Barclays Bank’s Timiza has hit 1 million downloads, surpassing expectations

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Barclays Bank’s digital banking platform Timiza has surpassed the download target that had been set by the bank during launch after hitting over 1 Million downloads. Timiza was launched in August 2018 in partnership with Craft Silicon and Safaricom.

Timiza is a digital banking platform that offers customers the flexibility of banking from the comfort of their phones. It is open to both Barclays customers and non-customers as long as you have a Safaricom line. You can access it by dialing *848# or downloading the app from the Google Play Store.

Through the app, customers are able to pay utility bills, deposit money and even save. One can also get insurance on the app for as little as Ksh. 42 per month. The insurance cover provided includes, a personal accident cover of upto Ksh. 150,000 and a funeral cover of up to Ksh. 100,000.

Additionally, the app provides loans to customers. The loan amount is dependent on your M-pesa transaction history, so the more you transact on M-pesa, the more the amount you can access. The loan amount will be charged a 5% processing fee and 1.17% interest, making the total fee charged on the loan to be 6.17% . The loan duration is 30 days.

How to get a loan from Barclays Timiza

Barclays Bank Kenya is listed on the Nairobi Securities Exchange (NSE) and launched in Kenya in 1916. It has a presence in 38 counties with 84 branches, 214 ATMs, and 374 Agency Banking outlets. The bank is majority owned by Absa Group Limited, formerly Barclays Africa Group Limited. Barclays Kenya will eventually rebrand to Absa Kenya after receiving shareholder approval of the name change.

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