A while back, getting a loan was a lengthy process as they were only offered by banks and other traditional financial institutions. However, in just a short time, the financial industry has been completely revolutionized with the rise of mobile money lending services. These services offer unsecured loans through a simple and fast process and thus have become popular among thousands of Kenyans and Stawi is one of them.
Stawi is one of the newest apps in the online loan lending scene. Just like the other lending apps, you must register to use the service. Before you do that, you need to know more about the loan application process, interest rates offered and the repayment options. An overview of the Stawi loan app
Stawi is a digital loan app that was launched by the government of Kenya through the Central Bank of Kenya (CBK). The institution has partnered with 5 other commercial banks to offer the service, these are the Kenya Commercial Bank (KCB), Commercial Bank of Africa (CBA), NIG Group PLC, The Cooperative Bank of Kenya, and the Diamond Trust Bank Kenya (DTB).
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Unlike most mobile loan apps available, Stawi offers unsecured loans that are targeted to micro, small, and medium enterprises. When launching the service, CBK Governor Dr Patrick Njoroge said that the loans will cater to the unique financing needs of these businesses, which play a huge role in the economy. How does Stawi loan app work?
Stawi was launched on a pilot test program, where it will offer loans to selected 3,500 traders and businesses across the country. A second phase will also be underway soon, where loans will be offered to 10,000 traders and businesses. The selected businesses must first be registered, by Stawi loan agents, who are located in the five partnering banks.
There are also some qualifying requirements that they must meet before applying and being approved for the loan. The loan amount ranges from KES 30,000 to KES 250,000. Once approved, it is immediately disbursed to the customer’s mobile money wallet, after various loan charges and fees have been deducted. Registering for Stawi
Registering for the Stawi loan service is an easy process. You just need to make sure that your business has met all the requirements, which are: Have a registered mobile number
Have an email address
Be a […]