How to Pay Timiza Loan via Mpesa | Step-By-Step Guide

In this article, we will dive into basic details you need to know about the Timiza loan app by Absa Bank Kenya, how to apply for a loan, and how to pay Timiza loan via Mpesa.

Are you struggling to pay your Timiza loan? You’re not alone. Many people find themselves in this situation, which can be very stressful.

In this step-by-step guide, we will show you how to apply for a Timiza loan and how to pay Timiza loan via Mpesa to avoid defaulting and getting penalized.
We will start by discussing how to apply for a loan, the requirements for a loan, the different ways to pay your loan, and the Timiza interest rates and other charges. We will also provide tips on how to make your payments on time and avoid late fees.
By the end of this guide, you will know how to pay off your Timiza loan and get back on your feet financially. So, let’s dive in.

What is Timiza?

Timiza is a mobile loan app offered by Absa Bank Kenya. It was launched in 2018 to offer Kenyans access to instant mobile loans for Absa and non-Absa bank customers. Other services offered by Timiza mobile banking app include sending money, paying your bills, purchasing airtime, and getting insurance when you do your banking on your phone with Timiza.

You can also save and earn returns with the Timiza Savings Account. The Timiza Savings Account pays an interest of 9% per annum for customers who do not make a withdrawal within the goal period.

The Timiza loan app is available on both Android and iOS devices.

How to Apply for Timiza Loan

You can apply for a Timiza loan in two ways – via the app or the USSD code *848#. You can choose the method that best suits you.

How to Apply for a Loan via the Timiza app

1. Download and Install the Timiza loan app from Google Play or App Store.
2. Launch the Timiza app on your phone and log in using your 4-digit PIN.
3. Tap on “My Loans“. Your loan limit is displayed on your home screen.
4. Select “Request Loan“
5. Key in the amount you wish to borrow (should be within your loan limit), then tap “Continue.”
6. Wait for your loan request to be processed by Timiza. Once your request is approved, the funds will be deposited into your Timiza account.
7. Proceed to transfer the money to your MPesa account.

How to Apply for Timiza Loan using USSD code *848#

Another way to access the Timiza loan is by using the Timiza USSD code *848#. Follow these steps;

1. Dial the USSD code *848# on your phone
2. Enter your Timiza pin
3. From the options, select the “loan ” option and send.
4. Then select the “Request Loan” option.
5. In the next step, enter the amount you wish to borrow (within your loan limit) and send.
6. Once the request is approved, you will receive a confirmation message from Timiza.

Requirements to Qualify for Timiza Loan

Here are the requirements you need to meet to qualify for a Timiza loan:

• You must hold a Kenyan National Identification Document (ID).
• You need to be an M-PESA subscriber for more than 6 months
• You must be actively using other Safaricom services such as voice, data, and M-PESA.
• You will also need to have a good rating at the Credit Reference Bureau [CRB] and by Safaricom on Okoa Jahazi.

How to Pay Timiza Loan

There are three ways to pay your Timiza loan:

1. Pay using MPESA
2. Pay using the Timiza app
3. Pay using the Timiza USSD Code *848#

How to Pay Timiza Loan via MPesa

To pay your Timiza loan via MPESA Paybill Number 300067, follow these steps:

1. Open the MPESA menu on your phone.
2. Select the Lipa na MPESA option.
3. Then select the Paybill Option.
4. Enter the Timiza pay bill number (300067).
5. Then, enter your Mpesa number as the account number. (Phone number used to register for Timiza). 
6. Enter the amount you want to pay.
7. Enter your MPESA PIN.
8. Tap Confirm and send. 

You will receive a confirmation message from Timiza and MPesa.

Also read: How to pay Zenka Loan via Mpesa

How to Pay Timiza Loan via the Timiza App

To pay your Timiza loan using the app, follow these steps:

1. Open the Timiza app on your phone and log in.
2. Tap the Menu icon.
3. Select My Loans.
4. Tap on the “repay loan” button.
5. Select the type of payment – either full or partial, and then select Mpesa as your mode of payment.
6. Enter the amount you wish to pay.
7. Tap Confirm.

You will receive an STK pop-up notification on your phone. Enter your MPesa PIN and send. Your Timiza loan payment will be processed, and your account will be updated. You will receive a message confirmation from Timiza.

How to Pay Timiza Loan Using the Timiza Website

How to Pay Timiza Loan via USSD Code *848#

The USSD code *848# offers another alternative to paying your Timiza loan.

1. Dial the code *848# on your phone (Phone number used to register for Timiza)
2. Enter your Timiza PIN
3. Select the loan option
4. Then select Pay loan
5. Enter the amount you wish to pay
6. Follow the prompts

How Much Can I Borrow with Timiza Loan?

Timiza offers loans from as low as Ksh1,000 up to a maximum of Ksh150,000. The loan repayment period is 30 days at an interest rate of 1.56% per month.

A 5% ‘Roll-over fee’ will be charged on the principal loan amount if you fail to repay your loan within the 30-day period.

Timiza Loan Charges

Timiza Interest Rate – 1.56% per month

Negotiation Fee – 5% of the Loan amount requested

Excise Duty – 20% of the Negotiation Fee

Roll Over Fee – 5% of the outstanding principal amount

Note that the above rates are subject to changes based on the Absa Bank Rate (ABR)

FAQs