Barclays wins Best Credit Card Product Business in Africa award

Barclays has been named the winner of Best Credit Card Product in Africa award for the year 2014 at The Asian Banker’s first annual Middle East and Africa Awards Ceremony. The awards ceremony was held at the Ritz Carlton, DIFC, Dubai last month.

As economies expand and people become wealthier across Africa, the demand for travel is increasing at a rapid pace especially among affluent segment customers. To meet customer needs, Barclays last year launched its Worldmiles programme for its Platinum Barclaycard holders. Under this programme, customers can earn air miles on every dollar spent.

Unlike other co-branded miles reward credit cards that are exclusive to one airline, Worldmiles members can redeem their Worldmiles for tickets from any airline registered with IATA. Moreover, Worldmiles is not restricted by season or seat.

Barclays acquired 28,000 customers within the first year of the card’s launch and the Barclays Wordmiles Platinum cards has gained 31% market share. Barclays has 18% market share of credit card spends.

Commenting on the award, Barclays Africa Retail Banking Director Rajal Vaidya said: “This recognition demonstrates our long-term approach to creating a customer centric value proposition which is core to Barclays becoming the ‘Go-To’ bank in Africa. We are honoured to be a winner in one of the most prestigious and anticipated Awards programmes, worldwide.”

Lending Director, Vimal Kumar said: “It is a huge recognition of the great work we have done on the continent over the past two to three years.”

The Asian Banker’s Middle East and Africa Awards are acknowledged by the financial services industry as the highest possible accolade available to professionals and banks in the industry in the Middle East and Africa.

A stringent three-month evaluation process based on a balanced and transparent scorecard has been used to determine the winners.