The Central Bank of Kenya (CBK) has partnered with five major Kenyan banks, to offer mobile loan product that targets micro, small, and medium-sized business enterprises in the country.

This loan product, dubbed Stawi, is managed by five banks including:
• Commercial Bank of Africa (CBA)
• Kenya Commercial Bank (KCB)
• NIC Group PLC
• Diamond Trust Bank (DTB)
• Cooperative Bank of Kenya.The CBK press release read:“The mobile-based credit scheme is set to improve access to credit for small and mid-size enterprises, which have been locked out of the formal credit market because of the informal nature of their records and lack of collateral for secured loans.”You are able to access between Kshs. 30, 000 and Kshs. 250, 000 unsecured loan through a mobile phone app. The repayment period ranges from 1 – 12 months at an interest rate of 9% per annum.The app is expected to work just the same way as Tala Loan app. It follows that you will be rated and advised about your credit rating. You will be eligible for a increased amount upon 80 percent loan repayment or after a 3-month track record of repayment.If you wish to Download the Stawi App, click this link.

“Until now, lending to MSMEs has been constrained by the lack of reliable information to assess their creditworthiness. The innovation of this product is the use of all data on customers’ transactions to fill this gap. In that sense, it is revolutionary,” said the CBK Governor Patrick Njoroge.