Uganda bourse launches digital platform for opening securities accounts
Wednesday September 15 2021
The Ugandan bourse has partnered with MTN to provide a digital platform for opening securities accounts, making it easier and cheaper for retail investors to participate in the securities market.
The MTN MoMo platform, which can be used to open a Securities Central Depository (SCD) account, went live on September 15, 2021.
MTN Uganda Mobile Money technicians were still putting final touches on the system on Wednesday to also facilitate buying and selling of securities through mobile phones.
This will be a big shift from securities account opening which necessitates that an investor transacts through a broker or online using a computer or smartphone.
“Using a phone to trade securities will start in two months’ time,” Uganda Securities Exchange CEO Paul Bwiso said during the launch ceremony at Kampala Serena Hotel on September 14, 2021.
Since embarking on its digital transformation journey in 2015, the Uganda Securities Exchange (USE) has been intentional about placing the investor at the forefront of its digitisation strategy, he said.
The partnership with MTN Uganda 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, Bwiso added.
“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,” the CEO said.
With the deployment of the mobile phone platform, he forecasts increased participation in the Uganda securities market.