When you think about getting bonds, CBK comes to mind and the hustle of going through a Central Depository Agent an account to trade through it. But Standard Chartered has stepped in the gap and made way becoming the first commercial bank in Kenya to launch bonds traded exclusively through mobile phones.
How do you buy and sell on this platform?
Through the mobile app, you can be able to buy or sell local currency government bonds and treasury bills without the hustle of visiting 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 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.
“Today we have added another first to our digital banking innovation as we continue to expand our digital offering across our banking spectrum. 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.
Standard Chartered has followed into the footsteps of its regulator CBK which rolled out another mobile-based service dubbed CBK-TMD, to enable users to place applications/bids for Treasury Bills and Treasury Bonds, receive auction results, receive notifications for payments made, query their CDS accounts, and query Treasury Bills and Bonds on offer.