Have You Downloaded the Timiza App Yet? Here is Why You Should

Mobile financial solutions have recently blown up in Kenya and while there is still space and gaps to be filled, some of the mobile services are offering exceptional and unique products, which is why Timiza app by Barclays Bank is still the one of the best.

Timiza is made primarily to allow both existing and non-customers to gain access to quick loans among other services including insurance cover and paying of bills.

The app strives to outsmart the competition by adding features that make mobile banking convenient.

Speaking of which it isn’t only a loan app. One can conveniently adopt a saving culture effectively using the Timiza application.

READ: Here is Why Barclay’s Timiza App is Worth not Passing Up

As loans are the interest of many, it is worth noting that the app allows those with access to M-PESA get loans directly on their phones.

Timiza eliminates the need for paperwork and a few registration steps are involved before your loan gets approved.

Anyone eligible can borrow loans of up to 150 000, but as a requirement, you must have used M-PESA services for at least 6 months or is a subscriber.

The experience with using Timiza loan app is incredible. But, of course, the amount you get depends on how frequently you use your M-PESA service since it is used to determine your credit score. Unfortunately, if you have been listed with the CRB, you won’t get a loan.

Meanwhile, to remind you of the benefits of using the Timiza app, these are some of the things you can do with the app:

• Transfer funds from M-PESA to Timiza and vice versa
• Request for instant loans
• You can repay the loan using the app
• You can inquire about Timiza balance and a mini-statement.
• Pay bills for water, electricity among others
• Airtime purchase
• Book a taxi – Little Cab (App only)
• Invite Contacts (App only)
• Check foreign exchange rates on the Timiza App
• Purchase insurance cover. The app offers Personal Accident cover (100,000 shillings) and Funeral Cover.
• Deposit money and save on Timiza

The best part about Timiza is that anyone with a smartphone can download it on Google Play Store, install, and apply for the loan. However, those who do not have an Android device can apply for the loan by dialing *848# and following the prompts on your phone.

READ: Barclays Bank Launches the Timiza App, Customers Set For Instant Micro-Loans

The rates are fair. Every successful applicant will be charged a processing fee of 5 percent and a monthly interest of 1.7 percent.

After the window of repayment, which is one month matures, you will pay the principal amount and the additional charges totaling 6.7 percent.

Timiza app is totally worth downloading. You can also grow your loan limit if it the current amount is too low for your needs. All you must do is a deposit and save in Timiza and move large amounts or at least frequently transfer funds using the app. Consequently, since your credit history is based on your M-PESA, using the service more frequently will help grow your limit.

The application is great, but still, some users are having issues with registration, others running Android devices (the majority of the millennials) that are rooted cannot access the loans. The 30-day repayment period is a bit of a quibble among many users. They feel that it should be increased.