Kenyans send Sh80 million to government for M-Akiba bond

Kenyans eager to loan government have sent the government nearly Ksh80,000 in the ongoing retail bond issued by the Treasury. The government seeks to raise Ksh150 million, and with the current collection at Ksh79 million by March 29th from 68,399 Kenyans, it is way past the half mark barely a week into the issue

Treasury Cabinet Secretary henry Rotich, while reading the 2017/18 budget today, said the retail bond via mobile phone expected to foster investment and savings culture.

Any Kenyan can invest Ksh3,000 and above without risk. The money will fund infrastructure. The issue will close on April 7, so you still have time to participate in this bond.

The Treasury plans to sell a much bigger bond worth Sh4.85 billion on the platform in June. Investors can purchase a minimum Sh3,000 worth of the government security on M-Akiba up to a maximum of Sh140,000 a day.

The government is, however, considering raising the daily cap on mobile money transactions to enable investors buy bigger chunks. M-Akiba, will pay investors a tax-free interest of 10%, which makes it one of the highest interest rates in the market as banks pay below 5% on deposits. You will receive back original investment at maturity of three years.

[crp]