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.
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 provided by CBA. Follow the following procedures;
- Download App from: Stawi Loan on Playstore
- Login to the app after creating Account
- Got to MY LOAN TAB
- Request Loan
- Fill application details
- Accept Loans offer
NOTE: If asked for Activation code and PIN please be sure to check your email or use the contacts below.
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.
Requirements of Getting Stawi Loan
Below are the requirements that you need to meet to get stawi loan;
- Registered Mobile Number
- Kenyan ID or Valid Kenyan passport
- email address
- You should have a business permit or registered business
- Your business should have been operating for a minimum of 6 months
- Your business should have a turnover of ksh. 30,000 to 250,000
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 facility fee of 4%, insurance fee of 0.7% and exercise duty of 20% of facility fee. 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.
How to Repay Stawi Loan
To repay follow the following procedures;
- Log in to the Stawi app
- click MANAGE tab
- Go to MY STAWI ACCOUNT
- then PAY LOAN.
Stawi Loan Contacts
You can reach Stawi through;
- Email: firstname.lastname@example.org
- Phone Number: 0709714 999 or 0730714999
UPDATE: We have noted that most of the times calls using the above numbers go unanswered. Because currently the app is provide by CBA (prove photo below), you should reach them through: CBA Contacts.
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