Safaricom Plans to Bring Government Bonds to My OneApp

Safaricom plans to introduce government bond trading on My OneApp in partnership with the Central Bank of Kenya (CBK), expanding its investment services after bringing share trading to M-PESA customers earlier this year.

Safaricom launched Ziidi Trader in February, working with the Nairobi Securities Exchange (NSE) and Kestrel Capital to let M-PESA customers buy and sell listed shares. By August, nearly one million people had signed up, although fewer than 150,000 were actively trading. Ziidi Trader accounted for approximately 54% of share orders at the NSE but only 2% of the total value traded. The average purchase stood at KES 4,818, up from KES 2,872 during its early months.

Government bonds would offer customers a different kind of investment. Unlike shares, which represent ownership in a company, Treasury bonds allow investors to lend money to the government in exchange for interest. Conventional fixed-rate bonds typically pay interest every six months, with the bond's face value repaid at maturity. Their market value can still fluctuate, meaning investors who sell before maturity may receive more or less than they initially paid.

Kenya has tried making government bonds accessible through mobile phones before. In 2017, the government launched M-Akiba, allowing Kenyans to invest from as little as KES 3,000 using mobile money services, including M-PESA. Its initial KES 150 million pilot sold out, raising expectations that mobile phones could attract more retail investors to government securities. But the larger offering struggled. More than 300,000 people registered for M-Akiba, yet only 5,988 purchased bonds during the main offering, which raised KES 247.75 million against a KES 1 billion target.

Research by FSD Kenya later found that some registered customers did not fully understand the investment, while others struggled with the purchase process after signing up. Many received no reminders about the offer, and some were unaware of when the investment window would close. The KES 3,000 minimum was also a concern for people who preferred to keep their money available for savings groups or business activities that could provide quicker returns.

The CBK has since simplified access to government securities through DhowCSD, a digital platform introduced in July 2023 and officially launched that September. Investors can open securities accounts online and submit bids for Treasury bills and bonds through a mobile app or web portal, eliminating much of the paperwork involved in the previous process. However, conventional Treasury bonds still require a minimum investment of KES 50,000, a considerable amount compared with the smaller purchases being made through Ziidi Trader.

That threshold could eventually fall. In January 2026, the National Treasury was developing a new retail bond programme that would allow Kenyans to invest from as little as KES 500. The proposed service, which could launch as early as July 2027, would connect mobile money accounts to DhowCSD and build on lessons from M-Akiba. There is, however, no confirmation that Safaricom's planned My OneApp integration forms part of that programme.

Safaricom has yet to disclose when government bond trading will become available on My OneApp or what customers will pay to use the service. The minimum investment also remains unknown, as does whether users will be able to purchase newly issued bonds, trade existing ones on the secondary market, or both.