Treasury to Raise Ksh 250m Through M-Akiba Bond in June

M-Akiba Bond

Kenya’s National Treasury has reopened the M-Akiba bond, a mobile-based infrastructure bond, targeting to raise Ksh 250 million in June.

It 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 bond has a tenure of one year and three months, and a maturity date set for September 7, 2020.

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The Central Depository & Settlement Corporation Limited (CDSC) Chief Executive Rose Mambo said they have put in place robust systems that will ensure 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.”

“In the March offer alone, we were able to raise Ksh197,000,000 against a target of Ksh250,000,000,” Mambo noted.

On his part, the Nairobi securities Exchange Chief Executive Geoffrey Odundo noted, “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.