UGANDA – Uganda Securities Exchange (USE), the country’s principal stock exchange, has announced the admission of Chipper Technologies Uganda Limited trading as Chipper as a new trading participant or a stockbroker on its market and as a USE Securities Central Depository Agent (SCDA).

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 stockbrokerage license from the Capital Markets Authority (CMA) and 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,” Paul Bwiso, the CEO of 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.”

He added that they look forward to working with Chipper technologies to deliver efficient investment services in the market as we pursue a common goal of empowering investors by promoting safe, convenient and sustainable investments.

Representatives from the board and management of Chipper Technologies rang the market open bell to signify its inaugural day of trading as a broker in the market.

Chipper has also been approved as a USE Securities Central Depository Agent (SCDA).

“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,” stated the chairman board of the Exchange, Richard Byarugaba.

“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 Technologies, also known as Chipper Cash is a venture-capital-backed Financial technology company that builds software to enable free and instant Peer-to-peer Cross-border payments.

Chipper Cash was launched in 2018 by Ham Serunjogi and Maijid Moujaled. The pair met in Iowa after coming to the U.S. for studies. Following their stints at big names like Facebook, Flickr and Yahoo, the founders decided to work on their own startup.

This news comes as The Central Bank of Kenya (CBK) recently directed lenders and microfinance institutions to stop dealing with fintech firms Flutterwave and Chipper Cash.

The two start-ups have been engaging in money remittance business without the necessary authorisation from the banking authority, the CBK said in a letter to chief executives of commercial banks, microfinance companies and mortgage finance firms.

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