Barclays launched Timiza, a mobile loans app sometime in the recent past. This was the bank trying to fit in a space that has proven lucrative for other non-traditional lenders driven by mobile apps.
The bank avoided connecting the app to the regular bank account and everything is done from the app, of course with limits of Kshs 150,000 in amounts one can borrow from the app with a one month repayment period.
The app was developed by Craft Silicon, just like a few other banking apps like NIC’s mobile app.
Follow these steps to apply for a loan with Timiza.
1. Service registration
Through your Safaricom line dial *848# or you can download the Timiza app from the Barclays launched Timiza
2. Create an account
Your Safaricom line should be registered with Mpesa to create an account. After you have created an account you will be sent a pin to activate your account then later a recreate to access your account.
3. Apply for a loan
If you have successfully created an account you can apply for a loan.
Timiza offers loans upto 150,000. The loan amount you get depends with your Mpesa transaction history. Interest rate is 6.15% (5% processing fee & 1.15% interest) payable in 30 days.