Uganda Securities Exchange recently partnered with MTN Mobile Money to enable local investors open SCD accounts using MTN Mobile Money USSD to enable themselves to buy shares from Uganda Securities Exchange.
Many people do not know what the SCD is, how it helps and how one can open one using MTN Mobile Money.
What is an SCD Account?
An SCD account known as Securities Central Depository is an account opened with Uganda Securities Exchange (USE) that allows you trade in securities listed on USE.
The account is opened and maintained by a certified Stock Broker on behalf of the client.
The traditional way of opening an SCD account has been through Stock Brokers, however, USE recently introduced a web portal that new investors can use to open SCD accounts in addition to MTN Mobile Money method.
Steps on how to open an SDC Account using MTN Mobile Money.
- On your phone dial *165*65#
- On the menu that shows, select ‘Apply for SCD Account’
- You will be prompted to enter your National ID Number Enter your NIN
- You will be requested to select your preferred Stock Blocker. You don’t need to notify him before.
- You will be prompted to enter your MTN Mobile Money PIN.
- You will then receive a message from MTN Mobile Money that your SCD account was successfully created alongside the SCD application ID.
- You will then receive confirmation message from USE with your account number and your selected stock broker.
- You are now good to go start trading in stocks! You can contact your stock broker to submit your KYC information and also on matters of buying securities.