NAIROBI, Kenya, Mar 16 – Barclays Bank of Kenya has partnered with Safaricom Plc to launch a new financial self-service channel dubbed Timiza Mobile app.
Through the Timiza app, Safaricom users can acquire various services that include access to quick mobile loans of up to Sh150,000 at an interest rate of 6.7 percent.
Barclays Bank Kenya’s Managing Director Jeremy Awori says the service is out to solve hurdles that young people, especially entrepreneurs, face when it comes to managing their finances.
“Timiza loans are repayable in 30 days which we consider to be quite attractive. We are hoping to tap about 5 million users in the next 5 years using this service,” Awori says.
Other services offered on the app include a transactional account, utility bills payment, purchase of insurance covers and withdrawing cash from the account to M-Pesa.
“Available data shows us that more that 50 percent of people want to do banking on mobile, hence the decision to launch the app,” he added.
To access the service, Smartphone users only need to download the Timiza app on Google Play store while feature phone users will only need to dial *848# to access the service.