Barclays will be launching its mobile banking application Hello Money, in Zimbabwe this month. The announcement was made as part of the launch of new ATMs by the company a few days ago. Hello Money will allow Barclays account holders to transfer money to a Barclays account or to an account at another banking institution, airtime top up, mini statements and balance enquiries.
According to a report on financial news service, FinX, the application will work on smartphones, which may point to it being either a Android app, a IOS, or that there’s a version for each OS. In other countries the service, going by the same name, has been implemented by Barclays using USSD. Being a smartphone app also indicates that this is not going to be a ZimSwitch Shared Services powered service.
Barclays mobile services in Africa are provided by Cellulant, a Kenyan mobile commerce services provider.
“We want our customers to do more of the things that they enjoy so we make it a priority to create products that allow them to do so; ‘Hello Money’ does exactly that.” said Barclays MD George Guvamatanga about the launch of the service.
Note: Title was corrected to read “mobile banking” instead of the incorrect “mobile money”
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Can we call an Android/iOS Banking App a “mobile money service”? I dont think so!
True, more of internet banking only that its targeting mobile devices!
Sorry. you’re right, title was actually supposed to read “Mobile banking”. Mistake … and now corrected.
please enlighten me, why can’t we call a droid/ios app, a “mobile money service” ?
Simply because u can not “convert” the money instantly to cash. all you can do is check balance or digitally transfer the money to someone else’s bank account and other similar account management services. A mobile money service is modeled around a virtual “wallet” whose balance, or part of, can be converted to cash instantly at an “agent”. Usually there is no bank account linked, though the trend is changing these days. Examples of such services are Ecocash, mPESA, FNB eWallet and (maybe) Mukuru.
am doing a research about internet banking in Zimbabwe…you seem to be well informed about this stuff. Can you please assist. achitima@gmail.com
just semantics to help differentiate doing banking via mobile from mobile money transfer (MMT) services
this is the same barclays that’s refusing to partner ecocash. me thinks this is a reaction to ecocash, too late barclays, it’s not a case of if but when i will switch banks.
is ecocash a free service?
no. but neither is barclays’ a free service
i think if they (barclays) are to charge for the service that would be sheer greed and totally wrong. That’s just exploitation. in the UK their mobile banking app is a free app and cash transfers between accounts or even to an external account is all free of charge.
is that totally free? if it is how do they profit on it?
totally free. our deposits are good enough profits, let alone those bank charges. but yes even as a simple savings account holder (where you dont pay bank charges), you can still use the app for free to keep track of your finances. I think you can only make inter/intra bank transfers if you have at least a current account.
come to think of it they also make their money by not employing someone to facilitate that transfer if i was to walk into a branch. every customer walking into a branch is also an expense when you think of it. the less they see the better for them
Android apps are able to make USSD transactions 😉 therefore it could have zimswitch shared services.
Talk about locking the stable door when the horse has bolted
Some people here are far too bitter about who knows what and it seems they are now comparing everything to big bad ecocash. Instead of slamming Barcalys, maybe take a step bank and think, oh wow, a product that makes their customers lives easier. They didnt say its an ecocash killer or some money making venture. No. Its an app for their customers.
It always amazes me how many people here cry about the lack of innovation companies have towards serving their customers and then when something is released these same people start slandering the product and only point out what it cant do.
I agree, Barclays has its own vision for its business and perhaps ecocash does not fit in that vision. Their customers will respect that and also use the service. Not every bank under the zim-sun is made to use ecocash just because so and so use it.
Cellulant will be providing the services to Barclays Africa as part of its ‘One Africa’ strategy”.- from cellulant’s website
Use of USSD technology in mobile banking has become common now, i guess Apps Are easily hacked but S.A banks Absa joins peers in launching banking app. It is good because wherever you go you can use your Cellphone banking to access your accounts via the mobile internet.
[…] launch of the service last week came along with the launch of Hello Money, a mobile banking application. Previously, Hello Money was reported to be a Smartphone application […]
i jus wana ask lets i have a Zim USSD acount with Barclays, if traveled to other countries that have Barclays brunches too, will i b able to withdraw and or use the same acount