Barclays to unveil ‘Pingit’ service in Kenya

The contactless payment service allows current account clients to send and receive cash using their mobile phones.

Banking giant Barclays is set to launch its global version of mobile-to-mobile banking services in the country, before rolling out across other African countries.

The mobile payment platform dubbed ‘Pingit’ is targeted at expansion of its retail banking services and diversification of its revenues channels in the continent.

The new service will benefit many UK dwellers who remit money to Kenya, as one will only require the recipient’s mobile phone number to send money without having to enter personal account details.

With Barclays stating that its African retail-banking segment fetches an estimated 6 per cent profit, it has put up measures to enhance its share in the growing market.  

Financial Times quoted Barclays Chief Executive of Retail and Business Banking, Anthony Jenkins as saying that the bank was keen to tap into the ‘corridors of African expatriates’ who are living in the UK but on regular basis send money back to their families.

Jenkins says there are approximately 200,000 people living in the UK who were born in Kenya, a significant target market.   

According to the bank, transfer of £100 to Africa will cost as low as £3, which is much cheaper compared to other money transfer  service that charge in between £5 and £10 for a £100 transfer.

The service will rival the recently launched Nationhela moneytransfer service by the Nation Media Group (NMG) in partnership with Diamond Trust Bank (DTB), which is targeted at Kenyans in the Diaspora.