Barclays Banks of Kenya has launched a mobile application called Timiza that makes it possible for users to apply for loans instantly. Timiza Mobile App works more like Branch but has more features like buying airtime,insurance covers, paying kplc bills and its unsecured loans come at a low interest rate.
What is Timiza App?
Timiza App is a mobile application invented by Barclays Bank of Kenya and designed by Craft Silicon. Timiza app was launched on March 2018. It allows Kenyans to get instant low cost loans with a touch of a screen.
Once a customer takes his or her loan request, it is disbursed to his or her Timiza account (not directly to Mpesa). Customer will then be required to withdraw the funds from Timiza to Mpesa.
Timiza Loans come with one time facility fee of 5% and a Rollover fee of 5% if the customer does not pay within the 30 day period.
The app runs on Android OS 4.0 and up is available on Google Playstore for download: Timiza.
Learn more about: Barclays Bank of Kenya
Requirement of getting Timiza Loan
In order to qualify for a loan you need to be an M-PESA subscriber for 6 months, transact on Timiza and actively use other Safaricom services such as voice, data and M-PESA.
How to get Timiza Loan
- Download the app from Play Store: Timiza
- Register, after receiving the pin, login.
- Check your loan limit
- Click Take a loan
What is a Timiza Pin?
This is your personal identification number being the secret code used to access and operate the Barclays Timiza Account. More like your bank account credit card pin.
What you can do with Timiza app by Barclays
- Transfer from M-Pesa to Timiza
- Transfer from Timiza to M-Pesa
- Make a instant loan request
- Repay loan
- Timiza balance enquiry
- Timiza mini statement
- Bill Payments (Nairobi water, KPLC , ZUKU, DSTV and GO TV)
- buy time airtime using Timza app
- Book a Cab (Taxi) – Little Cab (App only)
- Invite Contacts (App only)
- Check foreign exchange rates on the Timiza App
- Get insurance cover (Timiza offers Personal Accident(100K) and Funeral Cover. The insurance products offered cover death and permanent total disability
How to apply for Timiza Insurance
- Log in to to Timiza by dialing *848#
- Enter your ID number to register
- Pick the insurance option
- Accept the terms and Conditions
- Subscribe to the insurance option
|Timiza to Mpesa transfer amount||Transfer fee|
|Ksh. 0 – 1000||Ksh. 23|
|Ksh 1000 and above||Ksh. 30|
|Timiza to Timiza account transfer||free|
|Bill Payment||Khs. 50|
Benefits of Using Timiza Mobile App by Barclays Banks
- Offers instant loans with low interest rates compared to competitors (Timiza loans attract an interest charge of 1.17% with a facility fee of 5% charged on the cost of processing the loan.)
- Comes with favorable deposit interests (all deposits on Timiza will earn interest of 7.00% p.a)
- Good loan limit
- You can use it for other services apart from taking loans
What Barclays Bank needs to do to improve Timiza App
- Registration issues: Most users are finding it challenging to use the pin sent after registration, The pins seems not to work.
- Cannot run on rooted devices: Even users with mobile phones that are not rooted get a warning/error message that their phones are not rooted thus Timiza cannot work on such phone. It appears to be a bug that Barclays need to work on.
- There is a challenge in transferring the Timiza Loans to Mpesa
- Should consider increasing loan repayment duration (Loan repayment period is 30 days)
- After taking a loan, it will be deposited to your Timiza account instead of directly going to mpesa like it happens with Branch. The customer has to do more by withdrawing the loans from Timiza account to mpesa account.
Learn more about: Branch Loans
Points to NOTE about your Timza account
- Your Barclays Timiza Account will automatically be classified as inactive if you do not initiate any transactions on the account for a continuous period of 12 months.
- The maximum savings limit on your BARCLAYS TIMIZA Transaction Account is Kshs.1,000,000 but any savings above 250k must be approved by the bank
- The Maximum savings transfer into your BARCLAYS TIMIZA Transaction Account from M-PESA is a maximum of Kshs.140,000 per day
Barclays Bank of Kenya Contact Information
- Mobile Phone contacts: +254 (722) 130120 or +254 (732) 130120
- Email contact: firstname.lastname@example.org
- Official Website: https://www.barclays.co.ke
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