Barclays Kenya has launched a new app with the intention to attract at least five million new customers in next five years. With the app a customer can borrow up to 150,000 shillings ($1,484) for 30 days using a phone.
With this step, Barclays (a unit of South Africa’s Barclays Africa Group) want to increase its customer base of 500,000 in Kenya. Barclays embraces mobile finance to deal with competition from mobile phone-based financial services such as Safaricom’s M-Pesa platform.
According to BusinessTimesAfrica, the new app is known as Timiza, Swahili for ‘Achieve’. The app is marketed by Barclays as the easy way “to get instant loans on your phone, pay bills, transfer funds and purchase insurance”.
Other than Safaricom’s M-Pesa, Timiza’s competitors are CBA Group’s M-Shwari and Equity Group’s Equitel.
Further reading on businesstimesafrica.net