Barclays is really going after small accounts holders and low savers such as students. The latest account is called Pepea (implies lightness) which is an ATM-based account with a flat fee of just 100 shillings ($1.5) and 20/= per ATM withdrawal – putting it in the range of Equity’s 50/= fees. This extends Barclays aggressive growth to counter Equity Bank – to an extent that it seems they are subsiding services in order to gain deposits and accounts.
With Pepea, you actually get penalized if you have more than 30,000 shillings ($425) in your account.
