Safaricom and the Nairobi Securities Exchange (NSE) have today announced a partnership that is set to enable Kenyans to invest in the stocks market using their accrued Bonga points. The service which has been rolled out is available to all Safaricom customers.
The telco’s subscribers will be able to redeem their accrued points through licensed brokers. The program onboarded ten brokers to the program with the NSE keen to onboard more brokers onto the program.
The ten include NCBA Investment Bank, Faida Investment Bank, AIB-AXYS, ABC Capital, Old Mutual Securities, Kingdom Securities, Suntra Investments, Francis Drummond & Company, Dyer & Blair Investments and Sterling Capital Limited.
“As we focus on the next phase of our journey to go beyond, our aim is to continue transforming the lives of our customers by delivering a wide range of products and services that align with their needs. Through this partnership with NSE, we seek to give our customers more value and utility for their Bonga Points while creating more avenues for driving economic empowerment,” – Peter Ndegwa, Chief Executive Officer, Safaricom.
Investing Through Bonga Points on your Safaricom Sim
To invest, customers will redeem their points at a rate of KES 1 for every 5 points via the ‘Lipa Na Bonga’ menu on USSD *126# or MySafaricom App. Customers will then key in the Trading Participant’s paybill number followed by their CDSC (Central Depository and Settlement Corporation) account number.
“Through this initiative, we intend to unlock more investment opportunities to investors using convenient and innovative solutions. The partnership resonates with our resolve to connect capital with opportunities as anchored in the NSE 2020-2024 strategic plan. It further provides an avenue for retail investors to participate in the NSE and is coming on the backdrop of the stock market’s recovery following the COVID-19 pandemic,” – Geoffrey Odundo, Chief Executive Officer, Nairobi Securities Exchange.
The Bonga loyalty scheme was introduced in 2007 to reward customers for using Safaricom’s products and services, has seen both retail and corporate customers accumulate 16 billion points, valued at over KES 4 billion. Customers accumulate a point for every KES 10 spent on voice, data, SMS and M-PESA charges.