By now most Kenyans must be wondering which loan apps are truly genuine and intended to expand their financial needs from those that are business oriented. Well the above statement will remain lingering around for some time, but at least we can gauge some of them from how they are managed and their primary source. For a start, we can never be so hopeful after the Kenyan Central bank entered the fray with a mobile loan facility dubbed ‘Stawi’ focusing on the small and medium scale enterprises. The Stawi Loan facility has been made possible courtesy of five commercial banks; that is the Commercial Bank of Africa, Cooperative Bank of Kenya, Diamond Trust Bank, Kenya Commercial Bank and MC Group Limited.
The Stawi Loan facility is targeting small and medium scale enterprises by enhancing their access to a credit facility which might have not been available to them through normal formal schemes. Though the scheme is only in its pilot phase, it presents us with some of innovative technology inventions in the informal financial sector by encouraging small and medium sized enterprises to access credit despite the informal nature of their businesses. Kenya’s economy is driven by the Juakali sector which also is the largest employer in the country even though it lacks access to important loan facilities from banks that demand financial records, security and collateral for loan consideration.
How Stawi loan app is managed
While launching the loan facility, Central Bank of Kenya Governor Dr. Patrick Njoroge said the facility would initially by accessible from five banks including Diamond Trust Bank, Kenya Commercial Bank, MC Group Limited, Commercial Bank of Africa and Cooperative Bank of Kenya. Customers can access the loan facility through a mobile phone application currently available on the google play store. After a successful loan application through the Stawi Loan App, the loan amount will then be credited in the customer’s wallet. Customers can access Stawi loans from Ksh30,000 up to Ksh250,000 with a repayment plan of 1 to 12 months at an interest rate of 9 percent per annum. Customers will then be scored and advised of their credit limit and will be eligible for a top up loan if they’ve repaid at least 80% of their current loan.
During the launch event at Gikomba market, CBK Governor Dr. Patrick Njoroge said the facility became necessary to cater for the unique financing needs of small and medium sized enterprises. He noted that the sector is key to Kenya’s economy and the product couldn’t have been unveiled at a more opportune time. He also added that until now, offering credit to these businesses had been hindered by lack of reliable information to ascertain their creditworthiness. Stawi’s innovation will therefore utilize on the customer to fill up the gap, he continued.
How to register for the Stawi Loan Facility
Unlike most android based loan apps, Stawi loan app registration has been simplified and does not involve the ambiguity seen in former apps. All you have to do is follow below simple steps;
- Download Stawi app from the google play store here on your android device
- Click on “OPEN YOUR ACCOUNT” to register
- Provide your mobile phone number
- Then either of the following; Kenyan Identification number (ID), valid Kenyan passport number, alien ID
- Enter your valid business permit/license followed by,
- A valid email address
- You’ll receive a text notification confirming your registration
How to reset Stawi loan app PIN
Just incase you forget your Stawi account PIN, while in the app menu items,
- Select “FORGOT PIN”
- Enter the details you provided during registration and preferred new PIN then click on “NEXT”
- A onetime four-digit password will be sent to your number
- Click on “VERIFY” and new login pin will be reset successfully.
How to request/apply for a Stawi Loan
- Login into the Stawi app with your credentials
- From the menu items, select “MY LOAN”
- Then click on “REQUEST LOAN” then proceed
- Accept the loan offer to facilitate disbursement otherwise disbursement will not be done.
How to Repay Stawi loan
- Login into the Stawi app with your credentials
- From the menu items, select “MANAGE”
- Then click on “MY STAWI ACCOUNT” then Click on “PAY LOAN” then proceed
- Enter the repayment amount and then complete the payment.
As I type my phone number and pin,it replys an error occurred, what’s the issue
Why can’t I log in
Its good to see the government is now thinking of us small scale traders
Its good to see the government is now thinking of us small scale traders.I mean helping us grow
Comment:I need loan
Comment:how can I apply
I need a loan plizz
I need alone how can I appply
My app is not logining in is just typing error occurred what’s the issue
I need loan please /, till now my app is not going throw, I started trying from yesterday , what is wrong please??
How can I get stawi app
Comment:I have tried to get a loan but it failed I don’t know why
Need activation code
I would like to apply but am getting a notification that am missing DEVICE-ID. What could it be???
Am on it trying.
After registration I try to log into my account then an error message appears saying they are still setting up my account.it’s two days now
Am trying but always said error what’s wrong
Need activation code
Still waiting activation. It’s taking too long.
I NEED THE ACTIVATION CODE THAT HAS NOT BEEN SENT ITS NOW ONE WEEK
Spending a lot of bundles to this app and no verification pin,disturbing ladies at Gikomba market,why can’t you send someone to help us how to go through with it plz.
What is it all about my application is not even opening. Constantly asking for code. Where is this code?
Hi am in Eldoret how do i access the facility
What if you don’t have a business permit/license can you get the loan??
when are you to give the money agin.people are deceiving us .kindly inform us the way forward..
What if you don’t have a business permit…
Hi, still waiting for the ver code
Hi I was given loan limit ND i was told to wait for activation code nd I have been waiting until now.plz here out we are confused coz each person has his own theory.plz help
Comment:my problem is date of birth I wrote correctly but when I press next it can’t go on to the next step it always stick there
The verification code is now past 72 hours…whats up, technical hitch or what?
Can i use my logbook
It’s a good idea. I love it.
Please am waiting for verification pin
Currently where are your agents?
Am waiting for the nearest agent
i registered like 2 weeks ago but whenever i try to sign in am tole my registration is pending activation asking for my activation code sent to my email.unfortunately i have never received any code.kindly assist.
Comment:need app plz
Am trying to logging, but failing
I Need a Laon na simu yangu ni mulika mwesi,plzi hlp me to get laon
What if am SME working from my house and have no license or permit can I get the loanl
OK a nice one do you mean one can’t access it f they don’t have business licence my business mitumba (
One month loan
Comment: problem always error, application of photos,I’d copy etc,
Comment:i need a loan
Comment:what about kama nk CRB
I. have applied for the loan since last week and the applicatin did not plz help me getting the loan
Comment:l cleared my loan early to qualify for higher limit but it doesn’t reflect in my app. it is past 1
Comment:how do i put licence when filling
Comment:i need loan of ten thousand to myhouse roofing