Absa Bank’s mobile banking wallet, Timiza is steadily gaining popularity thanks to its tailored financial services as well as attractive interest rate on both loans and savings.

According to Absa Bank Kenya, Timiza offers “access to instant mobile loans for Absa and non-Absa customers”. Perhaps this is what has enticed the over 5 million users to register for the virtual banking platform. In addition, Timiza feeds into Absa Bank Kenya’s long-term sustainability agenda of enhancing financial inclusion by extending services especially to the unbanked population.

Currently, Timiza offers a one-stop-shop for financial services including accessing credit, savings, insurance, payment of utility services as well as buy goods and services via Tills or Paybills. Furthermore, Timiza has incentivized early repayment, good transacting behavior and loyalty for customers.

Absa Bank Kenya PLC, CEO, Abdi Mohamed, had this to say, “We are committed to banking the unbanked and have redesigned our Timiza product to make it easier for people and small businesses to access savings and loans.”

This is coupled with value-add services such as an option for Timiza users to pay as low as Kshs 42 monthly for an insurance policy that guarantees up to Kshs 100,000 in personal accident and funeral cover.

Timiza users get an attractive interest of up to 9% annually on saving as little at Kshs 100. Perhaps this is what is driving the increase in loan disbursements through the platform. Since Absa Bank Kenya introduced Timiza in 2018, the mobile platform had advanced over Kshs 65 billion in loans as at 30th September 2023. In fact, during the first nine months of 2023, about Kshs 14.8 billion in loan was advanced through Timiza, translating to about Kshs 54.22 million shillings daily.

Through Timiza and other initiatives, Absa Bank Kenya targets to grow and diversify its conventional retail business.

In addition, plans are underway to evolve Timiza into a standalone mobile only financial services business that facilitates savings, loans, payments, and insurance services.

“We will target to win in the Affluent segment, advance our relevance in core middle segment and penetrate the mass and youth segments to secure the next generation of core middle customers,” says Absa Bank Kenya’s Head of Digital Channels, Steve Omamo.

Currently, the wallet offers mobile loans of up to Kshs 150,000 with a 30-day repayment period. Customers can also borrow up to Kshs 1 million and repay within 12 months. “The more you transact and save, your loan limits increase, providing a flexible and dynamic borrowing experience,” says Omamo.

The maximum amount a user can transact in a single transaction on the app is Kshs 250,000 while the daily transaction limit is Kshs 500,000. The cash can be accesses via MPESA or at an Absa ATM.

Timiza is available on both smartphones, through the Play Store and iOS, and feature phones via USSD code *848#.