M-Akiba Bond Gains Growth But Misses Ksh500 Million Target

M-Akiba Bond Gains Growth But Misses Ksh500 Million Target

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.