The Treasury plans to sell mobile-based infrastructure bond (M-Akiba), before June next year. Henry Rotich, CS Treasury says that Kenyans will be given another opportunity to invest in government securities from Sh3, 000 for a returns of 10% a year paid after every six months.
The two-week pilot Sh150 million M-Akiba bond sale in March last year was snapped up two days to closure but subsequent sale that targeted up to Sh4.5 billion. The CS said that, “We have reviewed the way we performed last time; now we have fine-tuned the processes and soon, we should now come to the market and ensure that we have an M-Akiba that will be sustainable.”
The planned M-Akiba offering is likely to be less than 3 years to cater for investors who prefer the short end of the market while providing for the long investment demand. 303, 534 investors have showed interest in the bond by registering, but only about 5, 980 put their cash in the world’s first exclusive mobile phone bond. That has aided the Treasury raise Sh397.47 million out of the targeted Sh5 billion.