Nakazibwe’s Chipper Cash Deal Hangs In Balance After  Capital Markets Authority Disowns Company

Nakazibwe’s Chipper Cash Deal Hangs In Balance After  Capital Markets Authority Disowns Company

By Ivan Mwine

The deal that TV star Faridah Nakazibwe, comedienne Anne Kansiime and other celebrities hooked a few weeks back  as influencers for Chipper Cash, a money transfer entity, hangs in balance and could end sooner than they had anticipated.

This comes after the Capital Markets Authority (CMA) issued a public warning, cautioning all Ugandans to desist from dealing with Chipper Cash in as far trading in  global stocks is concerned.

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It should be noted that besides money transfer, some of the Chipper Cash services that Nakazibwe and others have been advertising include urging Ugandans to buy and or transfer stock.

However, according to a statement from the CMA, Chipper Cash is not licensed to trade in stocks and whoever buys stock via Chipper Cash does it at their own risk.

Statement from Capital Markets Authority about Chipper Cash

The statement from the CMA, which has since been published in all  local dailies, reads in part thus;

“The attention of  the Capital Markets Authority (CMA) has been drawn to radio advertisements of   Chipper Cash indicating  that Chipper Cash is licensed by CMA to offer global stocks.

In addition, it has come  to our attention 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 Uganda Ltd was licensed by the authority as a broker on 26th August 2021.

Subsequently, the firm applied for membership  of the Uganda Securities Exchange (USE) as a broker, which application has not yet been granted.

Members of the public are cautioned that dealing with Chipper Cash to purchase global securities will be done at their own risk as dealing in global stocks is not regulated by CMA.

Members of the public are strongly advised to always visit the CMA website https://cmauganda.co.ug/supervision/licensing-approvals/licensed-firms/  for  a list of licensed and approved entities, or consult the Market Supervision Department of the CMA, before investing their savings.”

This unfortunate development however is likely to affect the earnings of Chipper Cash influence led by NTV’s Nakazibwe and Kansiime since they are the ones behind the campaign to push the Chipper Cash agenda in Uganda.

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