Home counties kenya STAWI LOAN APPLICATION, APP, CONTACTS AND HOW TO APPLY

STAWI LOAN APPLICATION, APP, CONTACTS AND HOW TO APPLY

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stawi loan / app is new type of loan with has been launched by central bank in partnership with five banks

The loan product, marketed under the name Stawi, will initially be managed by five banks – Commercial Bank of Africa Limited (CBA), the Cooperative Bank of Kenya Limited, Diamond Trust Bank Kenya Limited (DTB), KCB Bank (Kenya) Limited, and NIC Group PLC.

STAWI LOAN APP DOWNLOAD

The app will be available for download in the google play store . It is one of best mobile loan apps in kenya

HOW TO APPLY FOR STAWI APP LOAN

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.

Dubbed Stawi, the product will give customers access to unsecured loans ranging from Sh30,000 up to Sh250,000 with repayment periods of between one and 12 months, at an interest of 9 percent per annum.

read also: ILLUMINATI PASTORS IN KENYA

STAWI LOAN INTEREST

According to flyer answering what are likely to be the most frequently asked questions about the loans, “The interest charges will be at 9 per cent per annum. The other charges to be collected upon disbursement will be facility fees of 4 per cent, insurance fees of 0.7per cent of the disbursed and excise duty which is 20per cent of the facility fee.” Customers will be scored and advised of their credit limit.

Additionally, they are eligible for a top-up functionality once 80 per cent of the loan borrowed has been repaid or record of accomplishment of three months’ repayment.

read also: RICHEST PASTORS IN KENYA

WHO QUALIFIES FOR STAWI APP LOAN

The pilot phase will be two weeks and will involve 3,500 traders in the MSME sector. The second roll-out will be to 10,000 traders, who will be registered by Stawi agents and will be involved in the second round of tests for the app.

“We saw an opportunity to offer neglected yet viable Kenyan-based business additional financing options to continue day-to-day operations, and provide additional capital to maintain and establish long term growth,” said KCB

Group CEO Joshua Oigara. “Partnering with the other banks has allowed us to bring a new business line to market while offering the necessary expertise and scalability to meet growing customer demand and strengthening MSME contribution to productivity and inclusive growth.”

Gideon Muriuki, CEO of Cooperative Bank, said: “This is the first time we are having a loan with a single-digit interest rate and we hope that in the next phase, we will have all banks on board.”

STAWI LOAN CONTACTS

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email

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STAWI LOAN FEATURES

  • The facility allows full or partial repayments stretched over the repayment period (maxes out at 12 months)
  • Those who default repayment will be reported to the CRB.
  • Stawi will have a mobile wallet. We are not sure if it will be equipped with additional services such as payments as so forth.
  • Money in the wallet can be sent to other wallets such as M-PESA.
  • The app has all the bells and whistles of a loan app such as checking the amount that can be borrowed, charges, repayment plans and so forth.

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