Timiza loan app from Absa Bank (formerly known as Barclays Bank of Kenya) is a Fintech app which includes a short term personal loan feature exclusively for Kenyans.

With Timiza you can bank from your phone, whether you want to get an instant loan, transfer funds, pay bills or purchase an insurance cover.

Timiza makes banking and loan application easy for both banked and rural Kenyans by providing collateral free and 100% online loans. No paperwork, with just your mobile phone and a few documents you can access revolving loans with higher amounts every time you repay.

How to Apply for Timiza loan?

To get a Timiza loan, all you need to do is:

• Download and install the Timiza app from Google play store
• Register for an account using your Safaricom line.
• Upload your Kenyan National Identification Document (ID) Kindly note that Kenyan passports are not allowed.
• Verify your identity and that the information you’ve entered is correct.
• Get money sent directly to your M-Pesa account.

You can also apply for an Absa Timiza Loan through the USSD service
Simply dial *848# on your Safaricom line connected with your Absa Timiza Account and follow the prompts.

What are the requirements for a customer to have a Timiza Account?

• Be a registered Safaricom Subscriber.
• Be a registered Safaricom M-PESA customer.
• Have an active Safaricom M-PESA account/line.
• Hold a Kenyan National Identification Document (ID) Kindly note that Kenyan passports are not allowed.
• You will also need to have a good rating at the Credit Reference Bureau [CRB] and by Safaricom on Okoa Jahazi.

Timiza loan interest rate

All Timiza Loan attracts an interest charge of 1.083% charged once and a facilitation fee of 5% of the amount borrowed for a term of 30 days.
Loan is disbursed to the Customer’s Timiza account (not directly to M-PESA). The Customer will access the funds by withdrawing from Timiza to M-PESA. See what to do to increase your loan amount.

How to repay your Timiza loan

You can repay the loan through MPESA business number 300067, account number is your Safaricom phone number. Or you can directly dial * 848#. Insert the pin, pick the loan option, and select pay loan.
Here is how to pay with the MPESA business number:

• Proceed to MPESA.
• Choose Lipa Na MPESA.
• Choose the Paybill Option.
• Insert the Business number as 300067.
• Insert your Timiza Enrolled phone number as the account number.
• Insert your Cash Amount.
• Insert your MPESA Pin.
• Verify the specifications are correct then click OK.

Is Timiza loan app safe?

Yes Timiza loan app is safe and legit. Absa is a regulated financial service provider licensed by the Kenya Central Bank.

Timiza customer service number

If you have any issues or enquiry WhatsApp 0712 233248
Via Phone – 0709 213000

The post Timiza Loan App from ABSA Review: Loan apps in Kenya appeared first on AFRICA EXPLAINED.

Most of the loan apps we review on this website have one similar significant draw back – they mostly offer very small amounts, sometimes as low as N1,000. If you require a larger loan amount, Money in Minutes might be just the perfect fit for you.

How do I apply for the loan?

Money in Minutes offers its services both via website and on its mobile app. But our experience of using their Nigerian website suggests the website might not yet be functional. It is best to use the app.

• Download the Money in Minutes Nigeria mobile app via the Google Play store or on Apple store if you’re using iOS.
• Provide your details and register for your account.
• You will be required to provide your BVN for them to verify your information and check your credit worthiness
• You will also be required to submit your bank statement and also bind your ATM card to your account via Paystack.

Eligibility requirements for the loan

For you to qualify for a Money in Minutes loan, you have to be between the ages of 18 – 55, be a legal citizen or resident of Nigeria. You also need to prove that you’ll be able to pay back your loan by providing your bank statement of account. The app doesn’t require any physical collateral but you will provide your Bank Verification Number BVN and bind your ATM card to your account.

What is the interest rate on Money in Minutes loan?

Monthly interest rate ranges from 4% – 30% and the maximum Annual Percentage Rate (APR) is 360%
Representative Example:
Loan Amount: ₦1,000,000
Loan Tenure: 12 months
Number of Repayments: 12
Monthly Interest Rate: 4%
Monthly Repayments: ₦106,552.17
Total Amount Payable: ₦1,278,626.07
APR: 48%
No other fees charged

Is Money in Minutes legit?

Yes, Money in Minutes is a U.K originated money lender with operations in several countries including Nigeria and India. Since its inception the company has disbursed more than $10 billion to borrowers across the world.

Money in Minutes address and customer care number?

Their Nigerian office is located in Victoria Island, Lagos. You can reach their customer care service on:
customercare@moneyinminutes.ng
+234 (0)1-229-8304

Frequently asked questions

How much can I borrow?

You can get up to ₦2 million for up to 12 months

How long does loan approval take?

Every loan application undergoes an assessment process and a decision is made accordingly. Upon successful review and due diligence done, disbursement is done within minutes of all checks done and completed successfully.
Can I reapply immediately after liquidating my existing Loan

Once your existing loan is repaid completely, you are eligible to apply for a new loan immediately. Early repayments are encouraged and help to put you in good standing and could qualify you for higher amounts and lower interest rates. However, kindly note that each loan will be assessed and a decision will be made on the merit of each loan application. Kindly go to your mobile app or website and find the repayment options under “Repayment Schedule” under “Loan Management” in your account.
BVN Error Message (BVN does not match disbursement account)

You can only (and should) only register and make a loan application using your true and verified data/information. Always ensure that you use the(your) BVN tied to your bank account and reattempt your application.
I have issues linking my card to my account

Please note that a security feature with one of our Partners Paystack, will require you to wait at least 24 hours before attempting to link your card to your account. This is required after a few unsuccessful attempts have been made, and is necessary to prevent any unauthorized use of your card. Kindly try again after at least 24 hours have elapsed.
Issues with Mono and Bank Statement Upload

This would likely mean that your bank might currently be experiencing some service downtime and therefore unable to provide the information required for you to progress to the next stage. You simply need to try again with an alternative bank account.
Why was my loan disapproved?

We might be unable to make you a loan offer at this time, based on an evaluation of income and affordability derived from the account you provided. As a responsible lender and a CBN-regulated company, we are obliged to only make offers to customers who meet certain lending criteria. While we might not be able to make you an offer now, we earnestly look forward to being able to serve you in the future.
I Encountered an “Invalid Key” Error

To fix this kindly update the mobile app by uninstalling and then reinstalling it. If you are attempting the application on the web/desktop, kindly log out and refresh your browser on your desktop by clearing history and cache, and then try again. If you encounter the same problem or any other problem again, please share a screenshot and we will be happy to assist you.
My account is Inactive and I am unable to access my profile

Upon your loan disapproval, our customer care agent would have communicated the reason for the rejection in the email received. There are several reasons why a loan application may be rejected and an account deactivated. This may include, but is not limited to, income and loan affordability, verification of information provided, general qualification for a loan by age and other factors, and much more. While we may not be able to serve you now, we might be able to serve you in the future, and we will be glad to welcome you at such a time.
Are my details safe and secure when I upload my statement or link my card?

In our bid to make the best loan offer available to you, we use your bank statement provided through Mono to determine income and affordability. Please note that we DO NOT see or store your login details nor have access to your account when you carry out this action. We are a Central Bank of Nigeria (CBN) regulated company and our customer security and satisfaction is our top priority.

The post Money in Minutes loan app review appeared first on AFRICA EXPLAINED.

The Fintech startup provides services including agent banking, loans, daily contribution and health insurance.

AjoCard, through its Android App affords their agents the opportunity to serve their immediate neighbourhoods with easy and quick financial services, while earning a commission on each transaction they perform.

AjoCard POS and agent banking

The major service AjoCard offers is its POS operations. Through a network of agents, the Fintech company brings financial solutions to underserved communities, and these agents in turn earn a commission on each transaction they perform.

How do I register as an Ajocard POS agent?

Becoming an AjoCard Agent is easy. Here are the steps required;

1. Visit the Agent’s registration portal at agents.ajocard.com, fill and submit all the required information and documents
2. Pay for your AjoCard mPOS device and receive or pick up at the indicated location.
3. Start Performing Transactions

According to the company, you can earn up to 100k+ monthly as an AjoCard agent, when people withdraw cash from you, using their bank cards on our mobile POS (mPOS)

To Register and get started, fill the agent registration form on their portal at agent.ajocard.com
You will be required to submit contact details, a selfie, BVN, valid ID and a Utility Bill or proof of address

How to get AjoCard mPOS machine
After you’ve registered as an agent, you will be required to pay a commitment fee of only ₦20,000, to get your mPOS device

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Training & Promo
AjoCard organizes training sessions in select locations to learn how to grow your agency business and get branded promotional materials. You can attend one if you feel the need to otherwise, you can obtain your mPOS and terminal ID, then begin operations 48 hours after your application has been approved

As an agent, you should download the Ajocard Android app via Google Play store to enjoy cheaper transaction charges for withdrawals and transfers. On the App, transactions have a 99.9% success rate.

AjoCard app also comes with the following advantages

-> Connect seamlessly to your AjoCard mPOS device
-> Log in with your phone number
-> Perform withdrawal transactions and get real-time funding back into your AjoCard wallet
-> Perform transfers easily
-> Get details of all receipts on your transaction list
-> Share images with your customers via WhatsApp, Bluetooth, email and more
-> View a list of withdrawals
-> View a list of transfers out of your wallet
-> View your wallet balance

AjoCard loans

AjoCard offers short-term loans to small businesses which they can repay in the form of daily contribution. The loan is not meant for personal use but for SMEs and businesses can access up to N20,000 at the minimum for a start to N100,000 maximum.
AjoCard loans are short-term with a maximum repayment period of just 23days.

How to get AjoCard loans?

There are lending agents who receive up to N250,000 from the company for further disbursement.
To get the loan, you need to visit An AjoCard lending agent which is any mobile money agent transacting with AjoCard. He/she will be responsible for onboarding customers onto the lending program. The agent will be responsible for assessing applicant’s businesses and deciding how much loan they receive.

Frequently Asked Questions

How much money can I make as an agent?
Agents can make over ₦100,000 per month depending on their location. Many agents place themselves at the intersection of commerce and traffic, so markets and main commuting junctions allow them to serve transactions to underserved consumers on-the-go.

Is AjoCard legit?

Yes, AjoCard is legit. The company started its operations in 2018 and are registered with the Corporate Affairs Commission (RC 1507534). Additionally, AjoCard also owns a microfinance bank (MFB), which is where all customers’ savings are held. All customers’ savings in the MFB are insured by the Nigerian Deposit Insurance Corporation (NDIC).

Ajocard POS charges

The company charges the following fees for its POS service

1. ₦20,000 commitment fee to get a POS delivered to you
2. 0.49% fee on cash withdrawal transaction (stamp duty on transactions from ₦10,000 and above)
3. ₦10 on all bank transfers
4. ₦100,000 per withdrawal limit

AjoCard office address and customer support number?

AjoCard Limited. 101 Borno Way, Yaba, Lagos, Nigeria

Website – http://ajocard.com
Phone Number – 09078767326
WhatsApp – 09069736539
Twitter – http://twitter.com/AjoCard/
Facebook – http://facebook.com/AjoCard1/
Instagram – http://instagram.com/AjoCard/
Email – support@ajocard.com

The post AjoCard loans, POS and financial solutions review appeared first on AFRICA EXPLAINED.