Barclays Kenya aims to increase diaspora remittances
A financial services provider is looking to ensure Kenyans living around the world can transfer money to the country more effectively.A financial services provider is looking to ensure Kenyans living around the world can transfer money to the country more effectively.
Barclays Kenya has unveiled a service called Pingit, a mobile phone-based platform that enables Kenyans in the diaspora to make payments from across the globe, the Star reports.
As a result, money transfer activity between Kenya and places such as Europe, where many Kenyan people now live, could be set to increase in the coming months and years.
Adan Mohamed, managing director of Barclays Kenya, commented: "Mobile financial services are still largely restricted to domestic payment.
"Pingit cuts across these barriers."
He noted that Kenya is currently one of the top five countries in the world when it comes to mobile banking.
However, Mr Mohamed said addressing shortcomings such as the lack of an effective international money transfer service will enable it to bolster its position in the market even further.