Statistics from digital finance researcher Financial Inclusion Insights show over 62 percent of Kenyans actively managed money on their mobile phones in 2013. That's compared to 21 percent who held bank accounts during the same period.
The Kenyan government first outlined plans for the bond — called "Akiba" for the Swahili translation of "savings" — in its national budget back in June, and was sparked by government concerns over high lending rates that have curbed credit uptake.
"This will allow Kenyans to enjoy significantly higher interest rates on government securities compared to bank deposits, through a convenient platform and with a low entry threshold," the budget document stated.
The Central Bank of Kenya last week held interest rates at 11.5 percent, as month-on-month inflation fell to 5.8 percent in August from 6.6 percent in June.
It's not yet clear what interest rate will be set for the M-Akiba bond.
CNBC was not able to contact the National Treasury of Kenya by press time.