M-Akiba Post Issuance Survey

The M-Akiba Post Issuance Survey, commissioned by FSD Africa and conducted by BFA, examines the low conversion rate of a mobile-money-based government bond in Kenya. While the product successfully attracted a broad new investor base and saw high registration numbers, only a small fraction of registered users actually invested. The report identifies critical failures in timing, communication, user interface, and customer support as the primary drivers of this low uptake.

• M-Akiba achieved high registration rates but very low investment conversion. During the full launch, 303,534 people registered, but the government raised only KSh 247 million (US$2.47 million) against a target of KSh 1 billion (US$10 million), representing a 24.7% achievement of the target. Only 4% (11,697) of those who registered actually purchased the bond.
• The product successfully attracted first-time bond investors, though actual buyers skewed toward those with higher education and formal employment. 85% of customers had never bought a bond before. Among those who invested, 59% had a university degree and 61% were formally employed, with 19% working in government.
• Poor timing significantly hindered the bond's attractiveness and visibility. A change in deposit regulations increased bank savings interest rates from 0% to 7%, reducing the relative advantage of the bond's 10% return. Additionally, the launch coincided with national elections, which swamped media advertising and created political uncertainty regarding the government's use of the funds.
• The purchase process was confusing and lacked necessary prompts to drive conversion. While registration was simple, there was no 'click to pay' option for immediate purchase. Over 60% of respondents received no reminder messages after registration, and 70% of those who registered but did not invest were unaware of the investment closing date.
• Customer support and agent roles were insufficient for converting registrants into investors. Agents focused primarily on recruitment and registration rather than encouraging actual investment. Furthermore, the only available helpline was a landline, which was perceived as inappropriate for a mobile-based product.
• There was a significant gap in product understanding among both non-investors and investors. Those who registered but did not buy often lacked knowledge of the interest rate, tenor, and closing date. Even among investors, 47% did not know who to contact to retrieve their money, and only 1.57% identified the Nairobi Securities Exchange (NSE).

APA

FSD Africa (2018). M-Akiba Post Issuance Survey. https://fsdafrica.org/wp-content/uploads/2025/05/18-06-20-M-Akiba-Post-Issuance-Survey.pdf

Chicago

FSD Africa. M-Akiba Post Issuance Survey. 2018. https://fsdafrica.org/wp-content/uploads/2025/05/18-06-20-M-Akiba-Post-Issuance-Survey.pdf.

Wikipedia

{{cite report |author=FSD Africa |title=M-Akiba Post Issuance Survey |date=June 2018 |url=https://fsdafrica.org/wp-content/uploads/2025/05/18-06-20-M-Akiba-Post-Issuance-Survey.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{fsdafrica2018makiba, author = {{FSD Africa}}, title = {{M-Akiba Post Issuance Survey}}, institution = {FSD Africa}, year = {2018}, month = jun, url = {https://fsdafrica.org/wp-content/uploads/2025/05/18-06-20-M-Akiba-Post-Issuance-Survey.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }