Absa Bank Kenya’s Mobile Banking Wallet, Timiza recorded a 35.7% Year-on-Year growth in loan disbursements to KES 14.8 billion during the first nine months of this year up from KES 10.9 billion in the prior year.
According to data provided by the bank, loans advanced through Timiza during the third quarter of this year alone grew by 47% to KES 2.134 billion, up from KES 1.454 billion recorded during the same period last year.
Since its inception in 2018, Timiza has advanced over KES 65 billion in loans.
During the third quarter of this year, Absa Bank Kenya’s loan book grew by 14% to KES 331 billion up from KES 289 billion recorded during a similar period in 2022. The expanded loan book subsequently fuelled a 20% growth in the bank’s revenue to KES 40.1 billion up from KES 33.4 billion during the third quarter of 2022.
The numbers around Timiza’s performance come at a time when Absa Bank Kenya is aiming to strongly grow and diversify its conventional retail business. The bank is also seeking to evolve Timiza into a standalone mobile only financial services business that facilitates savings, loans, payments, and insurance services.