Wednesday, October 27, 2021

How to use Bonga Points to quickly invest in the Nairobi Securities Exchange (NSE)

Starting today, Kenyans can use their Safaricom Bonga Points to invest in stocks at the Nairobi Securities Exchange (NSE). This is thanks to a partnership announced between the two entities.

Safaricom says the service is available to all its customers. These customers can redeem their Bonga Points through licensed Trading Participants.

There are already 10 Trading Participants activated. These include: NCBA Capital, Faida Investment Bank, AIB-AXYS, ABC Capital, Old Mutual Securities, Kingdom Securities, Suntra Investments, Francis Drummond & Company, Dyer & Blair Investments and Sterling Capital LTD.

According to Safaricom, more Trading Participants will be joining in due course.

How to buy shares with Bonga Points:

  1. Dial *126# (Or use mySafaricom App, under Balances, Lipa na Bonga)
  2. Go to Lipa Na Bonga Sub-menu on USSD Code
  3. Select PayBill Option
  4. Key in the Trading Participant’s PayBill Number
  5. Then enter your CDSC (Central Depository and Settlement Corporation) account number
  6. Then enter the amount in KES they want to deposit to their account number.

Customers will redeem their points at a rate of KES 1 for every 5 points. So for example KES 2000 will require 10,000 Bonga Points.

“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,” said Peter Ndegwa, Chief Executive Officer, Safaricom.

“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,” said Geoffrey Odundo, Chief Executive Officer, Nairobi Securities Exchange.

Safaricom says the Bonga loyalty scheme, which 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.

Over the years, Safaricom has enhanced the Bonga scheme through ‘Jisort na Bonga,’ which empowers customers to redeem their points for phones and accessories at any Safaricom shop or dealer outlet, and the introduction of ‘Lipa Na Bonga’ in 2016 to enable customers redeem their points and pay for goods and services at Lipa Na M-PESA merchants countrywide. Customers can also use their points to settle utility bills such as Home Fibre, PostPay, KPLC, GOTV and DSTV as well as NHIF and NSSF dues.

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Dickson Otienohttps://tech-ish.com
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