Business

Uganda Security Exchange admits Chipper Cash as new stockbroker

As a trading participant, Chipper’s core mandate is to enable existing and potential investors to execute transactions in relation to shares and bonds listed on USE by providing stock brokerage services in line with the rules of the Exchange, the Capital Markets Act and regulations thereunder.

Dan Tumuramye, Country Director, Chipper Technologies Uganda (Photo via @ChipperCashApp)

KAMPALA, UGANDA: The Uganda Securities Exchange (USE) admitted Chipper Technologies Uganda Limited (“Chipper”) as a new Trading Participant/stockbroker on its market and as a USE Securities Central Depository Agent (SCDA) of its Securities Central Depository.

The revelation was made on Monday August 29, 2022, at the USE headquarters in Nakawa, a Kampala Suburb.

As a trading participant, Chipper’s core mandate is to enable existing and potential investors to execute transactions in relation to shares and bonds listed on USE by providing stock brokerage services in line with the rules of the Exchange, the Capital Markets Act and regulations thereunder.

“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,” commented Paul Bwiso, CEO of the Uganda Securities Exchange.

“To date, we have a diverse range of over 130,000 investors on the market and we are continuously working to ensure an improved experience for the investor 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,” Mr. Bwiso added.

Representatives from the Board and management of Chipper Technologies rang the market open bell to signify its inaugural day of trading as broker in the market. Chipper has also been approved as a USE Securities Central Depository Agent (SCDA).

“Our Admission on the Uganda Securities Exchange is another significant milestone for us. As a technology company with a presence across Africa, Uganda remains an important hub for us,” said Mr. Dan Tumuramye, the Country Director, Chipper Technologies (U).

“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 added.

The Chairman of USE’s Board of Governors Mr. Richard Byarugaba noted that 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 noted.

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