Uganda Securities Exchange (USE), recently announced the admission of Chipper Technologies Uganda Limited also known as “Chipper” as a new trading participant or a stockbroker on its market.
The principal stock exchange stated in a press statement released yesterday that as a trading participant, Chipper’s core mandate is to enable existing and potential investors execute transactions in relation to shares and bonds listed on USE by providing stock brokerage services in line with the rule of the exchange, the Capital Markets Act and regulations thereunder.
Paul Bwiso, the CEO of Uganda Securities Exchange further commented, “Having acquired a stock brokerage license from the Capital Markets Authority (CMA) and (Chipper technologies) has satisfied the eligibility requirements to be a stockbroker of the USE in all material respects, it is our pleasure to welcome Chipper technologies as a new trading participant in the market. 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.”
The Chairman Board of the Exchange, Richard Byarugaba also stated, “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.”
Chipper has also been approved as a USE Securities Central Depository Agent (SCDA).
The USE’s Securities Central Depository (USE SCD) is a wholly-owned subsidiary of the Uganda Securities Exchange. Established in 2009, USE SCD’s core mandate is to provide a centralized depository, clearing, and settlement services for equity and debt securities listed on the USE. According to USE, to date, over UGX 3.5 trillion worth of securities transactions have been settled through the USE SCD which currently hosts over 130,000 SCD accounts opened by retail and institutional investors from Uganda, the East African region, and globally.