Kenya starts selling bonds via mobile phones

  |   Nigeria News

Kenya has become the first country to exclusively sell government bonds to citizens via their mobile phones, as it seeks new ways of raising money.

The main provider of mobile transactions, M-Pesa - which is Swahili for money - has about 20 million users, and there are more than 100 times as many M-Pesa kiosks as there are cash machines in Kenya.

The bond, called M-Akiba, can be bought by phone users without any need for a bank account and pays an estimated interest of 10%.

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