M-Akiba which seeks to raise Sh250 million and is scheduled to run from Monday, May 27, to Friday June 7, 2019. The value date shall be on Monday, June 10, and will start trading at the NSE Tuesday, June 11, 2019. The tenure for this bond will be one year and three months, with a redemption date of September 7, 2020.
Commenting during the re-open, CDSC Chief Executive Rose Mambo noted, “As a continuing obligation, CDSC as the M-Akiba agent for the Government of Kenya will continue to perform her role of the issuing and paying agent for the bond. CDSC has put in place robust systems that ensure security of client information and seamless settlement of transactions. During the offer period, CDSC will facilitate the creation of CDS accounts, processing of applications in the primary market, and shall offer registry services as a sub-register to the Central Bank of Kenya”.”
She added, “Since inception the bond has attracted over 459,586 M-Akiba bond investors, The M-Akiba bond programme has raised a total of Sh594,750,000 since inception. In the March offer alone, we were able to raise Sh197,000,00 against a target of Sh. 250,000,000.00.”
NSE Chief Executive Geoffrey Odundo reiterating her remarks, “The Exchange is keen and committed to enhancing growth among local retail bond investors through M-Akiba. The NSE will continuously provide a world class trading facility to facilitate the listing and consequent trading of the bond. The growth in the bond is a testament of its ability to enhance financial inclusion in line with the NSE strategic objective and the Capital Markets Master Plan 2014/2023.”
M-Akiba seeks to deepen and enhance financial inclusion through leveraging on increased mobile phone penetration to democratize access to formal financial systems for savings and investments. More Kenyans are now able to participate in Government bonds by investing a minimum Sh3,000.00 which is considerably lower in comparison to the minimum Sh50,000.00 required to invest in other Treasury bills and bonds.