The Deputy Speaker of Parliament, Thomas Tayebwa has implored Ugandans to invest on the stock markets in order to multiply their money and also avoid easily making losses.
Speaking at the launch of Zaabu, an electronic platform through which people can invest in securities and earn income from the comfort of their seats.
Tayebwa said that stocks, bonds and bills are the safest way for busy people to grow their business empires because they will not need to be everywhere to organise, run and supervise businesses as it is for the ordinary way of trading.
“Such systems are very fast in terms of settlements. If you ever invested in bonds or bills, you know the complexities and also it is for the high class who are mostly foreigners,” said Tayebwa as he called Ugandans to follow suit.
Describing himself as a businessman, Tayebwa welcomed the initiative saying many Ugandans who are struggling to invest on their own have a chance to venture in the stock markets with the help of Zaabu.
Tayebwa who said that the people in the western world manage to spare time for going on holiday because of the dividends from stock markets.
A stock market is characterised by deals in share capital which represents ownership claims on businesses.
These may include securities listed on a public stock exchange, as well as stock that is only traded privately, such as shares of private companies which are sold to investors through equity crowdfunding platforms.
Tayebwa rallied Ugandans to promote financial inclusion and also learn to save before spending part of their money.
Edward Kitimbo Mugwanya, the chairman of ALTX East Africa, said that the new system means that Ugandans would be able to access the stock exchange without hustles because of the Zaabu platform’s affordability.
“Our stocks have been concentrated for the rich, now we are coming down to the bottom of the pyramid where everyone can afford every month to save Shs15000,” said Mugwanya.
The chairperson of the Parliamentary Committee on Finance, Kefa Kiwanuka, promised support to the innovators of the Zaabu platform, arguing them to petition Parliament on the areas of legislation they need to make them thrive.