Secondary market dropped in M-Akiba revamp
Nairobi, March 7 -- M-Akiba, the mobile-based bond, will no longer be traded on the secondary market as the Treasury revamps the product to eliminate windy transactions and commission-chasing brokers long blamed for its dismal performance.
The Treasury said a study commissioned by FSD Africa recommended a review of the M-Akiba trading platform to boost efficiency and eliminate costs such as broker fees.
"The National Treasury is currently undertaking M-Akiba issuance re-engineering process with the support of E-citizen Directorate to further deepen the Government securities at the retail level," the Treasury said.
"The re-engineering process is intended to incorporate recommendations spelt out in the post-M-Akiba Issuance survey report...
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