Lusaka– Leading Mobile Financial Services provider MTN Mobile Money and the Lusaka Securities Exchange (LuSE) have announced a partnership that will see customers trade on the local stock exchange using MTN Mobile Money.
Speaking at a joint media briefing held at LuSE this morning, MTN Fintech Managing Director Komba Malukutila said the development is the first of its kind in Zambia and demonstrates his organization’s determination to support individual and business growth.
He said trading in stock via MTN Mobile Money is revolutionary and that the innovation has the potential to change the way trading in stock in Zambia is perceived.
“It is our hope that this relationship will demystify the theory that investing in stock is a preserve of the elite. By bringing LuSE close to the public, literally in our homes, we are confident that we will see a renewed interest in the stock market by a new and different segment.
We believe that one of the barriers to accessing information and ultimately trading is the channel of delivery. With MTN Mobile Money, we are potentially looking at four million potential customers having direct access to LuSE. This in itself is a milestone achievement in the history of Mobile Money and the Lusaka Securities Exchange”, said Mr. Malukutila.
And Lusaka Securities Exchange Company Secretary/Legal Counsel Ms Miria Mazyambe on behalf of the Chief Executive Officer, Mrs Priscilla C Sampa, expressed her appreciation to the Managing Director and team at MTN Mobile Money for partnering with the LuSE on the MyLuSE App.
“MTN, the first Mobile Network Operator to partner with the LuSE on the MYLuSE application has been instrumental and is key in enabling the LuSE deliver this effective, user friendly mobile trading platform. Using MTN Mobile Money services, investors are able to carry out share purchases on the market conveniently, from their handsets.”
She further expressed the LuSE’s commitment to ensuring Zambians have easy access to financial products such as shares on the LuSE.
‘’We are committed to fostering a smart investment culture by increasing public awareness of the LuSE as a platform for wealth creation and capital raising. We understand that to effectively do this we must provide the public with accessible and user-friendly tools that allow for greater and easier public exposure to our financial products and the opportunities they offer. The MY LuSE app, supported by MTN, is one such tool.”
The event was marked by the Ringing of the Bell Ceremony – an exchange tradition where a bell is rung commemorating a significant occasion in the life of the exchange.