Timiza App: Everything you need to know about Barclays Timiza Loan App

This article gives the unique features that you need to know about the Timiza app. There has been a lot of innovations in technology in the recent years, this is majorly characterized by the increased use of smartphones within the country. As the number of internet users grows each day, banks are working to ease the access to services by customers through online banking services.

Today, customers can access different banking services anytime and at any place through mobile phones. With this in mind, Barclays Bank came up with the Timiza App as its initial step to implement its virtual banking strategy.

Timiza, which as a Swahili term that means “to accomplish” has features that are very different from other mobile banking apps seen before.

How to get Started with Timiza App

With the Timiza app, it is not a must that one opens a real account in the bank. The app provides a virtual account with which one can conduct all the transactions they need. One can deposit funds or receive loans into the virtual account and make withdrawals through Mpesa.

source: loans Kenya blog

However, there is an option where one can link the mobile application with their actual bank account if they already have an account with Barclays bank. This app also allows users to transfer funds from one Timiza account to another at friendly charges.

Payment of utility bills

Timiza application allows one to pay for electricity, water, and other utility bills directly from the virtual account. If there is no money in the virtual account, one can make the payments directly from their bank accounts. Plans are underway to introduce the Timiza Virtual card which will allow customers to pay for online services using the app.

Also, using the Timiza app allows customers to pay for insurance coverage. Customers can get personal accident covers and funeral covers of up to 100,000 and 40,000 respectively from through the app.

No collateral needed when borrowing

When requesting for a loan on the application, no collateral is required as creditworthiness is calculated using Mpesa transaction records. To get the loans, all one needs is to download the app, fill in their details and apply.

Loan limits of up to 150,000

Depending on the credit rating, one can access loans of up to 150,000. These loans are to be repaid within a period of thirty days with a processing fee of 5% and a monthly fee of 1.7%

The app allows saving

The user can make savings on the app. By moving money to the segment “wallet” on the app, one can save any amount they want for any period they choose.

Access to Taxi Hailing services when using the app

Customers can access taxi services as a result of the partnership between Barclays and Safaricom’s Little cab. With the Timiza app, customers can order for a ride from Little cab and make payments for the ride using the app.

The app is limited to Android and Safaricom users

Currently, the only available version of Timiza application is for Android devices. However, plans are underway to develop an iOS compatible version for Apple users. Another restriction on the app is that only Safaricom users are able to access the loans via Mpesa.

How to get the loan on Timiza app

To qualify for a Timiza loan, one needs to have an active Mpesa line which has been used for more than 6 months.  The loan limit will be determined by the Mpesa transactions record as well as the CRB status of the applicant. below is a step by step procedure of applying for the loan.

  • Register for the service- To register, one needs to dial *848# on their Safaricom line or download the app from google play store.
  • Creating an account- After the app has been installed, one need to provide personal details including the Mpesa number with which they will be making transactions.
  • Applying for the loan- After creating an account, the loan limit will be displayed on the app. one can only borrow as much as their loan limit. the loan is then credited to the Timiza account after which the user can transfer to their Mpesa account.

How to repay Timiza Loan

Repaying the loan n time contributes to a good borrowing record and therefore increases the user’s loan limit. Below is a guide on how to repay the Timiza Loan.

  • Go to Mpesa Menu
  • Choose “Lipa na Mpesa”
  • Select Pay Bill
  • Enter 300067 as the PayBill number
  • Key in Account Number (Phone Number used to open Timiza account)
  • Enter Amount
  • Enter Mpesa Pin
  • Press Okay to authorize the transaction

Having known what the Timiza app is all about from this article, you can now use the app for its rightful purpose. You should take note that when borrowing from the app, the money should be used for the right purpose since it has to be repaid with an interest. Those who are listed as defaulters by the CRB cannot access the loan.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.