Timiza To Now Allow ATM Withdrawals

By Soko Directory Team / Published January 30, 2023 | 2:29 pm

KEY POINTS

Funds are transferred directly to customers' Timiza wallets, which they can access via Mpesa or an Absa ATM.

KEY TAKEAWAYS

Timiza users can enjoy a savings feature with up to a 5% interest rate that enables customers to set aside money for specific goals. Users can also buy insurance policies for as low as KES 42 per month and are guaranteed up to KES 100,000 in personal accident and funeral cover.

Absa Bank Kenya has unveiled an Automatic Teller Machine (ATM) withdrawal option on its mobile wallet platform Timiza, allowing subscribers to withdraw funds from any of the bank’s ATMs across the country.

Absa Bank’s Head of Digital Channels Steven Omamo said the upgrade on Timiza is in line with the bank’s commitment to continue investing in digitally-led innovative solutions that are relevant to evolving consumer needs.

“As a digital-first bank, we are continually developing new services and features on the Timiza platform in line with our strategy to enhance the efficiency of our digital services. The ATM withdrawal facility is a real game changer as it will enable both our retail and business customers to withdraw cash securely and conveniently from the convenience of their mobile phones,” said Mr. Omamo.

To access the service, Timiza customers will be required to login onto the Timiza App or use the designated USSD code and select the ATM withdrawal option. A unique voucher code (One Time Password) will instantly be sent to customers via a text message on their registered mobile number to authorize the withdrawal. The service attracts the same charges as the current ATM debit card withdrawal fees.

“We are intent on providing simpler, safer, and easier access to financial services for our Timiza customers and this marks another important milestone for us. We remain committed to our customers as we accelerate our efforts to deepen financial inclusion through digitization in keeping with Absa’s purpose of bringing possibilities to life,” added Mr. Omamo.

Timiza, which officially launched in March 2018, is a virtual banking platform with over 5 million registered users. The platform offers mobile loans of up to Kes 150,000 with a 30-day repayment period. Funds are transferred directly to customers’ Timiza wallets, which they can access via Mpesa or an Absa ATM.

In addition, Timiza customers can conveniently complete day-to-day and occasional tasks within Timiza, including moving cash from one wallet to another and making payments at merchant outlets through the Safaricom Pay bills platform.

To further make it easier to save, Timiza users can enjoy a savings feature with up to a 5% interest rate that enables customers to set aside money for specific goals. Users can also buy insurance policies for as low as KES 42 per month and are guaranteed up to KES 100,000 in personal accident and funeral cover.

About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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