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.
To qualify for this, all you need is to sign up using your Facebook account and apply for a loan. You can borrow from Ksh 250 to Ksh 5,000 from the App and receive thecash via M-pesa from anywhere in Kenya without any securities.
interest rates for stawi loan are 9% per year plus facility fee of 4%, insurance fee of 0.7% and exercise duty of 20% of facility fee.
For one to apply and get Stawi Loan, you have to download the Stawi Mobile application (Stawi app apk download now ).
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.
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.
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.