By Mark Kawalya
Chipper Cash is a revolutionary mobile application that enables Ugandans to invest in publicly traded international companies like Facebook, Apple, Amazon and many others. Chipper’s global investing product makes it the first company that offers fractional stock investing in Uganda. The fintech that is regulated by the capital markets authority has partnered with DriveWealth LLC, one of the most renowned firms in fractional investing.
“This product is probably our most impactful product since the launch of the original Chipper app just three years ago.” Said Ham Serunjogi, Co-founder and CEO of Chipper Cash. The app allows everyday Ugandans to invest in global companies and build long-term wealth by giving them access to affordable and safe access to stock markets in the U.S.
“For the first time, 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 is 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,” Serunjogi said during the launch of the app.
Traditionally, investing in the US stock market required significant minimums that were afforded only by individuals with high net worth. This left many potential investors out because they were not able to raise such sums.
Chipper cash enables Ugandans to invest on a dollar equivalent basis (fractional shares) with little or no minimum requirement. $1 is the entry point and with that amount, one can invest in over 1000 global companies that are listed on the Chipper stocks allowing them to construct a global portfolio.
The startup is among the market leaders in cross-border funds transfers for both inbound and outbound transactions. With the app, users can transfer money to each other within Africa and to countries like the US and the UK directly to their Chipper cash wallet. Sending and receiving money is free for now, and trading in stocks is the latest addition to the application’s product portfolio.
To start trading, a user must download the Chipper Cash App from the App Store or the Google Play Store before they are prompted to verify their account with their national ID or passport. To buy stocks, they must credit their account using Mobile Money. First-time stock buyers have information available to them on how stocks work and what to expect while trading. With the push of an icon, users can then buy stocks and also monitor the performance of their investments.