The Kenyan government has launched the first mobile-based treasury bond, M-Akiba, with a minimum investment of 3000 Kshs, Techmoran reports.
The announcement was made during Kenya’s 2015/16 Budget Speech.
M-Akiba is designed to promote financial inclusion among ordinary citizens (Wananchi’s) by giving them access to government debt securities through their mobile phones.
“Throughout the process, we have kept our eyes on the ultimate target: promoting financial inclusion in Kenya,” Mr. Geoffrey Odundo, CEO, NSE said in the report, “The M-Akiba bond will enable an entirely new group of investors to access Government debt securities via their phones, which will undoubtedly drive up the national savings rate.”
M-Akiba was developed by Kenya’s Capital Markets Authority, the Central Bank of Kenya, ICT Authority, National Treasury and others.