BY SALIM KALANZI
Ugandans are now to invest as little as $1 or sh3,500 in the world’s largest public companies listed on the New York Stock Exchange through the Chipper Cash Application.
The platform will enable potential investors to trade listed shares of global companies such as Facebook, Amazon, Tesla, Netflix among others from anywhere in the world via their smartphones.
Through its partnership with DriveWealth LLC, a pioneer in fractional investing and embedded finance, Chipper Cash will empower the average Ugandan to build long-term wealth with safe and affordable access to the U.S stock markets.
“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.
“Today, we’re launching a revolutionary product, U.S. fractional stocks. This product is probably our most impactful product since the launch of the original Chipper app just three years ago,” Serunjogi said.
Serunjogi founded Chipper Cash with Maijid Moujaled in 2018 to offer a no-fee peer-to-peer cross-border payment service in Africa via its app. Its services are used across seven African countries — Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya.
This year, the company began to make strides outside the continent. In May, it expanded to the U.K., allowing people to send money from the European nation to Chipper Cash’s African markets.
Chipper Cash is the first company to offer fractional stock investing in Uganda.
The African fintech startup is now licensed and regulated by the Capital Markets Authority and the Bank of Uganda to provide the service to Ugandans.
There has been an uptick in the awareness and demand for safe investments by Ugandans in recent years. And while goal-based saving has taken center stage (with many banks, insurance companies, and SACCOs offering this service), 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,” Ham said.
Previously, investing in U.S equities required high minimums and was only accessible by high net-worth individuals, effectively pricing out first-time investors.