Timiza App Pushes Barclays’ Loan Application To 10,000 Per Day.

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Barclays Bank of Kenya mobile loan service App is designed to enable Kenyans to access Loans among other services like paying bills, airtime top up,buying insurance, Forex and paying for Little Cab over Android smartphones and tablets.

Timiza, has pushed up the lender’s loan applications to 10,000 per day thanks to about three million borrowers using the platform.

Barclays Bank says this is a jump from 5,000 loan applications per month that it was processing before the app was launched in mid-March last year.

The app has enabled us to reach a unique target market that is in need of financing but is often left out because they don’t have the requisite documentation and want faster turnaround times,” said the bank.

Along with Timiza, the growing space of bank-backed lending app products includes Commercial Bank of Africa’s M-Shwari, Equitel, M-Co-op Cash, and KCB M-Pesa.

The growth of products also underlines the growing importance of digital loans in the economy as more lenders continue to strengthen their offering.

Last year Jeremy Awori, Bank CEO  told the journalists the product dubbed ‘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.

“All studies show that more people want to do their banking on phone. We want to be as relevant as possible to the needs of customers and this is demonstrated in this digital product that offers flexibility to customers,” he concluded.

Barclays tied the loan app with mobile insurance, which enables customers to access personal accident and funeral expense cover for as little as Sh42 per month. The lender says about 15,000 insurance policies had been subscribed to, so far.

Sector regulators have also cautioned that the rapidly growing digital loans market has attracted a wide range of formal and unregulated operators who pose serious money laundering and terrorism financing risks to the economy. The Central Bank of Kenya said in the 2017 financial sector stability report the majority of outfits offering digital loans do so on relaxed terms and know so little about their customers.

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