IPSL- KBA, has partnered with the National Treasury, Central Deposit and Settlement Corporation (CDSC) and the Nairobi Securities Exchange (NSE) to allow M-Akiba trading through PesaLink.
The initial bond offering targets to raise Sh1 billion with a green shoe option of Sh3.5 billion.
Through a circular to bank chief executives, IPSL, the Kenya Bankers Association (KBA) subsidiary that runs the PesaLink service, said it had been invited by the National Treasury to participate in the bond due to PesaLink’s higher transaction limits. PesaLink allows customers to send upto Sh999,999 at a low cost, making it the ideal platform for those purchasing the bond.
According to the circular, IPSL will be using Paybill numbers to facilitate bond trading. “M-Akiba will be enabled through the NSE PesaLink Paybill number 889 and facilitated through PesaLink.
To trade in the bond, you will be required to register on the NSE MyTrade through NSE short code *889#.
1. Log into your individual Bank channel
2. Navigate to PesaLink option
3. Select ‘send to phone’
4. Enter 889 as the mobile number (This is the number mapped to M-Akiba account)
5. Enter amount
6. Enter reason for payment (for this purpose, enter your ID number)
7. CDSC through their nominated bank will confirm payment receipt and issue corresponding security.