MTN launches Uganda’s first phone-based stock trading service

MTN launches Uganda's first phone-based stock trading service

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  • Customers will be able to open securities accounts, buy and sell shares, as well as transfer cash to stockbrokers straight from their mobile wallet, he said.

  • Users will access the shares trading service, which is offered in partnership with Uganda Securities Exchange (USE), through the financial platform, Stephen Mutana, the head of MTN Mobile Money in Uganda, told a news conference.

USE, which has 38,000 investors trading 17 stocks like Uganda’s biggest lender, Stanbic, and its main power firm, Umeme, expects the new mobile trading platform to attract more investors.

MTN Uganda, which is preparing to list its shares on the USE through an initial public offering, is on course to meet a June 2022 deadline for the transaction, Mutana said.

“Over probably the next couple of months we probably should be in hundreds of thousands of investors because we have made it easier for any Ugandan to open an account on the exchange,” said Paul Bwiso, the chief executive of USE.

The firm secured a 12-year renewal of its operating licence in June last year after paying $100 million and one of the conditions for extension of the licence was to list at least 20% of its equity on the stock exchange within two years.

The firm’s IPO is being closely watched by investors as it will potentially be the biggest in the country’s history and a major boost to the USE.

(Reporting by Elias Biryabarema; Editing by Duncan Miriri and Emelia Sithole-Matarise)

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