Barclays Bank of Kenya has officially launched a first of its kind mobile money transfer service dubbed PINGIT to boost mobile commerce and Diaspora remittances for Kenyans living in the United Kingdom. The new PINGIT service allows Barclays customers to experience convenient money transfer solutions on their mobile phones.
Attesting to Kenya’s growing standing as a strategic sub-Sahara Africa market hub, Barclays Bank PLC has picked Kenya as the lead launch pad in Africa. Globally, Barclays is the first bank to launch an international fee-free mobile money transfer service. Barclays will charge no commission for international money transfers and the funds will be credited to customers’ account at the prevailing market rate.
Speaking during the launch Barclays Bank Managing Director Adan Mohamed said that Barclays Plc is planning to further rollout the service across 12 African Countries by the end of the year alongside further expansion into Europe in early 2013.
Diaspora Remittances
With the launch of PINGIT, Barclays is positioned to play a key role in mobilizing Diaspora remittances and facilitating bilateral trade between Kenya and the UK. According to the Central Bank of Kenya , Kenyans abroad remitted US$ 891.1 million (KES 7.49 billion) into the country in 2011 alone,with a significant amount coming from Europe.
“From this perspective, the launch of Barclays PINGIT on the Kenyan market is an affirmation of the country’s growing relevance in the international financial market” Mohamed explained. “For our loyal customers, the launch of PINGIT will also be a convenient choice that will allow Barclays Hello Money customers in Kenya to receive money from their friends, families and business associates in the UK for free.”
Commenting on the rollout, Barclays Plc Chief Executive Antony Jenkins, said: “PINGIT is quick, convenient, secure and free – it’s revolutionized how people send and receive money in the UK. Kenya is a key market where Barclays has operated for over 95 years, and we anticipate significant demand for mobile payments across Africa.”
Convenient and Fast
Whether they bank with Barclays or not, UK residents can now send money instantly and securely by simply using their smart phones without having to reveal or enter their bank account details.
All that is required from a user is to download the Barclays PINGIT app on their smartphone and start making instant money transfers to anyone in Kenya or the UK. A sender keys in the recipient’s mobile number and the amount to be sent via the PINGIT application and hit send. It then takes less than 20 minutes to reach the recipient.
UK customers can send up to £750 per day. Payments will be made instantly arriving within minutes, whereas traditional international money transfer services charge a fee and can take up to nine days for the money reach the recipient.
Mobile Technology
There are over 200,000 people living in the UK who were born in Kenya and many more with Kenyan heritage or who have a family or business connection to the country. Barclays has targeted Kenya as a key market with sophisticated adaption of mobile banking through products like Barclays Hello Money and Safaricom‘s M-Pesa.
Many people in the UK currently send money abroad demonstrating the huge potential for this innovation in future. Barclays plans to make the service available for our customers in Botswana, South Africa, Zambia, Tanzania, Ghana, Nigeria, Egypt, Zimbabwe, Uganda, UAE, Seychelles and Mauritius by the end of 2012.