First ever M-Akiba mobile bond sold out in record of thirty days

13 April 2017

Money Transfer

In a surprising show of consumer uptake, the much hyped M-Akiba mobile based bond has been closed ahead of time after it sold 150 million shillings worth of bonds. The product unveiled nearly two weeks ago by the national treasury started selling the three-year bond becoming the first to issue a mobile phone-based bond in the world.

The offer was open for three weeks but it closed on Wednesday when the target amount was reached. The 150 million shillings raised is the first tranche of the bond was sold out in just 13 days; the balance of 4.85 billion shillings goes on sale in June.
Source: The Standard