Mobile Loans provided by ABSA Bank: Timiza

Absa Bank launched Timiza, a mobile banking App that allows people to apply for loans from Ksh. 50,000 to 150,000 within minutes of registration in the year 2018. The app can also be used to pay bills, buy insurance, deposit funds and withdraw from all Absa ATMs anywhere in the country.

To get started with Timiza is very easy as it does not require one to visit a bank or even wait for days before one is approved. All one has to do is install the app on one’s phone and register. Timiza app is available for both the Android devices and iPhones.

Things you need to know about this app as you use it to get a loan:

Who qualifies for a Timiza Loan?

1. You must be an active user of Safaricom services such as making calls, using Data and Mpesa services.
2. You must be a registered Mpesa user for at the last six months prior.
3. Yout Credit Refernce Bureau (CRB) and Safaricom’s Okoa Jahazi ratings must be good.

How to register and apply for timiza loans

1. Go to the playstore app in your phone and search Timiza. Ensure that the app you are about to install is owned by Absa Bank Kenya Ltd.
2. Install the app on your smart phone.
3. Once it is installed open the Timiza app and follow the on screen instructions to sign-up. The registration process is pretty straight forward.
4. After successfully registering, open the app and tap on my loans tab to see the amount of money you are qualified to borrow.
5. Next tap on the request loans tab and enter the amount you would like to borrow as long as you are within the limit and the n tap continue.
6. Timiza app will deposit your loan into your Timiza account if your loan is approved after the application process.
7. Once you have money in your account, then you can withdraw it to your Mpesa account since the money is not automatically deposited to your Mpesa account.

How to apply for Timiza loan using USSD

1. Dial and call *848#
2. Enter your correct Timiza PIN when asked.
3. Select option number 4 which is Loan and send.
4. Choose request loan tab on the screen that follows.
5. Next, enter the amount you wish to borrow.
6. Once your request has been approved, Timiza will deposit your money to your account instantly.

How to repay Timiza loan

1. Go to your phone’s Mpesa menu and tap on Lipan a Mpesa tab.
2. Tap on Paybill and input 300067 as your Paybill number.
3. Next, enter the account number (your phone nunmer).
4. Enter the amount of money you would like to repay.
5. Finally, enter your Mpesa PIN to complete the transaction.

Apart from the ABSA bank paybill number, you can use the funds in your Timiza wallet to repay the loan. You can deposit the fund directly from Mpesa to your Timiza account following the steps below:

1. Log in to the Timiza App
2. Click on the Timiza balance tab
3. You will be directed to the withdrawal/ deposit page
4. Select deposit and enter the amount you wish to deposit into your wallet
5. Click on make payment
6. A message will pop up on the screen from Mpesa with the transaction details
7. Click OK to confirm the transaction.
8. Check the balance of your Timiza wallet and repay the loan directly from the Timiza wallet.

Benefits of Timiza

Anywhere, anytime you get:

1. Access to instant mobile loans for Absa and non-Absa customers.
2. Most affordable facility fee of 5% compared to the market.
3. Higher loan limits.
4. Saving capability with Timiza Goal Savings Account that earns the highest interest of 9% p.a, paid monthly into your wallet.
5. Ability to make utility payments as well as buy goods and services via tills and Paybills.
6. Ability to deposit funds into Timiza through Mpesa or other wallets
7. Buy airtime
8. Incentives for early repayment, good transacting behaviour and loyalty.

To grow you Timiza loan limit make sure your loans are paid on time and often use other Timiza services such as withdrawals to Mpesa and airtime purchases. Timiza loan charges 1.083% interest on loans and a 5% facilitation fee for a term of 30 days.

You are required to repay any Timiza loan within a period of 30 days. If you fail to pay the loan within this period, your loan repayment will be extended for an additional 30 days. An additional roll-over of 5% will be charged on the outstanding loan balance.

Timiza – Savings Account Features

Timiza offers a savings account that offers higher returns based on customer balances and earns interest for balances from Ksh 100.

1. Transactional Capability: Timiza savings account gives you flexibility to move your cash to and from your Timiza account as well as MPESA.
2. Qualifying balance: Customers will earn interest on balances from Ksh 100. Accounts with balances below Ksh 100 will not be eligible to earn interest.
3. Set a savings goal: You can now set savings goal describing what you would like to save towards and for what period to serve as a reminder and keep you motivated on your savings journey.

Savings Account Features:

1. No minimum balance is required on the Timiza Savings account.
2. Interest of 9% per annum earned from amount of Ksh 100.
3. Interest is earned daily, accrued monthly and paid quarterly to the customer’s savings account.
4. The account pays an interest on the savings in your savings account.
5. Withdrawing once ends the goal and all saved funds are credited to the Timiza account in 24hours.
6. Interest rates quoted for the Timiza savings account are annual – per annum.
7. Withholding tax (WHT) of 15% will apply on the interest paid out.
8. The interest structure and product set up may be reviewed from time to time.

Timiza was launched by ABSA Kenya on the year 2018. Using this app, you can get an instant loan, send money, pay your bills or purchase airtime and get insurance when you do your banking on your phone with Timiza. In addition, you can save money in your Timiza wallet and earn returns with the Zidisha savings account.