CBK’s New Mobile Bond App Rolled Out
The Central Bank of Kenya (CBK) has rolled out a mobile platform able to process transactions below Sh140, 000 with ease. This was in a bid to enable retail investors to apply for and trade Treasury bills and bonds.
According to the government’s fiscal agent, the move will eliminate friction in the market infrastructure.
“The Bank is pleased to inform you about the roll-out of the Treasury Mobile Direct (TMD) services designed to facilitate investment in Government Securities using the mobile telephone,” CBK said in a notice to investors.
“To access these services, investors will be required to register for this facility at the nearest Central Bank of Kenya (CBK) Branch or Currency Centre.”
The new platform will ease the task for retail investors as they no longer need to apply for debt instruments on physical forms to be delivered to CBK branches and other currency centres.
Previously, investors had to make a follow up on if their applications went through and the amount they are supposed to pay.
“For transactions whose amount exceeds Sh140,000 or other prevailing transaction limits, CBK will at its sole discretion determine the best alternative means of disbursing or receiving the funds,” the lender of last resort said.
CBK’s Treasury Mobile Direct platform builds on the M-Akiba service, which has raised nearly Sh800 million from more than half-a-million investors.