For more than a decade, Bonga Points have been around. The reward program, which debuted the same year as M-PESA, can be used for a variety of purposes, including completing purchases.
Safaricom and the Nairobi Securities Exchange (NSE) have teamed up to allow Kenyans to use their points to invest in stocks.
According to a statement from the carrier, the agreement will allow Safaricom customers to redeem points through licensed trading partners.
AIB-AXYS, ABC Capital, Faida Investment Bank, Old Mutual Securities, Kingdom Securities, Suntra Investments, Francis Drummond & Company, Dyer & Blair Investments, NCBA Capital, and Sterling Capital LTD are among the 10 participants who have been activated so far.
Customers can participate in the investment exercise by redeeming their points at a rate of KES 1 for every 5 points via the ‘Lipa Na Bonga’ menu on USSD *126# or the MySafaricom App.
Customers can next provide the paybill number of the Trading Participant, followed by their CDSC account number (Central Depository and Settlement Corporation).
Safaricom adds that the program has resulted in the accumulation of 16 billion points, worth over KES 4 billion, by both retail and corporate customers. For every KES 10 spent on voice, data, SMS, and M-PESA charges, customers earn one point.
As we embark on the next phase of our journey to go beyond, our goal is to continue transforming our customers’ lives by providing a diverse range of products and services that meet their needs. Through this collaboration with NSE, we hope to provide more value and utility for our customers’ Bonga Points while also opening up new avenues for economic empowerment – Peter Ndegwa, Chief Executive Officer
We hope that by launching this initiative, we will be able to provide more investment opportunities to investors by utilizing convenient and innovative solutions. The collaboration aligns with our commitment to connecting capital with opportunities, as outlined in the NSE 2020-2024 strategic plan. It also allows retail investors to participate in the NSE and comes against the backdrop of the stock market’s recovery.