A strategic collaboration between MoMo by MTN and the Uganda Securities Exchange (USE) is set to revolutionise how ordinary Ugandans access investment opportunities, moving the process from the brokerage office to the mobile phone.
MoMo led by the Chief Executive Officer (CEO) Richard Yego, on Tuesday cemented its partnership with the USE in a bid to enable the seamless, digital opening and management of Securities Central Depository (SCD) accounts via the popular USSD platform and the MoMo App.
This initiative is a powerful step in strengthening financial inclusion by democratising access to the country’s capital markets.
The Digital Bridge to Investment
According to Yego, the partnership focuses on eliminating the traditional barriers such as paperwork, time, and physical access, that have long kept the majority of the Ugandan population out of the stock market. An SCD account is an essential electronic requirement for anyone wishing to buy or sell shares or debt securities listed on the USE.
The joint vision discussed by the MoMo leadership team, including the CEO Yego, CIO Albert Gitta, CCO Keith G. Tukei, and GM Services, Dennis Kakonge, plus the USE team, led by the CEO Paul Bwiso, is straightforward: to integrate the power of mobile money with the formal investment sector. Key features of this digital pathway will include:
Seamless SCD Account Opening
Investors will be able to initiate and complete the SCD account opening process directly through the MoMo App or a simple USSD code.
Secure Management
The platform is designed to allow Ugandans to securely manage their investment accounts from any location, leveraging the widespread and trusted MoMo network.
Accessibility
This move brings investment opportunities to millions of mobile money users, particularly those in rural and underserved areas, who may not have access to a physical bank or brokerage branch.
Empowering Ugandans to Invest Smarter
The collaboration, according to Bwiso, is a “direct answer to the growing demand for digital financial solutions that go beyond basic payments and transfers.” He noted that it aligns perfectly with the national goal of deepening financial inclusion by making wealth creation tools accessible to every citizen.
On behalf of the MoMo team, Yego underscored their commitment to this shared drive saying; “This collaboration underscores our commitment to deepening financial inclusion and bringing investment opportunities closer to every Ugandan.”
This digital integration leverages MoMo’s expansive network and technological capacity to support USE’s mission to create an inclusive and convenient investment ecosystem.
By transforming the previously cumbersome process of opening an SCD account into a simple mobile money transaction, MoMo and USE are empowering millions of Ugandans to participate in the growth of the nation’s economy through equity and debt investment.
The partnership sets a strong precedent for how fintech innovation and traditional financial institutions can work together to build a more inclusive, smarter, and more robust digital investment landscape in Uganda.