a stock brokerage license from the Capital Markets Authority (CMA) and having satisfied the eligibility requirements to be a stockbroker of the USE in all material respects, it is our pleasure to welcome Chipper as a new trading participant in the market,” USE chief executive Paul Bwiso said after Chipper’s inaugural bell.
“To date, we have over 130,000 investors on the market and we are continuously seeking an improved experience as they undertake their investment journey. We look forward to working with Chipper to deliver efficient investment services in the market as we pursue a common market goal of empowering investors through promoting safe, convenient, and sustainable investments,” Bwiso added.
Accompanied by members of the company’s board and management team, Ben Turamye, Chipper Technologies Country Director for Uganda, rang the bell to signify the company’s entry as a broker in the market.
“I invite everyone to download the Chipper Cash App to leverage this new opportunity. Today we are proud to serve over 50 million people, enabling the largely unbanked and underserved demography to access financial services. We will continue to open up borders, bring quality financial services to life in more countries and connect more people across the continent,” Turamye said.
USE board chair Richard Byarugaba said he expected Chipper to play a complementary role to the USE’s ongoing drive to go digital.
“Over the past year, the Exchange has significantly enhanced its digital capabilities, directly and through strategic partnerships in a bid to further democratize the Uganda stock market. We want to reiterate our commitment to growing an inclusive market. In addition to service efficiency, we hope that Chipper, leveraging its fintech business model, will boost our current efforts to drive the financial inclusion agenda in the market,” Byarugaba said.