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USE · Uganda

Best Stockbrokers in Uganda

The USE is East Africa's third-largest exchange, with cross-listings from the NSE Kenya and a domestic universe of about 17 companies. Account opening for non-residents is straightforward; most major Ugandan banks have brokerage arms or partnerships.

Regulator: Capital Markets Authority Uganda (CMA Uganda)
Depository: Securities Central Depository (SCD)

5 regulated brokers covering USE

Every broker listed below is licensed by Capital Markets Authority Uganda (CMA Uganda). We do not rank them — order is informational only. Always verify current licensing on the regulator's website before opening an account.

Crested Capital

Traditional Broker

Ugandan licensed broker-dealer with full USE execution and East African pan-regional research.

Best for:
Retail and institutional investors
Mobile app:
No
Access:
Foreign investors welcome
Visit Crested Capital →

African Alliance Uganda

Traditional Broker

Pan-African investment bank's USE-licensed subsidiary. Cross-listed Kenya/Uganda exposure handled in-house.

Best for:
Cross-border East African investors
Mobile app:
No
Access:
Foreign investors welcome
Visit African Alliance Uganda →

Equity Stockbrokers Uganda

Bank-Affiliated

Stockbrokerage arm of Equity Bank Uganda. USE equities + Kenyan cross-listings.

Best for:
Equity Bank clients and East African retail
Mobile app:
Yes
Access:
Foreign investors welcome
Visit Equity Stockbrokers Uganda →

Dyer & Blair Uganda

Traditional Broker

Long-established Kenyan investment bank's Uganda subsidiary. USE equities, fixed income, and corporate finance.

Best for:
Institutional and HNW clients
Mobile app:
No
Access:
Foreign investors welcome
Visit Dyer & Blair Uganda →

UAP Old Mutual Securities

Bank-Affiliated

Old Mutual's East African brokerage arm with a Ugandan operation. USE equities and unit trusts.

Best for:
Old Mutual / UAP clients and wealth-managed portfolios
Mobile app:
No
Access:
Foreign investors welcome
Visit UAP Old Mutual Securities →

How to open an account on the USE

  1. 1

    Open an SCD account

    Securities Central Depository holds USE shares — opened through any CMA-licensed broker.

  2. 2

    TIN (Tax Identification Number)

    Required for all investors. Uganda Revenue Authority issues TINs to both residents and non-residents.

  3. 3

    Fund and trade

    UGX via Ugandan bank account, or USD/EUR/GBP wires to the broker's nostro. T+3 settlement.

KYC documents you'll need

  • Valid passport
  • URA TIN certificate
  • Proof of address
  • Source-of-funds declaration

Fees and tax

Dividend withholding tax — non-residents15%
Dividend withholding tax — residents10%
Capital gains tax on listed equityGenerally exempt
Typical brokerage commission1.0% – 2.0%

Fees and tax rates are indicative and change. Verify current rates with your broker and the latest Finance Act before transacting.

Frequently asked questions

What does USE coverage of Kenyan cross-listings mean?

Several large Kenyan companies (Safaricom, EABL, Equity Group, KCB) are dual-listed on the USE. A USE account gives you a way to hold these names in Ugandan shillings.

Are foreign investors restricted on the USE?

No general participation limits. A few sectors (banking, telecoms) have ownership caps at the regulatory level, but the broader market is open.

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