M-Akiba missed the Sh500m target despite gaining 51,461 new accounts. The National Treasury (TNT) reported that the M-Akiba Retail Infrastructure Bond issue “Re-Open 3 of August 2019” raised Sh263 million.
The third tranche of the M-Akiba 2 Re-open 3 was on offer from Monday, August 19, 2019, and closed Friday, September 6, 2019.
Moreover, the bond attracted 51,461 new accounts bringing the total M-Akiba accounts to 565,725. A total amount raised to date crossed the KSh1 billion mark to stand at KSh1.045 billion.
Interest payments
In addition, the treasury reported that it paid out interests amounting to KSh31 million to 11,239 investors bringing the total amounts paid out in interest to KSh98.56 million since the first issuance.
Investors of this particular issuance will receive an interest payout on 9 March 2020 and then receive their principal and final interest payment alongside all other M-Akiba 2 investors.
M-Akiba seeks to deepen and enhance financial inclusion through leveraging on increased mobile phone penetration to democratize access to formal financial systems for savings and investment.
