Banks are restructuring to automate services so as to cut operational costs, save time and keep up with technology. Banks are out-doing each other to be the entity that best understands the 21st century consumer and roll out new and shiny products that will attract the moth that is the millennial.
Barclays Bank whose name change to Absa Group Limited is set to be effective as from 30th May, has today launched Timiza, a mobile app that will see both the bank’s customers and non-customers apply for an emergency loan or in store financing loan. This a good move as many Kenyan banks are now majorly focusing on financial technology.
Enter Timiza App
With Timiza app you can open; a Timiza transactional account, Access quick mobile loans, Deposit cash to your Timiza account from M-Pesa, Withdraw cash from your Timiza account to M-Pesa and Top up airtime for Safaricom & Airtel mobile numbers.
“Timiza app will support small businesses in offering of instant micro-loans and once the business grows one can access bigger loans,” said Barclays Kenya CEO Jeremy Awori. He also confirmed his anticipation that in near future banks will partner or invest in Fintechs. “We will be rolling out Timiza app across other African markets in partnership with different telcos & players,” added Mr Awori.
If you are a Safaricom customer, you just need to dial *848# and use the menu to open a Barclays Timiza account. Timiza app can also be downloaded from the Google play store.
Approval of loans for a non-bank customer will be based on an applicant’s M-Pesa credit history while that of a bank’s customer will be based on ones account cash inflow & outflow history on top of mobile money transactions. Customers who do not have an allocated credit limit will be required to save and build a history to get a credit score. No overdraft is allowed on your Barclays Timiza account. When applying for a loan, you will be able to select your preferred loan repayment duration, but not less than 30 days. The bank’s acceptance or rejection of the loan request will be via Sms sent to the registered Mpesa number.
A few details of Timiza Barclays Account include:
- Barclays Timiza account
As a Barclays Timiza account holder you may deposit or withdraw funds, from one Barclays Timiza Account to another Barclays Timiza Account. You can instruct the Bank to make loan repayments & establish term deposits using funds from your account. You may withdraw as much cash as your account holds.The Bank shall channel withdrawals from your Barclays Timiza Account into your M-Pesa Account.
- Barclays Timiza Transaction Account
This account will only be eligible to Barclays Timiza account holders. For those who wish to save more than 1 million will have to provide further documentation to the bank because the maximum savings limit on this account shall be Kshs 1,000,000.
- Barclays Timiza Account Standing Order
If you have a Barclays Timiza account, you can establish and stop standing orders from M-Pesa to Barclays M-Pesa Account, M-Pesa to Target savings Account, Barclays Timiza Account to Target Savings Account. You can only have one standing order account.
- Barclays Timiza Target Savings Accounts
You can also establish a Barclays Timiza Savings Account if you have a Barclays Timiza Account where savings transfer into your Barclays Timiza Transaction Account from M-Pesa shall be a maximum of Kshs.140,000 per day. You can set a minimum target of ksh 500 where you can deposit ksh 50 at least. The maximum deposit transfer into your Barclays Timiza Transaction Account from M-Pesa shall be Kshs 70,000 per deposit transaction.
- Barclays Timiza Group
If you have a Barclays Timiza transaction Account, you can open a group account on Timiza app where you can invite other Timiza and Non-Timiza account holders to join the group account as members.
- Barclays Timiza Term Deposit
A Barclays Timiza account holder can have a term deposit on requesting the bank to lock once account’s deposits. Requests may be made from time to time. An account holder will be able to choose their desired term deposit duration with the minimum duration being 1 month. The minimum amount for a Term Deposit will be Kshs 1000 and the maximum amount shall be Kshs 1,000,000. No Interest will be paid on deposits. The maximum deposit transfer into your Barclays Timiza Transaction Account from M-Pesa shall be Kshs 70,000 per deposit transaction.
- Barclays Timiza Insurance
Only account holders of Barclays Timiza account will be eligible for the Insurance cover. This will be a Whole Life cover policy where premiums will be collected on a monthly basis from the Barclays Timiza account (on the 30th of every month).
“This is just the beginning, we are around 5%-10% on a scale of 100%,” said BBK CEO Jeremy Awori.