The Power of the Mobile Phone

The Power of the Mobile Phone

After the immense success of the M-Pesa platform in Kenya, the World Bank is embarking on a project to enable the average Kenyan buy Treasury bills and Bonds offered by the Central Bank. Anyone with a cell phone line subscribed to a mobile money service will enjoy the service; this is after the mobile phone operator opens an electronic Central Depository & Settlement (CDS) account with the Central Bank.

The new project, branded ‘Treasury Mobile Direct’ is expected to increase the participation of Kenyans in the bond market from the current less than 3 percent. The Treasury Mobile Direct is expected to initially offer short- term paper before eventually introducing bonds.