Safaricom customers can now buy shares or stocks listed on the Nairobi Securities Exchange using Bonga points. Stock is a security that represents the ownership of a fraction of a corporation and gives the shareholders a residual claim on corporate earnings. Investing in the stock market carries risks but when approached in a disciplined manner, it is one of the most efficient ways to build up one’s net worth.
Safaricom and Nairobi Securities Exchange have announced their partnership to enable customers invest in stocks by redeeming their accrued Bonga points. This service is available to all Safaricom customers who can redeem their points through licensed trading participants with ten already activated. Through the partnership, Nairobi Securities Exchange seeks to give the customers more value and utility for their Bonga points while creating more avenues by their Central Depository and Settlement Corporation account number.
The Bonga loyalty scheme which was introduced to reward customers for using Safaricom’s products and services has seen both retail and corporate customers accumulate 16 billion points valued at over KES 4 billion. Customers accumulate a point for every KES 10 spent on voice, data, SMS and M-pesa charges.
The trading participants in the partnership are NCBA Capital, Faida Investment Bank, AIB-AXYS Capital, Old Mutual Securities and Kingdom Securities. The Bonga scheme has been enhanced through Jisort na Bonga which empowers customers to redeem their points for phones and accessories at any Safaricom shop or dealer outlet. This enables customers to redeem their points and pay for goods and services at Lipa na M-pesa merchants countrywide. They can also use their Bonga points to settle utility bills like KPLC, GoTV, Home Fibre and NSSF dues.