Central Bank of Kenya (CBK) has launched a mobile loan app called Stawi in partnership with five Kenyan banks. Learn Below how it works and applications procedures.
Summary of Topics
What is Stawi?
Stawi is a mobile Loan app that offers unsecured financing to small and medium scale enterprises (SMEs) in Kenya. Stawi will be managed by Commercial Bank of Africa (CBA), Cooperative Bank of Kenya, Diamond Trust Bank Kenya (DTB), KCB Bank (Kenya and NIC Bank.
CBK appears to have made this move to rival the growing number of mobile loans companies in Kenya which are generating billions of money.
How to apply for Stawi Loan?
For one to apply and get Stawi Loan, you have to download the Stawi Mobile application (play store links will be shared when it goes live in Mid June 2019 ).
After downloading the mobile app, register with an agent and create your wallet and request for a loan. Your loan will be issued via your wallet.
To be among the 3500 traders who will benefit from the first round of Stawi loan that will be issued to SMEs on pilot test, register with an agent through any of the listed banks above.
What is the Maximum and Minimum loan offered by Stawi
You can request unsecured loan from Stawi ranging from from KSh30,000 up to KSh250,000. The amount of loan you can get depends on your credit score and limit.
Unlike other mobile loans like that issued by Branch, you can request for a second loan if you have managed to pay 80% of the first loan you owe Stawi.
What are interest Rates for Stawi Loan?
Stawi interest rates are 9% per year plus other charges available in the loan calculator provided below. You are required to pay your Stawi loan within 1 to 12 months.
For detailed interest rates calculation visit: Stawi Interest Loan Calculator
NOTE 2: We will be updating this post for any changes.
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