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Monday, September 11, 2023 –Kenyans who do not have bank accounts can now start accessing government securities as per the new directive issued today.
President William Ruto has today Monday September 11 directed the Central Bank Governor to put in place ways struggling citizens can also start accessing financial securities.
“My advice to the team is that you need to make it possible for many Kenyans who do not have a bank account but have a mobile money account to also participate in this space,” Dr. Ruto announced.
In his speech in the launch of the CBK Dhow Central Securities CSD on Monday, President Ruto said the requirements to have a bank account for one to participate in the security trading was discriminatory and ought to be reviewed.
“Let me also give you some feedback… which I am sure will enrich your thinking going into the future. There is a requirement for one to have a Bank account in Kenya and on this I am speaking to many Kenyans who do not have a bank account,” President Ruto stated.
He cited millions of lower and middle-class citizens who have since been complaining that, with their mobile phone accounts, they could not be allowed in the industry.
The commander-in-chief said both the informal sector as well as the diaspora community were facing challenges to trade in the local security market.
For that reason, alone, Ruto ordered that the regulator work out ways to also incorporate mobile money accounts as well as the international accounts such as Master Card and Visa Card.
“I also ask the team to look at the possibility of Kenyans in the Diaspora who may not have a Kenyan bank account to use their Visa, Mastercard or Credit card accounts to be able to participate in the purchase of government securities,” he added.
Initially, CBK required individuals to first open CDS account with the Central Bank for them to start investing in what is called Multiple Treasury Bills.
Ruto’s proposal now coming as a reprieve to potential investors among them M-Pesa customers who could not hit the CBK threshold.
