The Central Bank of Kenya (CBK) has launched a mobile platform, Treasury Mobile Direct (TMD) that is built on the M-Akiba service and will allow retail investors apply for and trade Treasury bills and bonds with ease in a bid to attract mass market.
The new service will be able to process transactions of upto Sh140,000.
“The Bank is pleased to inform you about the roll-out of the Treasury Mobile Direct (TMD) services, designed to facilitate investment in Government Securities using the mobile telephone,” CBK told investors in a notice.
Investors will be required to visit the nearest Central Bank of Kenya (CBK) Branch or Currency Centre in order to register for the service.
In the past, Retail investors have been filling out forms when applying for the debt instruments that are then delivered to CBK branches and currency centers.
The new mobile service will now ease the process by aggregating these services and adding a few others including the request of statements and the receipt of cash value of maturing securities.
The TMD service targets retail investors and is expected to avail them the same level of convenience that major buyers of treasuries such as banks have been enjoying.
Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]