Safaricom customers to invest on NSE using Bonga points

Safaricom and Nairobi Securities Exchange have announced a partnership to enable Kenyans invest in shares using their accrued Bonga points.

The service is available to all Safaricom customers, who can redeem their points through licensed Trading Participants, with 10 already activated.

To invest, customers will redeem their points at a rate of Sh1 for every 5 points via the ‘Lipa Na Bonga’ menu on USSD *126# or MySafaricom App.

Customers will then key in the Trading Participant’s Paybill number followed by their CDSC (Central Depository and Settlement Corporation) account number.

“Through this partnership, we seek to give our customers more value and utility for their Bonga Points while creating more avenues for driving economic empowerment,” Safaricom CEO Peter Ndegwa said.

NSE CEO Geoffrey Odundo said they intend to unlock more investment opportunities to investors using convenient and innovative solutions.

"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,” Odundo said.

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 Sh4 billion.

Customers accumulate a point for every Sh10 spent on voice, data, SMS and M-PESA charges.