Kenyan mobile government bond sales cross 50% uptake
The Kenyan government’s mobile phone-based bond, M-Akiba, has crossed the 50 percent subscription rate, raising optimism that it will hit the target ahead of time, reports Business Daily. By 14:30 hrs on 29 March, at least 61,000 people had registered on the platform, and bought KES 75.2 million worth of the bond through M-Pesa and Airtel Money.
This represents a 50.1 percent subscription rate for the initial bond offer of KES 150 million that opened on 23 March and closes on 10 April. Official data, however, reveals that fewer than 10,000 investors who have registered on the platform have actually bought the government security, suggesting that large buyers are driving the numbers.