It’s another back-to-school season as schools re-open for the final term of the year. While many parents enjoy this season, primarily due to the guaranteed safety of their children at school, it is sometimes challenging due to the cost it comes with.
From paying school fees and buying uniforms and shoes to buying books and other school requirements, the season can be financially worrying, especially for parents who do not have a solid source of income.
Luckily, with the rising number of lenders in Kenya, it has now become easier for parents to access loans to sort out their financial needs.
Timiza is one of the facilities providing cheap, instant, short-term loans to customers.
Introduced by Absa Kenya, Timiza, a mobile-only platform, provides instant mobile loans for Absa and non-Absa customers allowing them to ‘Timiza’(fulfill) their financial needs.
The platform is accessible via USSD *848# or through the mobile app available on Google Play Store &App Store.
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The unique bit of the product is that borrowers get higher loan limits and enjoy the most affordable facility fee of 5% compared to the market price and interest fee of 2.96% per month.
The interest charged per month is 2.47% with a negotiation fee of 5% charged on the cost of processing the loan.
Customers can access upto Sh150,000 repayable in 30 days. The more one transacts the more they grow and improve their Timiza credit limit. In addition, one gets discounts and loan limit growth on early repayment.
To be eligible for the loans, one must be an M-PESA subscriber for more than 6 months and actively use Safaricom services such as voice, data and M-PESA.
In addition, they need to have a good rating and not be negatively listed by the Credit Reference Bureaus (CRB) or blacklisted by Safaricom on Okoa Jahazi.
For more information about Timiza, contact the Timiza Customer Service team at 0709213000 or 0204265000 or via Email at [email protected].
You can also reach and follow them on their social media pages:
Facebook: Timiza Kenya
Twitter: @TimizaKE
