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MTN Uganda has signed a partnership agreement with the Uganda Securities Exchange (USE) to provide a digital platform for opening securities accounts, making it easier and cheaper for retail investors in the country to participate in the securities market.
Through the partnership, MTN’s mobile money platform MoMo, will be used to open a Securities Central Depository (SCD) account. The platform went live on September 15, 2021, reports The East African.
The buying and selling of securities through mobile phones will also be possible via the MoMo platform.
The move is seen as a major shift from securities account opening which requires 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,” said Paul Bwiso, CEO of Uganda Securities Exchange.
Since embarking on its digital transformation journey in 2015, the Uganda Securities Exchange has been intentional about placing the investor at the forefront of its digitisation strategy, he said.
The partnership with MTN Uganda 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, Bwiso forecasts increased participation in the Uganda securities market.
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