Earlier today at the Nairobi Securities Exchange (NSE), Safaricom CEO Peter Ndegwa joked at President William Ruto that he can show him how to redeem his bonga points by buying shares at the bourse.
The statement elicited laughter in the room but it certainly underscored one of the most underutilized bonga points redeeming options by the telco.
Safaricom CEO Peter Ndegwa has, in a light moment, said he will teach H.E William Ruto how to redeem his Bonga Points for shares. ^MM #TheGreatKBC pic.twitter.com/7d0Wy8qTLo
— KBC Channel1 News (@KBCChannel1) October 11, 2022
President Ruto rang the bell to launch enhanced Nairobi Securities Exchange Market Place and it was timely for Mr. Ndegwa to remind him and the nation at large, about the untapped potential in bonga points. It was also timely since this provides great avenue for hustlers to invest in the NSE, getting their hustle to the next level.
In 2007, Safaricom launched the Bonga loyalty scheme to reward customers for using Safaricom’s products and services. Customers accumulate a point for every Ksh10 spent on voice, data, SMS and M-PESA charges.
Today, customers redeem their points and pay for goods and services at Lipa Na M-PESA merchants countrywide. Customers can also use their points to settle utility bills such as Home Fibre, PostPay, KPLC, and DSTV as well as NHIF and NSSF dues.
Lipa Na Bonga
Deepening this process, the telco launched an initiative with NSE to allow customers redeem their bonga points to invest in the NSE by using MySafaricom App or via USSD *126#
When launching it, Mr. Ndegwa said that it gives their customers more value and utility for their Bonga Points while creating more avenues for driving economic empowerment.
To invest, customers will redeem their points at a rate of Ksh1 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.
Ten licensed Trading participants who registered for the service include NCBA Capital, Faida Investment Bank, AIB-AXYS, ABC Capital, Old Mutual Securities, Kingdom Securities, Suntra Investments, Francis Drummond & Company, Dyer & Blair Investments and Sterling Capital LTD.
Geoffrey Odundo, the Chief Executive Officer, Nairobi Securities Exchange affirmed that the initiative will unlock more investment opportunities to investors using convenient and innovative solutions.
One hopes that when the plans by the government to private struggling state corporations begin, Safaricom will run campaigns and outreach to remind Kenyans how they can buy the shares using bonga points.
Has Equity Bank approved the buying of shares using bonga points in their platform?