Standard Chartered Bank Kenya is the first commercial bank in Kenya to launch exclusive mobile phone bond trading.
Through the SC Mobile App clients can buy or sell local currency government bonds and treasury bills without having to visit a branch to fill in forms.
The clients will also be able to view the list of available securities to be traded through the SC Mobile App for the trading day, see transaction history for previous deals submitted, and learn more about local government bonds trading through educational page.
"We are happy that this launch will go along away in supporting the government quest for financial inclusion,” Standard Chartered Bank Kenya head of wealth management, Paul Njoki said.
It now becomes the second entity to launch mobile traded bonds and bills after the Kenyan government launched the world’s first treasury bond in 2015 followed by M-Akiba two years later.
In January, Central Bank of Kenya (CBK rolled out another mobile-based service dubbed-TMD, which enables users to place applications/bids for Treasury Bills and Treasury Bonds, receive auction results, notifications for payments made, query their CDS accounts, Treasury Bills and Bonds on offer.
The minimum investment amount for the SC Mobile traded bond has a face value of Sh100, 000 while the maximum one can trade on the app is capped at Sh10 million.
“Client journey is completely paperless for trades less than Sh10 million and we believe that the minimum amount will appeal to a larger number of clients,” Njoki said.
