How to access, request, pay your mobile loans and save with Timiza

How to access, request, pay your mobile loans and save with Timiza

By Soko Directory Team / Posted May 9, 2022 | 15:56

KEY FINDINGS

Timiza’s mobile app works more like Branch, but has more features like buying airtime, insurance coverage, paying KPLC bills, and their unsecured loans have a low interest rate. Also, you do not need a bank account with Barclays to operate a Timiza account.

Mobile finance solutions have recently exploded in Kenya and while there is still space and gaps to be filled, some of the mobile services offer exceptional and unique products, which is why Absa Bank’s Timiza app remains one of the best.

Absa bank launched a mobile application called Timiza that makes it possible for users to apply for loans instantly.

For thousands of Kenyans, Absa Bank has developed a modern and user-friendly mobile app, offering quick and easy loans to all smartphone users, including the marginalized, those in remote locations and the unbanked.

Timiza’s mobile app works more like Branch, but has more features like buying airtime, insurance coverage, paying KPLC bills, and their unsecured loans have a low interest rate. Also, you do not need a bank account with Barclays to operate a Timiza account.

How to access TIMIZA

  1. Download the application from the Play Store: Timiza
  2. Click the install button
  3. Once installed, click Open
  4. Allow Timiza app to make/manage calls/read messages
  5. Enter your Safaricom line and ID number to register
  6. Once done, it will set a pin to login to the app
  7. Sign in to the app with the necessary credentials. You will see your loan/credit limit displayed on the app.
  8. Select ‘My loans’
  9. Select ‘Apply for loan’
  10. Enter the amount you want to borrow.
  11. Select ‘Continue’.

You can also apply for Timiza mobile loan product from ABSA Bank via USSD code *848# and proceed with the same pin you use in the APP.

How to Pay Your Timiza Loans

  1. You can pay Timiza loan through MPESA business number 300067, account number is Safaricom phone number or you can just dial *848#. Enter the pin, select the loan option and select pay loan
  2. Go to MPESA.
  3. Select Lipa na MPESA
  4. Select the payment invoice option.
  5. Enter the business number as 300067.
  6. Enter your Timiza registered phone number as the account number.
  7. Enter your payment amount
  8. Enter your MPESA pin.
  9. Confirm the details are correct and then press OK

How much can you get from TIMIZA

The types of loans available at TIMIZA are the emergency loan and the store financing loan. To access these loans, one must navigate through the ABSA Timiza menu on their phone and use the ‘Request loan’ menu

You are completely free to set a loan repayment period that works for you. However, keep in mind that the repayment period of the loan cannot be less than thirty days.

The bank may decide to accept or reject your loan application for no reason. The bank will accept or reject your loan request through an SMS sent to the mobile phone number associated with your ABSA Timiza Account.

If the bank accepts your loan request, it will disburse you the amount. The minimum amount disbursed is usually 50 shillings, while the maximum amount is usually 1,000,000 shillings.

How to save with TIMIZA using the payment invoice M-Pesa 300067

  1. Open M-Pesa on your phone.
  2. Select Lipa na M-Pesa.
  3. Now select the payment option.
  4. Enter Timiza’s salary receipt n° 300067.
  5. Next, enter your account number. …
  6. Now enter the amount you want to transfer to your Timiza account and press OK.
  7. Enter your M-PESA PIN and press OK.

Benefits of saving with Timiza

  1. Get up to 5% return per year on a balance of KES100.
  2. The more you save, the better your chances of increasing your loan limit.
  3. Interest accrued on balances from KES100.
  4. If you make no more than 3 withdrawals per quarter, you can get a bonus of up to 4%
  5. Make free transfers to and from your Timiza account.
  6. No minimum balance required.

Benefits of using TIMIZA

  1. It has higher loan limits.
  2. You can transfer funds from M-PESA to Timiza and vice versa
  3. The lowest installation fees at 5% compared to the market.
  4. Differentiated and lower prices for good clients who request loans repeatedly
  5. Incentives for early repayment, good transactional behavior and loyalty
  6. Save with the Zidisha savings account
  7. Get instant loans on your phone
  8. Deposit funds in Timiza
  9. Pay KPLC/ZUKU/DSTV/GOTV bills
  10. purchase insurance
  11. Buy airtime
  12. Take out insurance (personal accident and final expenses)
  13. Taxi request (mobile app only)

About the Soko Board of Directors

Soko Directory is a digital finance and markets portal that tracks brands, NSE listed companies, SMEs and trendsetters in the markets ecosystem. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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