If you use Timiza to save, borrow money, buy airtime, or transfer money between accounts, it is important to understand the charges that may apply. Timiza has different fees depending on the services. These include savings accounts, loans, mobile money and ATM withdrawals.
Timiza charges and tariffs
Timiza Savings Interest Rate
Money held in a Timiza savings account earns 6% interest per year. The interest is calculated daily, paid quarterly, and credited to your savings account.
This means your savings earn interest while you keep your money in the account.
Timiza Transaction Charges
Timiza transactions may attract different charges depending on the type and amount of transaction.
Depositing Money into Timiza Account
Deposits to Timiza through M-PESA, also referred to as C2B, are subject to the current applicable M-PESA charges.
Withdrawing Money from Timiza Account
Transfers from Timiza to M-PESA, referred to as B2C withdrawals from Timiza, are charged according to the current M-PESA rates.
The tariff guide lists the following charges:
| Amount | Charge |
|---|---|
| KSh 1 – 100 | KSh 0 |
| KSh 101 – 1,500 | KSh 14.20 |
| KSh 1,501 – 5,000 | KSh 18.20 |
| KSh 5,001 – 20,000 | KSh 20.20 |
| KSh 20,001 – 150,000 | KSh 22.20 |
Note that all the above fees are inclusive of 20% Government excise duty, except mobile money transfers, which attract a further 15% excise duty charge.
Timiza 30-Day Loan Fees
| Charge | Rate |
|---|---|
| Access Fee (loan interest rate) | 8.75% of the loan amount requested |
| Excise Duty | 20% of the Access Fee, collected upfront |
| Penalty Fee | 10% of the outstanding principal amount |
The access fee is charged on the loan amount requested. The excise duty is collected upfront.
The penalty fee will apply to the outstanding principal amount if you default on your loan repayment.
Timiza La Riba 30-Day Facility Charges
| Facility Cost | Rate |
|---|---|
| Profit Rate | 8.75% of the facility amount requested |
| Excise Duty | 20% of the Access Fee, collected upfront |
| Penalty Fee | 10% of the outstanding principal amount |
Other Timiza Service Charges
Here are charges for other services offered by Timiza:
| Service | Charge |
|---|---|
| Transfer between Timiza accounts | Free |
| Airtime purchase | Free |
| Cash withdrawal via ATM | KSh 34.50 |
| Safaricom USSD costs | KSh 1 |
See also: How to Repay Timiza Loan Through M-Pesa
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