Central Bank of Kenya (CBK) has announced that investors can buy government securities via DhowCSD, a digital platform for the purchase of treasury bills and bonds, starting March 2023.
The platform is expected to make the market more accessible to many Kenyans and also facilitate easy management of trading accounts.
Central Bank of Kenya Governor, Patrick Njoroge said, “For those of you who invest in T-Bills and T-Bonds (Treasury Bills and Bonds), from next month, once we launch the new Central Securities Depository, you will be able to bid and buy all that from your phone.”
Through the new system, Kenyans in the diaspora can register to buy the bonds and bills wherever they are, instead of going to CBK.
According to CBK, diaspora remittances rose by 8.34% to $ 4.027 billion in 2022, overtaking individual major exports of coffee, tea, and horticulture.
CBK will seek to net some of the inflows for local consumption via the latest system.
DhowCSD is said to have the capabilities of making interbank payments, it is a platform to buy and sell securities in the secondary market and a system that can generate detailed reports about the investors.