Bonga Points is a loyalty reward scheme run by Safaricom to reward customers with points whenever they use services on its network. With Bonga Points, Safaricom customers have been able to redeem various items including paying for goods and services as well as booking a flight ticket on the Jambo Jet platform. The Telco has now extended the number of items that customers can redeem to include investing at the Nairobi Securities Exchange.
The move which has been made possible by the partnership of the two organizations – Safaricom and NSE, will allow subscribers on the Safaricom network with enough Bonga Points to invest in stocks using their accumulated Bonga Points. According to the telco, this opportunity is already available to all of its customers who can redeem Points through licensed trading participants, of which 10 are already activated. At the moment, these firms have been activated to accept Bonga Points; AIB-AXYS, ABC Capital, Old Mutual Securities, Kingdom Securities, Suntra Investments, NCBA Capital, Faida Investment Bank, Francis Drummond & Company, Dyer & Blair Investments and Sterling Capital LTD.
Speaking on the development, Safaricom’s Chief Executive Officer Peter Ndegwa said the company was now focusing on its next phase of transforming lives by availing a wide variety of products and services that meet its subscribers needs. Ngedwa further pointed out how the partnership with Nairobi Securities Exchange (NSE) would increase value for customer’s Bonga Points while at the same time driving economic empowerment.
How to Invest at Nairobi Securities Exchange (NSE) using Bonga Points
To start investing in stock, customers will redeem their points at a rate of KES 1 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.
- Dial *126# on your mobile phone
- Then Choose Lipa na Bonga Points
- Then key in the Trading Participant’s paybill number
- Under the Account number, enter your CDSC (Central Depository and Settlement Corporation)
Geoffrey Odundo, the Chief Executive Officer at Nairobi Securities Exchange said the initiative aims to unlock more investment opportunities to investors using convenient and innovative solutions. He further added the partnership resonated with NSE’s resolve to connect capital with opportunities as anchored in the NSE 2020-2024 strategic plan.