Absa Bank Kenya has introduced an ATM withdrawal feature to its mobile money platform Timiza. This will allow customers 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 digital 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 be sent to customer via a text message on their registered mobile number to authorise 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 digitisation in keeping with Absa’s purpose of bringing possibilities to life,” added Mr. Omamo.
Timiza, which was officially launched in March 2018, is a virtual banking platform with over 5 million registered users. The platform offers mobile loans of up to Ksh. 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.
Timiza customers can also complete day to day and occasional tasks within Timiza. They include moving cash from one wallet to another and making payments at merchant outlets through the Safaricom Pay bills service. Timiza customers can also save money with up to 5% interest rate. They can also buy insurance policies for as low as Ksh. 42 per month and are guaranteed up to Ksh. 100,000 in personal accident and funeral cover.