Standard Chartered Bank Kenya (Stanchart) has launched the trading of government bonds exclusively through their clients mobile phone.
In a statement, Stanchart said clients will also be able to view the list of available securities to be traded through the bank’s mobile, see transaction history for previous deals submitted.
“Today we have added another first to our digital banking innovation as we continue to expand our digital offering across our banking spectrum. We are happy that this launch will go along away in supporting the Government quest for financial inclusion,” Standard Chartered Bank Kenya Head of Wealth Management, Paul Njoki said.
The Kenyan Government launched the world’s first Treasury bond in 2015 offered exclusively via mobile phone and in a bid to stimulate public participation in the capital markets, raise money cheaply and boost the national savings rate.
In January this year the Kenya government through Central Bank of Kenya (CBK rolled out another mobile-based service dubbed CBK-TMD, which will enable users to place applications/bids for Treasury Bills and Treasury Bonds, receive auction results, receive notifications for payments made, query their CDS accounts, and query Treasury Bills and Bonds on offer. The minimum investment amount for the SC Mobile traded bond has a face value of KSh100, 000, while the maximum one can trade on the app, is capped at KSh10 million.