KAMPALA: Chipper Cash on Thursday, 11 November 2021 launched its Global Stocks Investing Product, making it possible for Ugandans with an internet-enabled phone and mobile money to invest in US stock markets.
The platform enables Ugandans to invest in global companies like Apple, Jumia, Amazon, and Google by buying fractional shares for as low as $1 (Shs3,600).
Chipper Cash becomes the first company to offer fractional stock investing in Uganda and is licensed and regulated by the Capital Markets Authority.
Chipper Cash is a cross-border payments app, where over 3 million people send & receive money in and between Nigeria, Kenya, South Africa, Ghana, Uganda, Rwanda, Tanzania, and now available in United Kingdom.
Speaking at the launch of the platform in Kampala, Hasan Luongo, the VP Global Marketing, said: “Chipper Cash invites you to join them on the journey to unlock global investments in Uganda.”
“We believe fractional shares are crucial to making investing in stocks easier and more accessible, especially for African countries with lower valued currencies,” he added.
“For the first time ever, Ugandans of all economic backgrounds will be able to invest as little as $1 or 3,500 Uganda Shillings in the world’s largest public companies listed on the New York Stock Exchange – 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,” Ham Serunjogi, Co-founder and CEO of Chipper Cash, said at the launch in Kampala.
He added that 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 requirement – anyone can invest. 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.