Financial technology company Chipper Cash has been dealt with a blow after the Capital Markets Authority(CMA),the government body responsible for the financial regulation of the capital markets industry in Uganda dismissing claims by the company that it is licensed.
CMA released a statement on Tuesday.
In a statement, CMA distanced itself with adverts that suggest that Chipper was licensed to offer global stocks.
“In has come to the attention of CMA that Chipper Cash has advertisements on social media and billboards encouraging the public to invest in global stocks. This is to inform the public that only Chipper Technologies Limited was licenced by the authority as a broker on August,26, 2021 . Subsequently, the firm applied for membership of the Uganda Securities Exchange as a broker, which application has not yet been granted,” CMA said.
“Members are cautioned that dealing with Chipper Cash to purchase global securities will be done at their own risk as dealing in global stocks is regulated by CMA.”