The Uganda Securities Exchange (USE) has announced permitting ChipperCash Uganda to offer stock brokerage services on the Ugandan bourse, according to a post released on Twitter.
This comes after the company acquired a stock brokerage license from the Capital Markets Authority in Uganda whereby it was said to pass all the requirements necessary to offer stock brokering on the USE.
The USE, through the Board Chairman, indicated that it is expecting the company, often called Chipper, ‘will drive financial inclusion using its fintech business model.’
The document shared indicated that Chipper’s main role as a stockbroker on the USE will be to enable existing and new investors to execute trades in relation to stocks and bonds listed on the securities exchange.
Stockbrokers execute trades on behalf of their clients, or members. While individuals can buy and sell shares on exchanges on their own, the use of stockbrokers is the easier and common route investors take to trade on exchanges.
Chipper Cash Uganda country Director, Dan Tumuramye, wrote about the new service on the company blog, where he added a quote from one of the company’s founders and CEO, a Ugandan, Ham Serunjogi:
“For the first time ever, Ugandans of all economic backgrounds will be able to invest as little as $1 or 3,500 Ugandan Shillings in the world’s largest public companies listed on the New York Stock Exchange – when we talk about unlocking global opportunities, this what we mean.
As a proud Ugandan, it means so much to me that we get to launch a product that will empower my fellow countrymen and women.”
– Chipper Cash CEO
From the post, the company is launching U.S. fractional stocks in the new service, touted as ‘revolutionary and impactful.’
Ugandans will now be able to invest in stocks of companies such as Netflix, Tesla, Facebook, and Amazon on the same platform where they can also buy cryptocurrencies.
The firm will be offering an entry into stocks, mutual funds, and exchange-traded funds (ETFs).
