Kenya is selling its first mobile-phone-based government bonds as part of an ambitious plan to broaden the pool of investors in government securities.
Finance Minister, Henry Rotich said the government is initially making limited offer of 150 million shillings to test the system before a bigger offer in June.
Central Bank Governor, Patrick Njoroge said the bond, called M-Akiba, allows people to invest as little as 3,000 Kenyan shillings which is about $29.20.
Kenya pioneered the use of mobile money in 2007 with M-Pesa, a money transfer service.
M-Pesa allows users to transfer cash and make payments on even the most basic mobile phone. In partnership with local banks.