Friday, November 8, 2024

Did you know you can withdraw Timiza funds from an ATM?

Did you know you can withdraw Timiza funds from an ATM?

Mobile money platform, Timiza, is undoubtedly one of the best solutions for anyone looking for urgent cash for personal use or business growth.

Launched by Absa Bank Kenya in 2018, Timiza allows both Absa and non-Absa members to access low-interest mobile loans of up to Sh150,000, save and earn interest on their savings, as well as access insurance cover.

The platform recently upgraded its features, allowing subscribers to withdraw funds from any of the bank’s ATMs across the country.

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To access the service, Timiza customers are required to log in onto the Timiza App and select the ATM withdrawal option or dial*848# .

A unique voucher code (One Time Password) is instantly sent to customers via a text message on their registered mobile number to authorise the withdrawal.

The service attracts the same charges as the current ATM debit card withdrawal fees. Since its launch, the platform boasts over 5 million users.

The users can conveniently complete day-to-day and occasional tasks within Timiza, including moving cash from one wallet to another and making payments at merchant outlets through the Safaricom Pay bills platform.

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In addition, users can enjoy a savings feature with up to a 5 percent interest rate that enables them to set aside money for specific goals.

Timiza further allows users to buy insurance policies for as low as Sh42 per month and are guaranteed up to Sh100,000 in personal accident and funeral cover.

Jules Wako, a Nairobi-based businessman who has been using Timiza loans to grow his business says the platform is user-friendly and borrowers can get the credit they need in just minutes after request.

”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 says,

He explains that 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.

In addition, the borrower must have a good rating and not be negatively listed by the Credit Reference Bureaus (CRB) or blacklisted by Safaricom on Okoa Jahazi.

”Timiza also allows customers to accomplish their saving goals with Timiza Goal Savings Account that earns the highest interest of 9 percent p.a.’’ he says.

The service is accessible via USSD (*848#) and mobile app on Google Play Store &App Store.

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