Chipper Technologies to drive up SCD numbers

Chipper Technologies is officially being admitted as the 6th brokerage firm on the Uganda Securities Exchange (USE) and has been urged to use its popular platform to grow Securities Central Depository (SCD) accounts beyond the current 130,000.

Speaking at the launch of Chipper’s membership on the USE on Monday, Richard Byarugaba, the National Social Security Fund (NSSF) CEO and USE board chairperson pointed out that it was a joke that there are only 130,000 SCD accounts for a population of about 45 million Ugandans.  

From Left: Dr. Rachel Mindra Katoroogo, USE Non Executive Director; Richard Byarugaba, USE acting Board Chair; Paul Bwiso, CEO of the USE; Daniel Tumuramye, CEO of Chipper Technologies and Miriam Musaali, Director Legal and Board Affairs at the Capital Markets Authority (CMA). Image: Courtesy.

“We would like to make sure that when you join as a trading partner that you are committed to the long term interests of the market as a whole,” Byarugaba said.

Paul Bwiso, the USE CEO said that 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. The world is changing and technology, innovation and financial inclusion are a major driver of the change. Chipper’s admission to the USE is a testament of our goal to transform the nation and the market,” Bwiso said.

Miriam Musaali, the Director Legal and Board Affairs at the Capital Markets Authority (CMA) called upon Chipper and other stock brokers to join the market and springboard it’s vibrancy.

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