Standard Chartered Bank Kenya has become the first commercial bank in Kenya to launch bond traded exclusively through mobile phone. The bank made the announcement on Monday.
SC Mobile allows customers to see, move and manage their finances anytime, anywhere. 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 the educational page.
The minimum investment amount for the SC Mobile traded bond has a face value of KSh100,000 while the maximum one can trade on the app is capped at KSh10 million.
Stanchart becomes the second entity to launch mobile traded bonds and bills after the Kenyan Government launched the world’s first Treasury bond in 2015 offered exclusively via mobile phone and in a bid to stimulate public participation in the capital markets, raise money cheaply and boost the national savings rate.
According to Standard Chartered Bank Kenya Head of Wealth Management Paul Njoki, the launch will go along away in supporting the Government quest for financial inclusion.