Nairobi — Nairobi Stock Exchange (NSE) has made it a lot more convenient for investors to have their complaints resolved from anywhere across the country, after launching a mobile phone short message service - SMS service.

Complaints and questions can be sent to 8485, on both Safaricom and Zain mobile phone service at a cost of Sh10 per message.

"It is important to have an educated investor who understands the products traded and procedures governing transactions, said NSE chief executive, Peter Mwangi.

"Statistics show that 30 per cent of the queries received at the Complaints Handling Unit (CHU) refer to a request for general information on processes, while a further 14 per cent of the complaints relate to questions on dividend issues by shareholders," said Mwangi.

Wycliffe Shamia, the market regulator for the Capital Markets Authority (CMA) lauded the new service and asked licensees and agents to provide clients with service charters.

"Clients need to know beforehand what to expect from an agent or whoever they are dealing with, in order to make it clear what they offer, and avoid unnecessary delays and misunderstandings."

The SMS service, which will also be used as a vehicle for investor education through the CHU, follows the first phase launch of the CHU website in August, where the public and investors sent in complaints both locally and from abroad.

Since the launch of the online complaints portal, 197 requests and questions have been received at the CHU, with 145 of them successfully resolved.

The new 8485 SMS service will be convenient for those with no access to the internet, especially the rural folk, as well as anybody who has a mobile phone and is interested in the money markets.

The new system will effectively help to empower the public with hassle-free access to information, and eliminate duplication of efforts as investors seek information from various sources, commented Job Kihumba, second vice chairman, NSE.