Barclays bank has rolled out it’s own version of mobile banking service – Timiza to rival sector’s leading providers – Mshwari and KCB – Mpesa. The service is intended to provide instant credit to micro-entrepreneurs and allow individuals access cash on credit using their mobile phones. While one would say the bank has launched the service rather too late, the Kenyan banking segment is slowly transforming to mobile devices for their convenience as compared to traditional methods. As of today, many local transactions such as payment of bills, service and or shopping in retail outlets, a handful of customers resort to mobile banking services; they are convenient, easily accessible and furthermore secure than carrying cash.
During the launch, Barclays Bank Kenya Managing Director Jeremy Awori, said the product – ‘Timiza’ will act as a mobile-based virtual account giving both its customers and non-customers a chance to borrow 30-days loan at an interest rate of 6.17 per cent. Growth in the mobile banking sector is at it’s optimal with applications such as Tala, Branch, Circle and Saida and now Barclays Bank’s Timiza app. Timiza service will also be accessible via USSD code.
“We are trying to remain relevant and offer end-to-end digital experience for efficient and consistent mobile transactions,” Barclays Bank managing director Jeremy Awori said.
Services Currently available on Timiza Mobile Banking Service;
- Get instant loans on your phone without collateral
- Deposit funds into Timiza
- Pay for KPLC/ZUKU/DSTV/GOTV bills
- Purchase insurance
- Buy airtime
Requirements to Access Timiza Service
- You must be at least 18 years of age
- A registered and active M-PESA Subscriber for at least six (6) months
How to Register to Timiza;
- Dial *848# and follow promps
- Download Timiza app from the Google playstore.