How to access, apply, repay your mobile loans and save with Timiza

0

How to access, apply, repay your mobile loans and save with Timiza

By Soko Directory Team / Posted May 9, 2022 | 3:56 p.m.

KEY POINTS TO REMEMBER

The Timiza mobile app works more like Branch but has more features like buying airtime, insurance covers, paying KPLC bills and its low interest unsecured loans. Also, you do not need a bank account with Barclays to operate a Timiza account.

Mobile financial solutions have recently exploded in Kenya and while there is still space and gaps to be filled, some mobile services offer exceptional and unique products, which is why Absa Bank’s Timiza app is still there. ‘one of the best.

Absa Bank has launched a mobile application called Timiza which allows users to apply for loans instantly.

For thousands of Kenyans, Absa Bank has developed a modern and easy-to-use mobile application, which offers quick and easy loans to all smartphone users, including marginalized, remote and unbanked populations.

The Timiza mobile app works more like Branch but has more features like buying airtime, insurance covers, paying KPLC bills and its low interest unsecured loans. Also, you do not need a bank account with Barclays to operate a Timiza account.

How to access TIMIZA

  1. Download the application on Play Store: Timiza
  2. Click the install button
  3. Once installed, click Open
  4. Allow Timiza app to make/manage calls/read messages
  5. Enter your Safaricom line and ID number to register
  6. Once done, you will set a PIN to log into the app
  7. Log in to the app using the necessary credentials. You will see your loan/credit limit displayed on the app.
  8. Select ‘My Loans’
  9. Select “Request a loan”
  10. Enter the amount you wish to borrow.
  11. Select ‘Continue’.

You can also apply for Timiza mobile loan product from ABSA Bank via USSD code *848# and continue with the same PIN code you use on the APP.

How to pay your Timiza loans

  1. You can pay Timiza loan through MPESA company number 300067, account number is Safaricom phone number or you can just dial *848#. Enter the PIN, select the loan option and select Pay Loan
  2. Go to MPESA.
  3. Select Lipa na MPESA
  4. Select the Paybill option.
  5. Enter the business number in the format 300067.
  6. Enter your registered Timiza phone number as the account number.
  7. Enter your payment amount
  8. Enter your MPESA PIN.
  9. Confirm the details are correct, then tap OK

How much can you get from TIMIZA

The types of loans available at TIMIZA are the emergency loan and the store financing loan. To access these loans, you must navigate to the ABSA Timiza menu on your phone and use the “Request a loan” menu.

You are totally free to set a loan repayment term that suits you. However, note that the loan repayment period cannot be less than thirty days.

The bank can decide to accept or refuse your loan application without reason. The bank will accept or deny your loan request by SMS sent to the mobile phone number associated with your ABSA Timiza account

If the bank accepts your loan request, it will pay you the amount. The minimum disbursed amount is usually 50 shillings while the maximum amount is usually 1,000,000 shillings.

How to save with TIMIZA using M-Pesa paybill 300067

  1. Open M-Pesa on your phone.
  2. Select Lipa na M-Pesa.
  3. Now select the payment option.
  4. Enter Timiza invoice no. 300067.
  5. Next, enter your account number. …
  6. Now enter the amount you want to transfer to your Timiza account and press OK.
  7. Enter your M-PESA PIN and press OK.

Benefits of saving with Timiza

  1. Earn up to 5% return per year on a balance from 100 KES.
  2. The more you save, the more likely you are to increase your loan limit.
  3. Interest earned on KES100 balances.
  4. If you do not make more than 3 withdrawals per quarter, you can earn up to 4% bonus
  5. Make free transfers to and from your Timiza account.
  6. No minimum balance is required.

Benefits of using TIMIZA

  1. It has higher loan limits
  2. You can transfer funds from M-PESA to Timiza and vice versa
  3. The lowest service fees at 5% compared to the market
  4. Differentiated and lower pricing for good regular borrowing customers
  5. Incentives for early repayment, good transactional behavior and loyalty
  6. Save with Zidisha Savings Account
  7. Get instant loans on your phone
  8. Deposit funds in Timiza
  9. Pay KPLC/ZUKU/DSTV/GOTV bills
  10. Subscribe to an insurance
  11. Buy airtime
  12. Get insurance (personal accident and final expense)
  13. Taxi request (mobile app only)

About the Soko Directory Team

Soko Directory is a Financials and Markets digital portal that tracks brands, NSE-listed companies, SMEs and trendsetters in the markets ecosystem. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

See other articles from the Soko directory team

More articles by this author

Share.

Comments are closed.