On a positive note, this I give a thumbs up to CBK for being innovative...
Kenyans could soon buy bonds over the phone -
http://www.itnewsafrica....y-bonds-over-the-phone/
Quote:An initiative called Treasury Mobile Direct by World Bank and Central Bank will enable Kenyans to purchase bonds using their mobile handsets. The project follows the rise and adoption of mobile handsets in Kenya.
The report (CCK) also focused on the fact that more people are using mobile money deposits rather than traditional banking services to pay for goods and services.
As the project is still in its initial stages, potential investors are required to be registered as mobile money subscribers with the various telecom operators in the country, who will, in turn, open up Central Depository System accounts for them.
The scheme is expected to give rise to a savings culture and increase participation in the bond market.
Now Telcos to open CBK CDSC accounts when this goes live! They took deposits from the bankers and now bonds! So now what? Mpesa bank, Airtel bank, Orange bank, Yu bank... KE is redefining the financial game and the world is copying
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!