ESG securitisation picks up across EMs

The Kenyan shilling-deal shows how mobile payment systems can help achieve the scale necessary to create a commercially-viable securitisation, said Citi's Nava. — Bloomberg

NEW YORK: Environmental, social and governance (ESG) bankers at Citigroup Inc expect sustainable securitisation to take off across emerging markets (EMs), after backing a deal in Kenya designed to meaningfully expand the reach of renewable power in the country.

The Kenyan shilling-deal raised money for Sun King, which gives customers access to off-grid solar energy through micro payments, often using their mobile phones to transfer cash.