M-Akiba is a project formulated by the government through Treasury Mobile Direct Programme aimed at allowing investors to invest in government securities through mobile devices. The project, which has delayed several times before, owing to volatility in the interest markets, is finally going live on March 23, 2017 at 12 noon.
BREAKING: The M-Akiba bond launch will be on Thursday 23rd March 2017 at 12:00noon, at the National Treasury 14th Floor. #MAKIBA
— M-AKIBA (@M_AKIBA2017) March 21, 2017
Through M-Akiba, investors can buy government securities for KES. 3,000 compared to the current KES. 50,000 threshold, through their phones. Investors can invest a maximum of KES. 140,000, per day, per person. Potential investors need to have a valid ID, be a registered mobile money user and be a subscriber of either Airtel or Safaricom, as they are the only participating Mobile Network Operators (MNO).
The bond, valued at KES. 150 Million, will be available for purchase from the launch date until 10 April, 2017 by 12 midnight or until the bond value is reached, whichever comes first. Allotment will be on first come, first served basis and will be issued by the Central Depository & Settlement Corporation Limited (CDSC).
Investors will receive details of amounts invested via text message upon making payment via mobile money. As mentioned earlier, the minimum amount one can invest is KES. 3000, in the initial investment, but one can invest more in multiples of KES. 100.
The bond will be listed on the Nairobi Securities Exchange (NSE) and is valid for three years, with an interest rate of 10% per annum. However, we have information that the bond may be re-opened at a future date. The interest shall be paid every six months, each year.
Interest income on M-Akiba shall be tax-free. To invest, simply dial *889# and follow the prompts.