Deputy Speaker Thomas Tayebwa has interested Ugandans into investing in the stock markets, saying that this will facilitate the money multiplier effect while avoiding business losses.
“There are people who are good at multiplying money. So, if I planned to have 60 percent of my savings in the stock market, then that would mean I will give part of my money to multiply,” he said.
Tayebwa made the remarks on 07 June 2022, during the launch of Zaabu, an electronic platform through which people can invest in securities.
Zaabu, a brainchild of ALTX East Africa, is the first electronic system that will be used to facilitate trading in securities using mobile phones.
Tayebwa said that stocks, bonds and bills are the safest way for busy people to grow their businesses since they do not require supervision.
He added: “Stock markets will promote financial inclusion and also teach Ugandans how to save.”
The Chairman ALTX East Africa, Edward Kitimbo, said that the new system makes investing in stock markets affordable and easily accessible by majority of Ugandans.
“Our stocks have been focused on high income earners but we are now coming down to the bottom of the pyramid where many can afford to save at least Shs 15,000 every month,” Kitimbo said during the launch at the Golf Course Hotel in Kampala.
He explained that to use the Zaabu platform, the user only needs a mobile handset, from which one dials and logs into the stock exchange anytime and anywhere.
The Chairperson of the Committee on Finance, Hon. Keefa Kiwanuka pledged support towards the initiative and advised the company to raise any legislative concerns with Parliament.