Joseph Maina a businessman in Embakasi Nairobi has shared his experience with the Timiza loan app, one of the most popular mobile money platforms in Kenya.

Maina, who runs electronics business revealed when he started his business in 2019, he faced challenges getting funding which forced him to rely on digital apps that promised instant loans.

However, every time he downloaded a loan app and applied for a loan, he would get notified that he did not qualify for a loan.

“Most of the apps would inform me that I do not qualify for any loan while others told me that I would be eligible for a loan after six months. I was so disappointed and I had to rely on funding from friends to grow my business,” he revealed.

It was not long before he learned about the Timiza mobile app which he dearly credits for the success of his business. Maina revealed he tested the app and was able to borrow Ksh1,700 on the first loan.

After repaying, his limit kept on increasing. He revealed that after four months of borrowing and repaying, his limit had grown to Sh50,000.

“I realized that the more you transact the more you grow and improve your Timiza credit limit. In addition, you get discounts and loan limit growth on early repayment,” Maina added.

He noted that Timiza loan attracts an interest charge of 2.47% per month with a negotiation fee of 5% charged on the cost of processing the loan.

Affordable Sh. 500 insurance product giving access to Sh. 100,000 cover

A 20% excise duty on the negotiation fee also applies. This is deducted upfront from the customer’s requested loan amount upon disbursement into his/her Timiza wallet.

”Timiza loans interest rate is very low, which makes the facility a good option for businesses,” Maina added.

Timiza Loan Eligibility

Anyone can access Timiza Digital Loan including those who do not have an Absa Account. However, borrowers need to fulfill the following requirements.

• Be 18 years of age and above
• Have an M-PESA account that has been active for more than six months
• Have a good credit rating/history
• Have a Kenyan Identity Card (Passports not allowed)
• Actively been using other Safaricom services (data services, voice services, etc.) before your loan application.
• Register for Timiza on the Timiza mobile app or USSD

Timiza is also accessible via USSD *848# meaning you don’t need a smartphone to apply for a Timiza Digital Loan.