Safaricom Bonga facets can now decide NSE shares

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Companies

Tuesday August 10 2021

NSE2608g

A stockbroker at the Nairobi Securities Exchange trading ground. FILE PHOTO | NMG

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By PATRICK ALUSHULA

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Abstract

  • The telco launched Monday that it has partnered with the Nairobi bourse operator in a deal that will note its customers win Sh1 for every five loyalty facets and use it to make investments in shares.
  • The provide is a departure from the original association the put customers contain been using their collected facets for consumption needs equivalent to steal of telephones, instruments, air tickets, purchasing, fueling vehicles and paying training loans.

Safaricom #ticker:SCOM customers can now decide shares listed on the Nairobi Securities Exchange using their Bonga facets, marking the main investment chance for redeeming the loyalty awards whose prominent price became as soon as Sh4.2 billion within the year ended March.

The telco launched Monday that it has partnered with the Nairobi bourse operator in a deal that will note its customers win Sh1 for every five loyalty facets and use it to make investments in shares.

The provide is a departure from the original association the put customers contain been using their collected facets for consumption needs equivalent to steal of telephones, instruments, air tickets, purchasing, fueling vehicles and paying training loans.

“Thru this partnership with NSE, we note to present our customers more price and utility for his or her Bonga facets while creating more avenues for using financial empowerment,” acknowledged Peter Ndegwa, Safaricom’s chief govt.

The chance comes on the help of the price of unclaimed Safaricom customer loyalty awards hitting Sh4.2 billion all-time excessive within the year to March in comparison with Sh3.9 billion the year earlier than.

Points redemption is mandatory for Safaricom since the facets are accounted for as a authorized responsibility or deferred revenue within the telco’s books and simplest recognised as revenue after they are utilised by customers.

Ten trading contributors within the partnership consist of NCBA Capital, Faida Funding Bank, AIB-AXYS, ABC Capital, Mature Mutual Securities and Kingdom Securities.

Other brokerage companies the put customers will be allowed to redeem their facets for publicly-traded shares are Suntra Funding Bank, Francis Drummond & Company, Dyer & Blair Funding Bank and Plentiful Capital.

Prospects who haven’t opened accounts at the Central Depository and Settlement Company (CDSC) will want to register first earlier than gaining access to this chance thru instant service code or Safaricom app.

NSE’s chief govt Geoffrey Odundo acknowledged the run represents a convenient and modern solution that will reduction entice more retail investors to the bourse.

“The partnership resonates with our unravel to glue capital with alternatives as anchored within the NSE 2020-2024 strategic opinion. It additional gives an avenue for retail investors to participate within the NSE and is coming on the backdrop of the inventory market’s restoration following the Covid-19 pandemic,” acknowledged Mr Odundo.

The Bonga point scheme, launched in January 2007, gives subscribers one Bonga point for every Sh10 spent. This runs for every particular person subscribers as neatly as venture change customers.

Endeavor change customers also build loyalty facets after they internet their revenue targets and redeem the facets at the completion of revenue contracts with the Safaricom.

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