Kenyans to transact Sh999,999 per day for 21 days

The government is targeting to raise Sh1 Billion by July 21st.

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First launched in March this year, M-Akiba bond provided Kenyans with a chance to participate in a secure and risk-free investment opportunity, enhancing financial inclusion for economic development.

The bond took up in an upbeat and Kenyans didn’t need much convincing,  after just 13 days, 6 days short of the official closure, the bond sold out and Kenyans managed to raise $1.5 million (Sh150 million).

Local investors now have another chance to participate in another grand investment opportunity and are set to enjoy even more returns.

Unlike before where the daily transaction limit was $1400, in line with Central Bank guidelines on Mobile Network Operators (MNOs) money transfer platforms, investors can now enjoy higher transaction limits thanks to PesaLink, the real-time interbank money transfer service launched early this year.

Bank account holders signed up on the PesaLink service will enjoy higher transaction limits of up to Kshs 999,999 in the trade of the Bond.

While speaking at the launch, Integrated Payments Services Ltd. (IPSL), CEO Jenifer Theuri, said the firm had already received the necessary approvals to run the service.

“As IPSL we are proud to be participating in this historical initial offer which also coincides with the launch of the IPSL Alias account number, which is commonly known as Paybill numbers,” Ms. Theuri said.

Before adding that, “This will be the first time IPSL will be using “Alias account numbers” mapped to a Bank collection account enabled through the NSE’s PesaLink Paybill number “889”.”

Gladys King'ori,  a financial expect with know how on Pesalink while supporting the move however says the success of the bond through pesalink lies with the banks.

“I think it is a game changer because the limit going up is a good thing however if the banks still don’t offer Pesalink support it will not work, the banks need to seize this opportunity and advertise to their customers,” she told Business Insider.

The government is targeting to raise Kshs1 Billion by July 21st and use the proceeds for the funding of government infrastructural development projects, both new and on-going.

Should there be more demand however, the government has left the door open to raise Sh3.85 billion more money through M-Akiba.

Furthermore, it is hoped that with the entrance of M-Akiba bond it will inspire more Kenyans to save.

The 2015 Deposit Administration Survey further indicated that 40 percent of Kenyans cannot abandon work even in their old age because they don't have retirement savings to survive on.

To purchase M-Akiba bond via PesaLink, individuals will be required to have registered on NSE MyTrade and follow the M-Akiba Bond Buy process.

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