Chipper Cash, African fintech startup has launched a product that will enable Ugandans invest in publicly traded global companies including Amazon, Tesla or Meta for as little as $1 or shs3500.
According to Ham Serunjogi, the co-founder and CEO of Chipper Cash, the new platform will help Ugandans who are interested in investing in global companies make their dreams easily come true
“For the first time ever, Ugandans of all economic backgrounds will be able to invest as little as $1 or shs3,500 in the world’s largest public companies listed on the New York Stock Exchange and when we talk about unlocking global opportunities, this what we mean. As a proud Ugandan, it means so much to me that we get to launch a product that will empower my fellow countrymen and women,” Sserunjogi said during the launch of the product.
He said that with the launch of Chipper’s Global Stocks Investing product, Ugandans can easily invest in publicly traded global companies such as Meta, Amazon, Tesla and Netflix among others.
Serunjogi said that there has been an uptick in the awareness and demand for safe investments by Ugandans in recent years and that while goal-based saving has taken center stage, investments in equities is key to achieving financial independence and building long-term wealth.
“Wealth creation is one of the most powerful ways of driving economic and social development in any country. For too long, many tools that offer the ability to generate and store wealth have remained inaccessible for too many, for too long. This product, the Chipper fractional stocks product, fixes precisely that problem,” he noted.
He added that through its partnership with DriveWealth LLC, a pioneer in fractional investing and embedded finance, Chipper Cash empowers the average Ugandan to build long-term wealth with safe and affordable access to the U.S stock markets.
How it is done
Previously, investing in U.S equities required high minimums and was only accessible by high net-worth individuals which effectively priced out first-time investors.
However, according to officials, with Chipper Cash, users can invest on a dollar equivalent basis (i.e., fractional shares) in over 6,000 U.S. securities and ETFs, with little or no minimum requirements.
“The entry point is $1. And with over 1,000 global companies listed on the Chipper Stocks, you can invest in U.S./international equities and build a global portfolio that lasts through time,”Serunjogi said.