[Mobile Cellphone Info] Mobile phones to be used to buy bonds

Mobile Cellphone Info has posted a new item, 'Mobile phones to be used to buy
bonds'

Kenyans will soon be able to buy government debt including Treasury Bills and
bonds using their mobile phones, according to a project dubbed, 'Treasury Mobile
Direct', launched by the World Bank and Central Bank.The scheme aims to
capitalise on the popularity and success ofmobile money transfer services in the
country. According to data released by the CommunicationsCommissionof Kenya
(CCK), the number of mobile money subscribers in the country stood at 18.9
million by April 2012, with money deposited through mobile phones amounting to
Sh177 billion.
The project, still at pilot phase, will require potential investors to be
registered as mobile money subscribers with the various operators in the
country, who will open Central Depository System accounts for them.
"Today, any Kenyan can pay their electricity bill with the phone, and so will
they be able to pay for bonds bought,"said Mr Yira Mascaro, who leads the World
Bank's financial and private sector development group in Nairobi, which is
behind the initiative. The scheme will help individuals cultivate a culture of
savings and increase participation in the bond market, which is currently less
than 3 per cent. The first phase will be rolled out to bank holders before being
integrated with the unbanked. ByNATION CORRESPONDENT




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