Govt. to launch M-Akiba on Friday

The government is set to go back to the market with the launch of the remainder of the mobile traded bond M-Akiba on Friday.

While the bond was initially expected to raise Sh4.8 billion, the National Treasury has scaled back on its target and will instead target to raise a billion shillings from the bond.

The bond will be on offer for three weeks.

Sources close to the M-Akiba project say aggressive marketing and investor awareness will be made during the period to drive up uptake.

The initial pilot test proved a hit with the public, raising Sh150 million in under 15 days.

Treasury has pushed for the sale of the bond before the end of the current financial year.

Despite lowering its target to Sh1 billion, the issuer has placed a green shoe option that will see it take up additional offers up to Sh3.8 billion.

Initial plans were expand the limit on mobile money transfer services from the current cap of Sh140,000 daily but no announcement has been made on the same.