Users of Pingit, Barclays’s mobile money
transfer app, can now make international transfers to Kenya, the
company has announced today.
Pingit allows users to connect a UK bank
account (not necessarily Barclays) to a mobile number and make
instant money transfer with smartphones.
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The new service enables transfers from Pingit
to Hello Money, the mobile banking application launched by Barclays
in the Kenya in 2008. Hello Money has some 120,000
customers.
“Kenya is a key market where Barclays has
operated for over 95 years, and we anticipate significant demand
for mobile payments across Africa,” said the chief executive of
Barclays Retail and Business Banking Antony Jenkins.
International money transfer with Pingit is
free. Users will be charged wholesale currency exchange prices and
the transactions will be processed through BARX FX Trading,
Barclays foreign-exchange
trading platform.
According to a recent World Bank survey,
remittances sent from the UK to Kenya through money transfer
companies carry an average charge equal to 5.97% of the sum
transferred – around USD30 for a USD500 transfer.
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By GlobalDataKenya is the first of a series of countries
Barclays plans to expand Pingit services to. The bank hopes to
launch them in Botswana, South Africa, Zambia, Tanzania, Ghana,
Nigeria, Egypt, Zimbabwe, Uganda, UAE, Seychelles and Mauritius by
the end of 2012.
