The Uganda Securities Exchange (USE) on Tuesday morning launched its new online customer self-service, Easyportal in a move that is expected to ease access to information by investors locally and abroad.
The new portal is expected to boost market activity. This tool was launched by Charles Mbire, the B.O.D chairman and USE’s Chief Executive Officer, Paul Bwiso among other officials from the Capital Markets Authority on Feb.7 at the USE’s headquarters in the capital, Kampala.
“The portal will an option for investors to take charge of their portfolio by personally monitoring their accounts. It is a self-service portfolio management solution. In addition to that, Ugandans in the Diaspora can now monitor their investment portfolio online,” Paul said during the launch on Tuesday morning.
The new platform (Accessed through www.use.or.ug) is expected to enable investors monitor their account and other related market information via mobile phones and other smart gadgets. The bourse has for many years attracted little attention from potential listing companies and the general public largely because of limited knowledge and investment opportunities in the country.
Data from the USE shows that market capitalisation dropped by Shs4tn to Shs20tn last year, down from Shs24tn in 2015 and Shs26tn in 2014 partly because of unpredictability of the economy’s performance during the electioneering period among other factors.
Bwiso said the new tool is expected to boost performance by providing an option for investors to take charge of their portfolio by personally monitoring their accounts wherever they are around the globe. For one to use the platform, they must be investors with running trading accounts for easy signing up for the 24 – hour service. The portal also provides an Initial Public Offer (IPO) application service for existing investors to participate in public offers.
He revealed that the new platform is one component that will complement the ongoing development of the regional electronic trading system to be unveiled once all partner states are ready for it. The 1997 founded USE has 16 listed firms compared with 21 on the Dar es Salaam and 63 on the Nairobi Stock Exchange.