When Bizna Kenya reached out to some of entrepreneurs in Nairobi seeking to know the most trusted instant mobile loan app by business people, over 50 percent of them mentioned Timiza as their go-to platform when it comes to short-term loans.
On the reason for choosing Timiza, most of them attributed the low interest rate and favourable terms for loans, as the reason for opting for the platform.
Eliud Gicharu who runs electronic business in Luthuli Avenue said the low interest rate makes Timiza a good choice for businesses given the tough business environment.
”One thing I love about Timiza is that their interest rate is very low, which makes the facility a good option for businesses. The more you borrow, the more your limit grows,’’ he said.
Monica Waiganjo a food café operator says she was attracted to the platform by the Timiza Goal Savings Account that earns customers interest on their savings.
”Timiza allows customers to accomplish their saving goals with Timiza Goal Savings Account that earns the highest interest of 9% p.a,’’ she said.
Another trader Jules Wako mentioned Timiza’s insurance coverage, which he says is the cheapest at Sh42 per month. Wako explained that people can get personal accident cover of Sh100,000 and funeral cover of Sh50,000.
Absa Bank Kenya launches Foundation to accelerate social-economic impact
”I wish I knew Timiza earlier because I couldn’t have wasted my business money when I was involved in an accident that left me with a broken rib. The insurance cover would have sorted my medical bills and my business would be on another level,’’ he said.
Bizna further wanted to know the challenges the borrowers face using the platform and some of them mentioned that they are unable to grow their limit.
When Bizna contacted the Timiza team to address the challenge, the mobile money platform shared tips on how borrowers can increase their loan limit to the maximum of Sh150,000.
They include:
- Increasing Timiza activities such as Paying utility bills via Timiza Cash deposit, Buying airtime, Saving in the savings account that’s embedded in the app.
- Increasing activity on M-PESA and other Safaricom services including repaying Okoa Jahazi on time
- Payment of previous Timiza loan on time. Early repayment is considered beneficial.
- Maintaining positive CRB standing
Timiza is all-in-one app that allows users to save money and earn interest, pay utilities, and buy insurance. The platform offers loans from a minimum of Sh1,000 up to a maximum of Sh150,000.
Everyone can qualify for the loan if they have been an M-PESA subscriber for more than 6 months and actively use Safaricom services such as voice, data, and M-PESA.
Did you love the story? You can also share YOUR story and get it published on Bizna Click here to get started.