MTN mobile customers now have a chance to buy stock using their MOMO accounts following a partnership with the Uganda Securities Exchange (USE).
Yesterday Tuesday, USE and MTN Uganda launched a digital service, Securities Central Depository (SCD), the first of its kind in the country, which democratizes Uganda’s stock market and also eases the process of stock transactions.
In the partnership, USE will provide lists of stock exchanges from the different listed companies, where customers buy, save money or invest in stocks, bonds and shares.
Registration for Security Central Depository (SCD) account is free and can be done on a personal basis by dialling *165*65# and following the prompts, but MTN mobile money customers must be in possession of a valid National Identification card.
According to the officials, this opportunity not only favours big companies but also small company owners who wish to invest in stocks and shares with the help of the preferred licensed stock blockers or dealers, without queueing up. This new platform will be effective starting September 15.
Investors using the platform will be able to monitor the stocks and the exchanges on their mobile phones and can be accessed anywhere in or out of the country so long as one is in possession of an MTN mobile money registered SIM card or the MTN app where they can access the portal.
Asked if dormant accounts would be closed due to inactivity, USE chief executive officer Paul Bwiso said no account will be suspended unless the investor chooses to close it themselves because the accounts belong to them for a lifetime. Bwiso added that there will be no running charges placed on any account.
MTN mobile money chief executive officer Stephen Mutana allayed customer fears in case of loss of phones, by saying they will apply the same mobile money security checks and guidelines. Mutana encouraged mobile money customers to use their mobile money accounts to also invest in stocks and shares.
“People use mobile money every day, so they can use it to invest too, everyone deserves a privilege to do business,” Mutana said.
This initiative targets driving financial inclusion by allowing people to participate in the investment process. This innovation resonates with USE’s mission statement of empowering investors through service excellence and innovation and the promotion of safe, convenient and sustainable investments.