Here is Why Barclay’s Timiza App is Worth Not Passing Up

As technology advances, people are adopting more ways of financial solutions like mobile banking, an innovation recently implemented by Barclays bank with their new Timiza app.

Timiza is a loan mobile application that allows Barclays customers as well as non-customers to access banking services through their phones.

This banking strategy aims at targeting young proprietors seeking capital for their startups or other business growth. It is here to give other applications like Tala, Branch, and the recently launched Opera’s Okash a run for their money.

The Timiza App is an absolute necessity for those looking for credit finances for a variety of reasons.

For one, there is no collateral. The registration process is hassle-free and has totally negated the need for bank statements or other documents to prove your credit rating. All that will be used to determine your eligibility is your M-PESA credit history.

To register, you simply download the App from Google Play store or by dialing *848# and filling in the details – full names, identification number and the date of birth. A pin will be sent to you, and you can confirm or change it through the same USSD code.

The app allows you to borrow loans of up to 150,000 shillings with a repayment period of 30 days. It also has comprehensive fees of 1.7 percent monthly fee, 5 percent processing fee, which translates to a total of 6.7 percent.

Customers can carry out various types of transactions using the app including the purchase of insurance coverage. One can get a personal accident cover of 100,000 shillings or a funeral cover of 40,000 shillings for as little as 42 shillings only.

Apart from allowing you to save, you can deposit money in the account and use it to pay utility bills. You can also send and receive money from other Timiza users.

Through Barclay’s partnership with Safaricom’s Little Cabs, you can use the app to secure easy transport and use it to pay for the service.

All these are available through the Timiza App and the bank’s aim of leveraging the strong internet presence and the desire to ease the process of acquiring certain products like health insurance covers.