The Kenyan government has announced its intention to launch a mobile service called M-Akiba that provides citizens a better option of buying government bonds and securities on their mobile devices with a minimum investment of Kshs 3,000 (US$30).
The M-Akiba bond is a treasury mobile direct program that will be launched in July 2015. The Cabinet Secretary for Treasury said that “This will allow Kenyans to enjoy significantly higher interest rates on government securities compared to the bank deposits through a convenient platform with low entry threshold”.
The M-Akiba financial revolution plan began with collaboration between the Central Bank of Kenya and the World Bank to design the roadmap for its launch. The Telecoms would also have a role to play because potential investors will need a mobile phone line and a subscription to a mobile money service so that an electronic account with the central securities Depository (CDSC) or CBK can be opened on their behalf.
Photo Credit: whiteafrican via Compfight cc
On January 27, 2021, Techpoint Africa will be hosting the brightest minds in decentralised finance/crypto at the Digital Currency Summit tagged “Building the money of the future” Click here for more details, registration and sponsorship.
Report: Millionaire West African startups” raised over $1.806 billion between 2010 and 2019, 97.9% of which went to Nigerian startups. Get a free overview and 50% purchase discount here.
Listen to Built in Africa, a podcast by Techpoint Africa
I’m Adeyanju Toluwanimi| Strategic in disposition and great at combining several approaches to problem solving.
