M-Akiba promised the government access to a new capital base as only 2% of government bonds in Kenya are bought and sold by individual investors. The mobile-only bond offered minimum purchase amounts of $30 vs. the $490 previously required, a 10% interest rate and a 3yr tenor.
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The world’s first mobile-only government bond in Kenya is popular, but missed its target
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With 70 per cent of the continent’s population under the age 35, Africa is fertile ground for fintech. Young people adapt more quickly to new technology and fintech solutions are being applied to health, education and transport. But if governments hope to use fintech to spur development, they need to create a conducive ecosystem.
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