Two Ugandan programmers, Harry Barry (22) and Seruyinda Simon (24), have built an Internet platform to enable investors to trade virtual stocks online. The platform, called Libre Exchange is set to be operational in 2009. It will allow users to start trading virtual shares from seven mock companies and will later go on to list the real companies of the Uganda Securities Exchange (USE).
Investors will need at least 200 UGX (Ugandan shillings) to trade on the platform. Fluctuation of the value of the companies will depend on forces of demand and supply but will never fall below UGX 200. Payments will be made through partnering Internet cafes who will get a brokerage commission of 3%.
Harry hopes that his website will encourage more Ugandans to spend time on the Internet. The Uganda Communications Commission estimates that there about 2 million Internet users out of the country’s 29 million people.
via Monitor
About the author: Aaron Timothy is a journalist, blogger and new media professional living in Kampala, Uganda.
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Uganda’s Virtual Stock Exchange
Two Ugandan programmers, Harry Barry (22) and Seruyinda Simon (24), have built an Internet platform to enable investors to trade virtual stocks online. The platform, called Libre Exchange is set to be operational in 2009. It will allow users to start trading virtual shares from seven mock companies and will later go on to list the real companies of the Uganda Securities Exchange (USE).
Investors will need at least 200 UGX (Ugandan shillings) to trade on the platform. Fluctuation of the value of the companies will depend on forces of demand and supply but will never fall below UGX 200. Payments will be made through partnering Internet cafes who will get a brokerage commission of 3%.
Harry hopes that his website will encourage more Ugandans to spend time on the Internet. The Uganda Communications Commission estimates that there about 2 million Internet users out of the country’s 29 million people.
via Monitor