Are you in need of cash urgently and don’t know what to do? Worry no more because Timiza is here to Timiza (Fulfill) your needs.
Timiza is a mobile banking solution launched by Absa Bank Kenya in 2018 to serve both Absa and non-Absa customers.
As an all-in-one app, Timiza allows users to save money and earn interest, pay utilities, and buy insurance.
The facility is operated entirely from the mobile phone by dialing *848# or through the Timiza mobile app, available on the Google Play store or IOS app store.
Users who fit Timiza eligibility criteria can access mobile loans of up to Sh150,000 without needing to have an Absa Bank Account – making it one of the few loan apps offered by regulated commercial banks available to non-account holders.
In addition, the higher financing makes Timiza the digital loan app with the highest loan limit among apps that are accessible to everyone.
Whats more is that borrowers enjoy the most affordable facility fee of 5% compared to the market price and interest fee of 2.96% per month.
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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.
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.
In addition, a borrower must have a good rating and not be negatively listed by the Credit Reference Bureaus (CRB) or blacklisted by Safaricom on Okoa Jahazi.
Once a loan application is approved and the loan is processed, the money is deposited into the customer’s Absa Timiza Account.
The customer can then access it by transferring it to their M-PESA account or directly sending it to another Timiza user.
Withdrawal from Timiza wallet to M-pesa is charged Sh25 for amounts less than Sh1,000, and Sh32 for amounts higher than Sh1,000. Transferring money between Absa Timiza accounts is free of charge.
Loan repayment is easy via Pay Bill number 300067 and enter your mobile number as the account number. Alternatively, one can dial *848#, enter Timiza pin, select loan option, and select pay loan.