Barclays Bank’s Timiza app is official with instant loans and some unique extras

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Representatives from Barclays, Safaricom and Little during the launch of the Timiza app


Timiza app teamMobile credit apps, payment gateways and other financial services that use mobile money services and deeper smartphone penetration have exploded in the Kenyan market in recent years. The court will continue to be open to players offering unique consumer products, which Barclays Bank believes Barclays Bank is bringing to Kenyans with the latest addition to its product portfolio, which went live today.

Synchronized Timiza (Kiswahili word which loosely translated means “perfect”), Barclays’ new app secures a place in an otherwise crowded but lucrative niche traditionally associated with industries like Branch, Tala and, more recently, OKash by Opera.

First and foremost, the app offers users a platform for accessing instant loans, in addition to bill payments and insurance coverage. The last two proposals are the first of their kind for a platform known for lending. In addition, Timiza allows users to deposit and save money.

The app is only available on Android’s Google Play for obvious reasons. A future rollout to iOS users is expected as the bank seeks to clear the misconception that it appeals to a high-profile and affluent population. Another limitation is that only Safaricom users can get access to credit through M-PESA, which unfortunately is the same as competing products. Timiza is also available as USSD * 848 # on Safaricom lines.

Timiza is developed by Craft Silicon, the company behind the Little e-taxi service. The partnership allows users to pay for rides with Timiza, which is another unique feature of the app.

Back to the main service: instant loans. The app is not initially limited to people who have an account with Barclays Bank, although it is possible to link an existing account to the service. Second, credit qualification takes the same approach we’ve seen with other products, where complex algorithms check eligibility against credit records (linked to your Safaricom line), including text messages and a good relationship with the CRB.

The managing director of the bank, Mr. Jeremy Awori, insists on the data protection of the customers, which is why the service only accesses certain data after confirmation. He also mentioned that the bank has a dedicated SME banking platform to meet the needs of companies that have not yet gone into the business in terms of banking.

Those who qualify for a loan pay a 5% processing fee and 1.7% monthly interest. Overall, users pay 106.7% of the cash borrowed. The repayment window is 30 days. The bank did not mention flexibility based on repayment agreements as some customers repay temporarily over a certain period of time. The maximum loan amount is KES 150,000.

The app is currently available in Kenya, with an expected roll-out across Africa in the coming days.


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