M-Akiba Bond Gains Growth But Misses Ksh500 Million Target

The Communications Authority of Kenya (CA) has invited members of the public to share their input on the proposed guidelines for addressing counterfeit , stolen and illegal ICT devices in Kenya.

The mobile-traded government bond, M-Akiba, missed its target after raising Ksh.263 million against an expected return of Ksh.500 million in its third re-opening.

The Central Depository & Settlement Corporation (CDSC) and the Nairobi Securities Exchange (NSE) said in a statement Thursday the bond attracted additional 51,461 new accounts, bringing the total M-Akiba accounts to 565,725.

“It is exciting for us to see the impressive growth of M-Akiba as we witness it cross the Ksh.1billion mark. We continue to honor our promise to our customers by offering them an efficient investment platform; as illustrated by the payouts made to customers,” noted NSE Chief Executive Officer Geoffrey Odundo.

“A total of KSh263.6 million was raised against a target of KSh500 million, the highest amount raised during the Primary Market Offer,” they said.

Those who invested in the bond will be offered 10 percent in tax exempt-fixed-rate payable semi-annually with a tenor of 3 years.

M-Akiba seeks to deepen financial inclusion through leveraging on increased mobile phone penetration.

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