With the tough economic times that we are currently experiencing as country, there will be times when one needs a helping hand just to get by. This could be in the form of a soft loan to pay off your rent and say utility bills. It could even be some capital to kickstart a small business or to add stock to an existing business. The Absa Bank Timiza app is one such solution that has become a life saver to many Kenyans.
As a small business owner, I came to learn about Timiza when I was researching about the various entities that give affordable loans. At the time, I was looking for financing to expand my poultry business which had started getting some traction after I opened an online store.
At this point in time, I needed a bigger freezer that could help in storing the chicken as I waited for orders to trickle in. The thing is that I was expecting some funds at the end of the month from some supplies that I had done to a hotel which could have assisted me in making the purchase but due to the rise in demand I needed to get it urgently.
At the time, the freezer that I wanted cost around Ksh. 70,000 which is not a big amount. However, calls to family and friends did not yield anything as they all seemed to have their funds committed to other ventures. It also did not make sense to take out a conventional loan which would have taken time to process which I did not have. This is why I made the decision to take out a mobile loan which had a quick turnaround time. After checking out the various offering by different lenders, I settled on Timiza because I felt that they had the best deal.
To cut the long story short I was eventually able to get the loan, buy the freezer which really helped my business to expand and meet the demand. Since then, I have been a regular user of the app and I have to say that it has really helped me to grow my business.
Here are some of the things that make Timiza stand out from the rest.
Low Interest Rates
As I had mentioned earlier, Timiza offers some of the lowest interest rates among the mobile loan providers in the market. Standing at 7% per month, it is lower than what a majority of the competition are offering which ranges from 9% to even 19%. This makes it very affordable for those who need the funds urgently with a view of paying back after 30 days.
They also offer loan amounts from as low as Ksh. 1,000 to as high as Ksh. 150,000 depending on your ability to repay. The fact that everything can be done from the comfort of your home or office makes it very convenient.
Insurance
Insurance is one of those products which in my opinion are very important but are largely overlooked by a majority of the people. This is mostly due to the fact that it is considered expensive. So, it was a nice surprise when I came to learn that not only does Timiza offer an insurance cover but it is quite affordable as well. From as low as Ksh. 42, yes, you had that right one can be able to get a Ksh. 100,000 personal accident cover and Ksh. 50,000 funeral expense cover.
With an annual premium of Ksh. 504, this has to be the cheapest insurance cover in the market. The beauty being that to qualify all one has to do is have a Timiza account to start enjoying the benefits.
Savings
Other than loans, Timiza also gives one an option to save towards a certain goal say a wedding or even purchasing a car. With the beauty being that the funds that you put in these accounts are earning an interest.
Payments
Timiza also allows you to make payments for various bill and utilities directly from the app. One of my pet peeves with some mobile applications out there is the fact for you to pay for something via an Mpesa Paybill. One has to first send the money from the app to Mpesa and then make the payment which is tedious, however, with Timiza one can be able to do all this without having to exit the app.
Account Opening
Being an individual who values efficiency and convenience, I enjoyed the fact that I was able to open an account and start operating it without having to step into a physical branch. The app allows you to register, upload your documents and photo all at the comfort of your home after which you can start transacting.
All in all, the Timiza is not just a banking app, but a comprehensive financial solution designed to set you on a path to financial freedom. Download it here and get a chance to experience the future of banking at your fingertips.