In Summary
  • Barclays Kenya CEO Jeremy Awori said the decision by Barclays PLC to cut its stake in Barclays Africa, which rebranded to Absa Group on Wednesday, gives BBK more flexibility to try out new products that resonate with the local market.

Barclays Bank of Kenya (BBK) sees separation with its London parent as an opportunity to embrace new business lines that it previously avoided due to regulatory restrictions of the multinational group.

Barclays Kenya CEO Jeremy Awori said the decision by Barclays PLC to cut its stake in Barclays Africa, which rebranded to Absa Group on Wednesday, gives BBK more flexibility to try out new products that resonate with the local market.

“We are excited because it is a new beginning and we are no longer restrained by the things Barclays PLC had designed at global level. It is allowing us to take control of our own destiny,” said Mr Awori.

“Part of the challenge under the multinational was that people in London could not understand customer prepositions like mobile money. It took us a while to convince them because it does not exist in developed markets.”

In mid-March, BBK launched Timiza app, a digital banking platform, long after tier I peers such as KCB and Equity had made inroads in this area.

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