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Standard Chartered Bank Kenya has made it easy for its customers to buy or sell local currency government bonds and treasury bills through its SC Mobile App.
“Today we have added another first to our digital banking innovation as we continue to expand our digital offering across our banking spectrum,” Standard Chartered Bank Kenya Head of Wealth Management, Paul Njoki said.
SC Mobile allows customers to see, move and manage your finances anytime, anywhere, so start banking everywhere. You can do transfers between accounts within SCB, make transfers to other local banks in Kenya via RTGS or Pesalink, make KRA Payments, send International transfers and pay all your utility bills.
The minimum investment amount for the SC Mobile traded bond has a face value of KSh100,000 while the maximum one can trade on the app is capped at KSh10 million.
“Client journey is completely paperless for trades less than Ksh10 million and we believe that the minimum amount will appeal to a larger number of clients,” Mr Njoki said.
The Central Bank of Kenya (CBK) also rolled out its mobile-based service dubbed CBK-TMD, which enables users to bid for Treasury Bills and Treasury Bonds, receive auction results, notifications for payments, query their CDS accounts, and Treasury Bills and Bonds on offer.
Stanchart becomes the second entity to launch mobile traded bonds and bills after the Kenyan Government launched the world’s first Treasury bond in 2015 offered exclusively via mobile phone and in a bid to stimulate public participation in the capital markets, raise money cheaply and boost the national savings rate.
You can now invest in Kenya government bonds and t-bills on your SC Mobile App. Simply download it here to start investing: https://t.co/Ux5ujTKe63 #InvestWisely pic.twitter.com/eYUtdaaZuN
— Standard Chartered (@StanChartKE) February 17, 2020
