Uganda Securities Exchange’s (USE) Securities Depository USE SCD has launched a digital Securities Central Depository (SCD) account opening platform in partnership with MTN Mobile Money in a bid to further democratize Uganda’s stock market.
This innovation is the first of its kind in Uganda and it is envisaged to simplify the process of opening an SCD account, which is a requirement for individual investors to participate in the securities market.
While launching the digitalised SCD account opening service in a joint press conference between USE and MTN Mobile Money, Paul Bwiso, the chief executive officer, Uganda Securities Exchange noted that the new digital SCD account opening platform will bolster participation of the everyday Ugandan in the country’s stock market as more people will be able to open their SCD accounts remotely and subsequently be able to invest in any of the companies and debt instruments listed on the USE.
Bwiso stated that since embarking on its digital transformation journey in 2015, USE had been intentional about placing the investor at the forefront of its digitisation strategy.
“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,” Bwiso said.
Stephen Mutana, the chief executive officer MTN Mobile Money Limited said that this innovation is another step for MTN Mobile Money to digitalise services that are crucial to growing the financial sector in Uganda, premised on MTN’s vision of delivering the benefits of a bold new digital world to all its customers.
“As a financial service provider with services that have championed digital finance, this is a great opportunity for us to digitalise this crucial function of stock investment by simplifying it for our customers. Now that it is simpler, we believe that more people will be able to open SCD accounts and participate in the stock market as an alternative avenue of long-term investment,” Mutana said.
MTN MoMo users can access the new service through the My MTN App or by dialling *165*65# and following the prompts that will enable them to open their SCD account in minutes.
The innovation resonates with USE’s mission statement of empowering investors through service excellence and innovation and the promotion of safe, convenient, and sustainable investments.