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Ugandans in the Diaspora Can Also Take Part in the MTN IPO

MTN Uganda has clarified that Ugandans in the diaspora are also eligible to receive 5 incentive shares for every 100 sale shares allocated.

When MTN announced that it would be selling shares to the public last week, it emphasized that Ugandans would take priority. The telco even revealed some incentives that Ugandans would enjoy in form of bonus shares in addition to taking priority in the allotment.

Following that announcement, queries from social media have displayed appetite from Ugandans in the diaspora itching for a stake in MTN Uganda. According to MTN, Ugandans in the diaspora are also eligible to receive 5 incentive shares for every 100 sale shares allocated.

Here is how they can take part. Unlike Ugandans living in Uganda who have a choice to use MTN Mobile Money, those in the diaspora must use the Uganda Securities Exchange (USE) Easy Web Portal Platform, https://scd.use.or.ug/. Like all other methods, one needs to have an SCD Account on which shares can be traded. Ugandans diaspora can open an SCD Account using a National ID or their Passports.

1. Opening an SCD account with a valid National ID 
Ugandans in the diaspora with a valid National ID can open an SCD account using USE’s Easy Web Portal Platform, https://scd.use.or.ug/. To open the SCD account, they must provide all the needed personal information in order for the broker to verify your identity.

Here are some of the personal details you may need at hand.

  1. Your name.
  2. Your date of birth.
  3. Government-issued ID (specifically national ID) with the issue and expiration dates.
  4. Contact information: You need to provide your home address, phone number, and email address. Physical address—where you actually live—but you can also give a post office box or the equivalent as a mailing address.
  5. Funding information: You need to provide your source of funds
  6. Banking details: You are required to provide your bank, branch, and account number however, in case you do not see a branch, select head office
  7. National ID and passport photo uploads.

Once that is done, you will be required to choose a broker from the options provided. The licensed brokers working on the MTN IPO are; Sbg Securities, Dyer & Blair, Crested Capital, UAP Old Mutual, and Equity Stock Brokers.

Thereafter, you will be asked to consent to the terms and conditions. When all is done, you will now have an SCD account on which your shares (NOT only MTN shares) can be traded. Therefore, with your SCD Account, you can buy or sell shares in any of the companies on Uganda’s stock market including MTN Shares.

2. Ugandans in the diaspora without a national ID
Ugandans in the diaspora without valid National IDs, you can use your passport to open up an SCD Account as well.

In the instance where one does not have a National ID, they can engage one of the five authorized selling agents (brokers); Sbg Securities, Dyer & Blair, Crested Capital, UAP Old Mutual, and Equity Stock Brokers.— to assist them in submitting a physical KYC form (Form SCD 1a) to which a valid copy of their Passport and a copy of their passport photo will be attached.

Once the SCD account is created, the applicant will be able to submit their application to purchase MTN shares using the USE Easy Portal Platform.

How to apply for shares 
After the SCD account has been created, Ugandans in the diaspora can now apply for shares through the USE’s Easy Portal platform If the Easy Portal platform is inaccessible, applicants can engage a licensed broker to submit a physical application form.

ALSO READ: HOW TO APPLY FOR MTN SHARES USING YOUR PHONE

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