Timiza is a mobile banking solution that allows users to access low-interest loans, save money and earn interest, pay utilities, and buy insurance.

Launched by Absa Bank Kenya in 2018, Timiza allows both Absa and non-Absa members to access low-interest mobile loans of up to Ksh150,000.

This makes it the digital loan app with the highest loan limit among apps that are accessible to everyone regardless of whether they have a bank account.

The Timiza Digital Loan is offered for a maximum tenure of 30 days at a cost of 7.25% of the loan amount. The cost includes Interest (1.25%), Negotiation fee ( 5%), and Excise duty (20%).

To qualify for a loan, one must be an M-PESA subscriber for more than 6 months and actively use Safaricom services such as voice, data and M-PESA.

A good rating and not negatively listed by the Credit Reference Bureaus (CRB) or blacklisted by Safaricom on Okoa Jahazi is also a requirement.

Everything you need to know about Timiza, the cheapest short-term loan facility in Kenya

Timiza encourages customers seeking to grow their loan limits to increase activity on their accounts by transacting on other services offered, i.e., Depositing cash on the wallet account, Purchasing airtime, Paying utility bills, and Subscribing to Insurance.

Besides loan issuance, Timiza also offers insurance services. Customers can access a Personal Accident cover of  Sh100,000 and a Funeral Cover of Sh50,000. The insurance products offered cover death and permanent total disability.

Benefits of Timiza:

• Access to instant mobile loans for Absa and non-Absa customers
• Most affordable facility fee of 5% compared to the market
• Higher loan limits
• Saving capability with Timiza Goal Savings Account that earns the highest interest of 9% interest p.a, paid monthly into your wallet/account
• Ability to make utility payments as well as buy goods and services via Tills or Paybills
• Ability to deposit funds into Timiza through M-Pesa or other wallets
• Buy airtime
• Insurance (personal accident and last expense)
• Incentives for early repayment, good transacting behavior and loyalty

Timiza is operated entirely from mobile phone by dialing *848# or through the Timiza mobile app which can be downloaded from the Google Play store or IOS app store.