M-Akiba Retail Bond Closes with 24.8 Percent Subscription

Kenya’s debut mobile traded retail government bond, M- Akiba has come to a close with only 24.8 percent subscriptions of the KES 1 Billion on offer.

The bond attracted a total of 303,534 investors in its main offer, out of which 5,988 bought the bond, netting a total of KES 247,750,000.

Commenting on the M-Akiba Bond, Nairobi Securities Exchange Chief Executive Geoffrey Odundo noted that M-Akiba has completely transformed the savings and investment culture in the country, offering financial inclusion to all from the palm of their hands.

“As we close the offer today, we thank Kenyans for their participation in this offer and look forward to bringing more issues under the M-Akiba Bond Programme to the public, and foster economic growth in our country,” He said.

According to Rose Mambo, Chief Executive Central Depository and Settlement Corporation, M- Akiba is revolutionary and affirms Kenya’s position as a leader in the use of mobile technology, offering a product to its Citizens that is secure, easily accessible, with a good return.

Money raised from issuance of M-Akiba shall be dedicated to new and on-going infrastructural development projects.

M-Akiba Bond commenced with a Special Limited Offer (SLO) of Kshs.150 million which attracted 102,632 investors; successfully achieving the one hundred and fifty million shillings target two days before the set deadline.


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